Forklift Battery Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Forklift Battery Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
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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Market Segmentation:
The main types of forklift batteries are lithium-ion batteries, lead-acid batteries, nickel-cadmium batteries and others. A lithium-ion battery refers to modern battery technology that relies heavily on lithium ions in its electrochemistry. These are available in various types of voltage, including 24-volt, 36-volt, 48-volt, 72 volt and others and are used in several applications, such as warehouses, manufacturing, construction, retail and wholesale stores and others.
Forklift Battery Global Market Report 2023 provides data on the global forklift battery market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors' revenues, profiles and market shares. The forklift battery market report identifies opportunities and strategies based on market trends and leading competitors' approaches.

Major Driver - E-Commerce Expansion Fuels Forklift Battery Market Growth As Electric Forklifts Meet Warehouse Demands
The growth of the e-commerce industry is expected to propel the growth of the forklift battery market going forward. 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. For instance, in September 2022, according to the International Trade Administration, a US-based department of commerce, consumer eCommerce increased to 30% of the UK's overall retail sector (up from 20% in 2020), with an annual e-commerce revenue of more than $120 billion. Further, in 2021, 82% of people in the UK will have made at least one online purchase. Furthermore, in May 2021, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, online retail sales as a percentage of all retail sales climbed from 16% in 2021 to 19% in 2020 due to the growth of e-commerce. Therefore, the growth of the e-commerce industry is driving the growth of the forklift battery market.

Competitive Landscape:
Major players in the forklift battery market are Tailift Co. Ltd., Crown Equipment Corporation, EnerSys, GS Yuasa Corporation, Exide Technologies, East Penn Manufacturing Co. Inc., Anhui Heli Industrial Vehicle Battery Co. Ltd., Lonking Holdings Limited, Camel Group Co. Ltd., Exide Industries Limited, Amara Raja Batteries Limited, Zhejiang Narada Power Source Co. Ltd., Trojan Battery Company, Crown Battery Manufacturing, Hoppecke Batteries Inc., Flux Power Holdings Inc., Storage Battery Systems LLC, Navitas Systems, Electrovaya Inc., Microtex Energy Private Limited, DAEHAN Battery Co. Ltd., OneCharge Inc., GNB Industrial Power, Systems Sunlight, Douglas Battery, GMP Industrial.

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Top Trend - Companies In Forklift Battery Market Embrace Lithium-Ion Technology For Enhanced Performance And Sustainability
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.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Forklift Battery Market Characteristics
3. Forklift Battery Market Trends And Strategies
4. Forklift Battery Market - Macro Economic Scenario
5. Forklift Battery Market Size And Growth
…..
27. Forklift Battery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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