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Forklift Battery Market by Type, Lead-Acid, and Others), and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026

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    Report

  • 140 Pages
  • January 2020
  • Region: Global
  • Allied Market Research
  • ID: 5021820
The global forklift battery market 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. Battery used in the forklift truck is ideally known as a forklift battery. It is known for two main functions - providing battery source to a forklift truck and providing mass to forklift as a counterweight that further aids in its lifting capacity. These batteries are composed of a battery case, battery cells, battery bar, and battery cables; and are of two types including Lead–Acid battery and a lithium-ion battery. Both types of batteries have their system, setup, charging requirements, and price range.





The global forklift battery market growth is driven by the emergence of fuel cell forklifts as an alternative to the electric forklift. Environmental concerns, as well as the availability of natural resources, led forklift manufacturers to look for a more effective and sustainable alternative over electric forklift. A fuel cell is a viable alternative in such a scenario and its use in batteries is growing extensively. Therefore, the increase in popularity of fuel cell-based forklift significantly drives the growth of the market. Furthermore, one of the key benefits of using forklift batteries is that they provide mass to forklift as a counterweight that further helps in lifting capacity of the forklift truck. This increases the productivity of forklift trucks, which boosts the demand for batteries. There is an increase in the need for efficient power sources to forklift machines to enhance the load-bearing capacity. Therefore, manufacturers are working to develop more efficient batteries for forklift, which is expected to offer new growth opportunities during the forecast period. On the other hand, the high price associated with lithium-ion (Li-ion) batteries along with low penetration of forklift batteries in some of the countries of Asia-Pacific is projected to restrain the global market growth.

The global forklift battery market is segmented on the basis of type, application, and region. By type, the global market is classified into Lead–Acid battery, lithium-ion (LI-ion), and others. By application, it market is categorized into warehouses, manufacturing, construction, retail & wholesale stores, and others. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major key players operating in the global forklift battery market include EXIDE INDUSTRIES LTD., EnerSys, East Penn Manufacturing Company, Hoppecke, Crown Equipment Corporation, SBS Storage Battery Systems, LLC, Navitas Systems, Saft, Microtex Energy Private Limited, and Southwest Battery Company. One of the recent trends observed in this market includes penetration of small-scale manufacturers, who are dealing with only single or dual product lines.

KEY BENEFITS FOR STAKEHOLDERS
  • The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global forklift battery market from 2018 to 2026 to determine the prevailing opportunities
  • A comprehensive analysis of the factors that drive and restrict the growth of the market is provided
  • Estimations and forecast are based on factors impacting the market growth, in terms of both value and volume
  • Profiles of leading players operating in the market are provided to understand the global competitive scenario
  • The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth

KEY MARKET SEGMENTS

By Type
  • Lithium-ion Battery
  • Lead–Acid Battery
  • Others

By Application
  • Warehouses
  • Manufacturing
  • Construction
  • Retail & Wholesale Stores
  • Others

By Region
  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • South Africa
  • LAMEA

KEY MARKET PLAYERS
  • EXIDE INDUSTRIES LTD.
  • EnerSys
  • East Penn Manufacturing Company
  • Hoppecke
  • Crown Equipment Corporation,
  • SBS Storage Battery Systems, LLC
  • Navitas Systems
  • Saft
  • Microtex Energy Private Limited
  • Southwest Battery Company

The other players in the value chain include Shenzhen Herculesi Technology Co Ltd, Electrovaya, Optima Batteries, Eternity Technologies FZ-LLC, System Sunlight S.A., and others.
Frequently Asked Questions about the Global Forklift Battery Market

What is the estimated value of the Global Forklift Battery Market?

The Global Forklift Battery Market was estimated to be valued at $4.3 billion in 2018.

What is the growth rate of the Global Forklift Battery Market?

The growth rate of the Global Forklift Battery Market is 7.0%, with an estimated value of $7.4 billion by 2026.

What is the forecasted size of the Global Forklift Battery Market?

The Global Forklift Battery Market is estimated to be worth $7.4 billion by 2026.

Who are the key companies in the Global Forklift Battery Market?

Key companies in the Global Forklift Battery Market include EXIDE INDUSTRIES LTD., EnerSys, East Penn Manufacturing Company, Hoppecke, Crown Equipment Corporation, SBS Storage Battery Systems LLC, Navitas Systems, Saft and Southwest Battery Company..

