Forklift Battery Market Growth Set to Surge Significantly During 2019 - 2026

The global forklift battery market size was valued at $4.3 billion in 2018 and is projected to reach $7.4 billion by 2026, growing at a CAGR of 7.04% from 2019 to 2026. As the world is moving toward building a sustainable solution in almost all possible ways, a forklift based on fuel cell batteries is a better choice in material handling applications. As a result, electric forklifts are being replaced by fuel-cell forklifts. The global forklift battery market is expected to be transformed by the introduction of technologically assisted logistic solutions as well as the flourishing retail sector across the globe.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.alliedmarketresearch.com/request-sample/6329

Forklift batteries are categorized under industrial batteries that not only power forklift trucks but are also aimed to enhance their load-bearing capacity. Lithium-ion and lead-acid batteries are the two major types of forklift batteries. There are other variants available in each battery type, which include flat plate batteries, tubular plate batteries, high amp-hour batteries, waterless batteries, and maintenance-free batteries.

Lead-acid batteries are the preferred source of energy for forklift trucks until lithium-ion batteries are introduced in the market. The first lithium-ion battery for forklifts was introduced in 2015, and the market 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. The expansion of warehouses across the globe and the resulting demand for forklift batteries in material movement applications is the key global forklift battery market trend observed in recent years.

𝐆𝐞𝐭 𝐚 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/request-for-customization/6329

As per Exide (a major forklift battery manufacturer), steel ballasts are 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 the 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 is anticipated to offer lucrative forklift battery market growth opportunities.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Forklift Battery industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐅𝐨𝐫𝐤𝐥𝐢𝐟𝐭 𝐁𝐚𝐭𝐭𝐞𝐫𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

TOTAL SA
Systems Sunlight S.A.
Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
Enersys
Crown Equipment Corporation
NITCO
Storage Battery Systems, LLC
Exide Industries Limited
Microtex Energy Private Limited
East Penn Manufacturing Company

𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/forklift-battery-market-A05964

By type, the lead-acid battery segment accounted for the largest forklift battery market share in 2018 and is expected to remain dominant by the end of the forecast period. Lead-acid batteries are high in weight which offers to counterbalance the load thereby enhancing the load-bearing capacity of forklift trucks. Since high load-bearing capacity trucks are useful in material handling applications, lead-acid batteries are highly favorable in the material handling section as they help enhance the load-lifting capacity of the trucks. However, lithium-ion batteries are expected to offer significant growth during the forecast period in response to the necessary modifications being made by considering the nature of applications.

By application, manufacturing emerged as the global leader among other segments in 2018 with around 30% market share. The industrial manufacturing sector is driven by the trend of process automation to attain mass production. So the need for material handling in manufacturing plants is growing significantly boosting the adoption of forklift batteries in this sector.

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/6329

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

- The global forklift battery industry sees profitable growth opportunities during the next five years in response to the growth in industrial production
- By type, lead-the acid battery segment has 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 forklifts in the material handling industry, which is projected to offer new growth opportunities to the market

𝐋𝐚𝐭𝐞𝐬𝐭 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐀𝐥𝐥𝐢𝐞𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

𝟏. 𝐁𝐫𝐞𝐚𝐭𝐡𝐢𝐧𝐠 𝐁𝐚𝐭𝐭𝐞𝐫𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 -https://www.prnewswire.com/news-releases/breathing-battery-market-to-reach-46-6-million-globally-by-2032-at-10-7-cagr-allied-market-research-301884050.html

𝟐. 𝐁𝐚𝐭𝐭𝐞𝐫𝐲 𝐒𝐰𝐚𝐩𝐩𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/en/news-release/2023/07/18/2706667/0/en/Battery-Swapping-Market-to-Reach-642-7-million-Globally-by-2032-at-18-3-CAGR-Allied-Market-Research.html

𝟑. 𝐃𝐮𝐚𝐥-𝐢𝐨𝐧 𝐁𝐚𝐭𝐭𝐞𝐫𝐢𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2023/04/11/2644546/0/en/Dual-ion-Batteries-Market-to-Reach-1-6-Billion-Globally-by-2031-at-16-4-CAGR-Allied-Market-Research.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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