Forklift Battery Market to Grow at a CAGR of 7.1% to reach US$ 7,759.94 million from 2021 to 2028 - The Insight Partners

According to our latest market study on "Forklift Battery Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Lithium-ion, Lead-Acid, Others), Application (Warehouses, Construction, Manufacturing, Retail and Wholesale Stores, Others), and Geography," The global forklift battery market is expected to grow from US$ 4,816.54 million in 2021 to US$ 7,759.94 million by 2028; it is estimated to grow at a CAGR of 7.1% from 2021 to 2028.

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With the emergence of e-commerce and rising digital literacy among the consumers, the global logistics industry has been growing rapidly in recent years and this trend has increased the demand for forklift trucks. In addition, factors such as rising disposable income, dual-income households, and constant urbanization have encouraged consumers from developed and emerging economies to adopt the trend of online shopping. This has further resulted in the rapid development of retail channels requiring efficient inventory management and warehousing solutions to ensure on-time product delivery to customers. Hence the emergence of the consumer retail sector is positively impacting the growth of the forklift battery market.

Recently, the pharmaceutical companies have witnessed a sudden spike in demand for medicine and healthcare equipment due to the ongoing COVID-19 pandemic. Hence, to ensure on-time delivery of medicines and equipment, swift logistics operations and services have been introduced by the various companies. For Instance, in Feb 2021, Mahindra Logistics engaged in logistics and transportation services for COVID-19 vaccines. Hence, the ongoing development is expected to increase the demand for forklift trucks to maintain smooth material handling operations at warehouses and the following development is positively impacting the forklift battery market

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Rapid Industrialization in Developing Regions Fuels the Growth of Forklift Battery Market

The forklift battery market is growing significantly in developing regions due to the rising industrialization and urbanization. The fast-paced industrialization in developing regions is attributed to the government support for the manufacturing industries and low operating costs in the region owing to cheap labor wages, which attract businesses from larger manufacturing bases worldwide. For instance, the government of India has launched a Make in India campaign to encourage companies to manufacture in India and boost its domestic manufacturing industry. Also, to implement the campaign successfully, the government is providing subsidies to investors. Similarly, the Chinese government has launched a "Made in China 2025" plan to increase investment in China's manufacturing industry and make China a top country in global high-tech manufacturing.

Besides, the growing middle-class population and their disposable income are proliferating the demand for consumer goods and is attracting manufacturing companies to set up its business in developing regions. Thus, the growing industrialization in developing regions is expected to boost the growth of the infrastructure and manufacturing industries and they are opting for forklift trucks to smoothen day-to-day operations. Therefore, the following development is expected to create ample demand for forklift trucks, which, in turn, will positively impact the growth of the forklift battery market.

The List of Companies - Forklift Battery Market

Accumulatorenwerke Hoppecke Carl Zoellner And Sohn Gmbh, Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, and Foreverpure Corporation are among the major companies operating in the forklift battery market.

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The report segments the global forklift battery market as follows:

A. By Type

a. Lithium-ion
b. Lead-Acid
c. Others

B. By Application

a. Warehouses
b. Construction
c. Manufacturing
d. Retail and Wholesale Stores
e. Others

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

This release was published on openPR.