Forklift Battery Market Swot Analysis by key players EnerSys, OneCharge, Saft Groupe SA

According to our latest market study on "Forklift Battery Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and Application," 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. Booming Industrialization in Developing Regions to Provide Growth Opportunities for Forklift Battery Market during 2021-2028

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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 cost in region owing to cheap labor wages, which attract businesses from larger manufacturing bases worldwide. For instance, the government of India has launched 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 "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, growing middle-class population and their disposable income are proliferating the demand for consumer goods and is attracting manufacturing companies to setup its business in developing region. Thus, the growing industrialization in developing regions is expected to boost the growth of the infrastructure and manufacturing industries and they are opting 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.

With the emergence of e-commerce and rising digital literacy among the consumers, the global logistics industry has been growing rapidly in the 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 customer. Hence the emergence of 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, the 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 to the forklift battery market

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The report segments the global forklift battery market as follows:
By Type
Lithium ion
Lead-Acid
Others

By Application
Warehouses
Construction
Manufacturing
Retail and Wholesale Stores
Others

Company Profiles
Accumulatorenwerke Hoppecke Carl Zoellner And Sohn Gmbh, Crown Equipment Corporation, ForeverPure Corporation, Exide Industries Limited, EnerSys, OneCharge, Saft Groupe SA, Storage Battery Systems, LLC, East Penn Manufacturing Company, Microtex Energy Private Limited

The players operating in the forklift battery market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

In March 2019, The HOPPECKE Batterien GmbH & Co. KG and Erikoğlu Emaye Bakır Tel San. A. Ş. announced an exclusive partnership at CeMAT Eurasia. HOPPECKE and Erikoğlu Holding are going to work together in Turkey and offer customers the HOPPECKE product portfolio of the Motive division.

In January 2021, Enersys, the global leader in energy solutions expanded its Manufacturer Representative Agreement with Industrial Battery & Charger, Inc. IBCI has taken the responsibility for sales and services of all EnerSys motive power products in the state of Alabama. Motive power batteries are used in electric forklift trucks and other industrial electric powered vehicles.

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Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

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.

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