Forklift Battery Market Development Leads To High Demand

Increase in the use of fuel cell forklifts as a substitute to electric forklifts, and development in warehouse spaces drive the growth of the forklift battery market. However, high cost associated with lithium ion battery hampers the growth of the global forklift battery market. On the contrary, the growing penetration of concepts like green logistics is expected to create lucrative opportunities in the near future.

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Lead-acid batteries are the preferred source of energy to forklift trucks until lithium-ion batteries are introduced in the market. The first lithium-ion battery for forklift was introduced in 2015, and the market is started to transform thereafter. They offer several benefits that make them preferable choices among consumers such as low charging time, maintenance-free, and recyclability associated with them. Content in the lithium-ion battery is not toxic, unlike regular batteries, which means they are easy and safe to recycle. As a result, the adoption of lithium-ion batteries has substantially grown in the market thereby contributing to the global market growth.

As per the Exide (major forklift battery manufacturers), steel ballasts is likely to be used in the lighter lithium-ion batteries to compensate weight factor, so as to offer better counterbalance. Therefore, the market is set to witness replacement of lead-acid batteries by lithium-ion batteries, however, this shift may take another 10-13 years as current forklift trucks are compatible with existing batteries. Therefore, lead-acid battery is still a dominant choice in the market for another 10 to 13 years, which anticipated to offer lucrative forklift battery market growth opportunities.

Based on type, the lead acid segment accounted for more than three-fourths of the total market share in 2018, and is expected to dominate throughout the forecast period. Simultaneously, the li-ion segment is projected to grow at the fastest CAGR of 7.05% from 2019 to 2026.

Based on application, the manufacturing segment contributed to more than one-fourth of the global market revenue in 2018, and is anticipated to retain its top status till 2026. The warehouses segment, on the other hand, is anticipated to showcase the fastest CAGR of 7.50% during the study period. The segments of construction and retail & wholesale stores are also analyzed in the market report.

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Based on geography, the region across Asia-Pacific garnered the major share in 2018, generating nearly two-fifths of global market. At the same time, Europe is projected to showcase the fastest CAGR of 7.40% during the estimated period. The other two regions assessed in the report include North America and LAMEA

The major key players operating in the global forklift battery market include EXIDE INDUSTRIES LTD., EnerSys, East Penn Manufacturing Company, Hoppecke, Crown Equipment Corporation, SBS Storage Battery Systems, LLC, Navitas Systems, Saft, Microtex Energy Private Limited, and Southwest Battery Company.

Key Findings of the Study:
• The global forklift battery industry sees a profitable growth opportunity for the during the next five years in response to the growth in industrial production
• By type, lead-acid battery segment is emerged as the global leader by acquiring 77% market share in 2018, and is anticipated to be the largest market during the forecast period
• By application, the manufacturing application segment accounted for around 30% market share in response to the greater material handling and movement needs associated with the manufacturing sector
• Replacement of electric forklifts by fuel cell-based forklifts is the key forklift battery market growth driver
• Although the market is dominated by lead-acid batteries, lithium-ion batteries are projected to take over the overall forklift batteries market over the next 10-12 years
• Universities across the globe are aiming to introduce robotics-assisted autonomous forklift in the material handling industry, which is projected to offer new growth opportunity to the market

Key Market Segments:
By Type
• Lithium-ion Battery
• Lead-Acid Battery
• Others

By Application
• Warehouses
• Manufacturing
• Construction
• Retail & Wholesale Stores
• Others

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