Forklift Battery Market: Consumption Volume, Value, Sale Price, Import And Export Report Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Forklift Battery Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $33.45 billion In 2028 At A CAGR Of 6.8% :

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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Forklift Battery Market Major Segments
The forklift battery market covered in this report is segmented -

1) By Type: Lithium-Ion Battery; Lead-Acid Battery; Nickel-Cadmium Battery; Other Types
2) By Voltage: 24 Volt; 36 Volt; 48 Volt; 72 Volt; Other Voltages
3) By Application: Warehouses; Manufacturing; Construction; Retail and Wholesale Stores; Other Applications

Key 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.

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Prominent 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.

Forklift Battery Market Players
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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Largest And Fastest Growing Region In The Market
North America was the largest region in the forklift battery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in forklift battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Forklift Battery Market Report Structure
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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