Global Forklift Battery Market Size is Expected to Reach US$ 6.5 Billion by 2028, At a CAGR of 5.4%

How Big is the Forklift Battery Market?

The global forklift battery market size reached US$ 4.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.

What is Forklift Battery?

A forklift battery is a rechargeable energy storage device designed for electric forklifts and other material handling equipment. It can be charged through conventional charging methods, including plug-in chargers or fast-charging systems, depending on the type of battery. It is available in various voltage and capacity options to suit different forklift models and applications. It comes in different sizes and weights, with larger batteries offering extended runtimes and increasing the overall weight of the forklift. It provides consistent power delivery, ensuring uninterrupted operation and increased productivity. It has safety features that prevent overcharging, overheating, and short circuits, ensuring a secure work environment. It is widely used in warehouses and distribution centers for material handling, including lifting and transporting pallets of goods. It is also employed in port and terminal operations for container handling and cargo transport. Besides this, as it helps manage inventory and assists with stock replenishment in stores, the demand for forklift battery is increasing across the globe.

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What are the growth prospects and trends in the forklift battery industry?

The growing environmental concerns and the rising need to reduce emissions are encouraging industries to shift from internal combustion engines to electric forklifts powered by batteries. Additionally, the expansion of industries and the increasing utilization of forklift batteries in material handling operations are offering a favorable market outlook.

Forklift batteries provide consistent power, rapid charging, and extended runtimes. Apart from this, the escalating demand for forklifts with lithium-ion batteries is strengthening the growth of the market. These batteries have a longer lifespan, require less maintenance, and can be fast charged. Furthermore, the increasing reliance of individuals on the e-commerce industry and their rising preferences for faster order fulfillment are the other significant factors influencing the market positively.

Moreover, the implementation of stringent safety regulations and standards for forklifts is driving manufacturers to develop safer and more compliant battery solutions. In addition, the rising need for efficient supply chain management is propelling businesses to invest in electric forklifts with advanced batteries.

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Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Type:
• Lithium-ion Battery
• Lead-Acid Battery
• Others

Breakup by Sales Channel:
• OEM
• Aftermarket

Breakup by Application:
• Warehouses
• Manufacturing
• Construction
• Retail and Wholesale Stores
• Others

Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Some of the Top Key players in the Forklift Battery Market

Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
Amara Raja Batteries Ltd.
Camel Group Co. Ltd.
Crown Equipment Corporation
East Penn Manufacturing Company
Enersys
Exide Industries Limited
Flux Power
Microtex Energy Private Limited
Northland Industrial Truck Co. Inc. (Alta Enterprises LLC)
Storage Battery Systems LLC
Systems Sunlight S.A.

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