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Forklift Battery Market Size, Share Analysis, Growth, Trends And Industry Forecast 2023-2032 | Tailift Co. Ltd., Crown Equipment Corporation, EnerSys, GS Yuasa Corporation, Exide Technologies
Forklift Battery Market Report
The Business Research Company's Forklift Battery Global Market Report 2023 identifies the growth of the e-commerce industry as the major driver for the forklift battery market's growth in the forecast period. E-commerce refers to buying and selling goods and services and sending money or data through an electronic network, often the Internet. Electric forklifts that run on batteries are a better option than conventional fuel-powered ones for e-commerce warehouses, which frequently need reliable and efficient material handling equipment. Electric forklifts are widely used in e-commerce warehouses due to their zero-emission nature and reduced carbon footprint.
The forklift battery market size has grown strongly in recent years. It will grow from $23.76 billion in 2023 to $25.67 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to industrial growth, growth of e-commerce, increased adoption of alternative energies, growing demand for lithium-ion forklift batteries, .
The forklift battery market size is expected to see strong growth in the next few years. It will grow to $33.45 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increasing demand for electric forklifts, growing emphasis on green initiatives, government initiatives, increasing demand for material handling, growing demand for fuel cell forklifts. Major trends in the forecast period include advancements in battery technology, automation and robotics integration, smart battery management, transition to lithium-ion technology, wireless charging technology, advanced battery testing and diagnostics, energy-efficient material handling solutions.
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Major competitors in the forklift battery market are Tailift Co. Ltd., Crown Equipment Corporation, EnerSys, GS Yuasa Corporation, Exide Technologies.
A key trend in the forklift battery market includes lithium-ion batteries. Major companies operating in the forklift battery market are increasing their focus on introducing lithium-ion batteries to gain a competitive edge in the market. Lithium-ion batteries are increasingly being used in forklifts as they are virtually maintenance-free, zero-emission, offer exceptional charging flexibility and long-lasting performance. For instance, in March 2022, Flux Power Holdings Inc., a US-based company that designs, develops and sells rechargeable advanced lithium-ion batteries for industrial uses, unveiled a new lithium-ion battery pack for 3-wheel forklifts. It is designed to address the operational performance issues that businesses currently face. The L36 lithium-ion battery pack delivers better performance, dependability and efficiency than conventional lead-acid batteries. It gives 3-wheel forklifts in high-performance, tight-aisle warehouses a reliable, cutting-edge power source.
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The forklift battery market is segmented -
•By Type: Lithium-Ion Battery, Lead-Acid Battery, Nickel-Cadmium Battery, Other Types
•By Voltage: 24 Volt, 36 Volt, 48 Volt, 72 Volt, Other Voltages
•By Application: Warehouses, Manufacturing, Construction, Retail and Wholesale Stores, Other Applications
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the forklift battery market.
The Business Research Company's "Global Forklift Battery Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Forklift Battery Market Include:
1. Executive Summary
2. Forklift Battery Market Characteristics
3. Forklift Battery Market Trends And Strategies
4. Forklift Battery Market - Macro Economic Scenario
5. Global Forklift Battery Market Size and Growth
……
32. Global Forklift Battery Market Competitive Benchmarking
33. Global Forklift Battery Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Forklift Battery Market
35. Forklift Battery Market Future Outlook and Potential Analysis
35. Forklift Battery Market Future Outlook and Potential Analysis
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