Table of Contents

Chapter 1: Introduction
1.1. Report Description
1.2. Key Benefits For Stakeholders
1.3. Key Market Segments
1.4. Research Methodology
1.4.1. Secondary Research
1.4.2. Primary Research
1.5. Analyst Tools And Models
Chapter 2: Executive Summary
2.1. Key Findings of The Study
2.2. Cxo Perspective
Chapter 3: Market Overview
3.1. Market Definition And Scope
3.2. Key Findings
3.2.1. Top Investment Pockets (For Upcoming Countries)
3.3. Porter's Five Forces Analysis
3.4. Patent Analysis (2015-2018)
3.4.1. Patent Analysis By Country
3.4.2. Patent Analysis By Applicant
3.5. Market Dynamics
3.5.1. Drivers
3.5.1.1. Emergence of Fuel Cell Forklifts As An Alternative To The Electric Forklift
3.5.1.2. Expanding Warehouse Spaces And Industry Manufacturing Sector
3.5.2. Restraints
3.5.2.1. High Cost Associated With Lithium Ion Battery
3.5.3. Opportunity
3.5.3.1. Growing Penetration of Concept Like Green Logistics
3.6. Pricing Analysis
3.7. Impact of Government Rules And Regulations
3.7.1. Occupational Health And Safety Act (Osha) Clauses Pertinent To Condition of Powered Forklift Trucks
Chapter 4: Forklift Battery Market, By Type
4.1. Overview
4.1.1. Market Size And Forecast, By Region
4.2. Lithium Ion (Li-Ion)
4.2.1. Market Size And Forecast, By Region
4.2.2. Market Share Analysis, By Country
4.3. Lead Acid Battery
4.3.1. Market Size And Forecast, By Region
4.3.2. Market Share Analysis, By Country
4.4. Others
4.4.1. Market Size And Forecast, By Region
4.4.2. Market Share Analysis, By Country
Chapter 5: Forklift Battery Market, By Application
5.1. Overview
5.1.1. Market Size And Forecast, By Region
5.2. Warehouses
5.2.1. Market Size And Forecast, By Region
5.2.2. Market Share Analysis, By Country
5.3. Manufacturing
5.3.1. Market Size And Forecast, By Region
5.3.2. Market Share Analysis, By Country
5.4. Construction
5.4.1. Market Size And Forecast, By Region
5.4.2. Market Share Analysis, By Country
5.5. Retail And Wholesale Stores
5.5.1. Market Size And Forecast, By Region
5.5.2. Market Share Analysis, By Country
5.6. Others
5.6.1. Market Size And Forecast, By Region
5.6.2. Market Share Analysis, By Country
Chapter 6: Forklift Battery Market, By Region
6.1. Overview
6.1.1. Market Size And Forecast, By Region
6.1.2. Market Size And Forecast, By Type
6.1.3. Market Size And Forecast, By Application
6.2. North America
6.2.1. Market Size And Forecast By Type
6.2.2. Market Size And Forecast, By Application
6.2.3. Market Size And Forecast By Country
6.2.4. U.S.
6.2.4.1. Market Size And Forecast By Type
6.2.4.2. Market Size And Forecast, By Application
6.2.5. Canada
6.2.5.1. Market Size And Forecast By Type
6.2.5.2. Market Size And Forecast, By Application
6.2.6. Mexico
6.2.6.1. Market Size And Forecast By Type
6.2.6.2. Market Size And Forecast, By Application
6.3. Europe
6.3.1. Market Size And Forecast By Type
6.3.2. Market Size And Forecast, By Application
6.3.3. Market Size And Forecast By Country
6.3.4. Germany
6.3.4.1. Market Size And Forecast By Type
6.3.4.2. Market Size And Forecast, By Application
6.3.5. France
6.3.5.1. Market Size And Forecast By Type
6.3.5.2. Market Size And Forecast, By Application
6.3.6. Italy
6.3.6.1. Market Size And Forecast By Type
6.3.6.2. Market Size And Forecast, By Application
6.3.7. Spain
6.3.7.1. Market Size And Forecast By Type
6.3.7.2. Market Size And Forecast, By Application
6.3.8. UK
6.3.8.1. Market Size And Forecast By Type
6.3.8.2. Market Size And Forecast, By Application
6.3.9. Rest of Europe
6.3.9.1. Market Size And Forecast By Type
6.3.9.2. Market Size And Forecast, By Application
6.4. Asia-Pacific
6.4.1. Market Size And Forecast By Type
6.4.2. Market Size And Forecast, By Application
6.4.3. Market Size And Forecast By Country
6.4.4. China
6.4.4.1. Market Size And Forecast By Type
6.4.4.2. Market Size And Forecast, By Application
6.4.5. Japan
6.4.5.1. Market Size And Forecast By Type
6.4.5.2. Market Size And Forecast, By Application
6.4.6. India
6.4.6.1. Market Size And Forecast By Type
6.4.6.2. Market Size And Forecast, By Application
6.4.7. South Korea
6.4.7.1. Market Size And Forecast By Type
6.4.7.2. Market Size And Forecast, By Application
6.4.8. Australia
6.4.8.1. Market Size And Forecast By Type
6.4.8.2. Market Size And Forecast, By Application
6.4.9. Rest of Asia-Pacific
6.4.9.1. Market Size And Forecast By Type
6.4.9.2. Market Size And Forecast, By Application
6.5. LAMEA
6.5.1. Market Size And Forecast By Type
6.5.2. Market Size And Forecast, By Application
6.5.3. Market Size And Forecast By Country
6.5.4. Brazil
6.5.4.1. Market Size And Forecast By Type
6.5.4.2. Market Size And Forecast, By Application
6.5.5. Saudi Arabia
6.5.5.1. Market Size And Forecast By Type
6.5.5.2. Market Size And Forecast, By Application
6.5.6. UAE
6.5.6.1. Market Size And Forecast By Type
6.5.6.2. Market Size And Forecast, By Application
6.5.7. South Africa
6.5.7.1. Market Size And Forecast By Type
6.5.7.2. Market Size And Forecast, By Application
6.5.8. Rest of LAMEA
6.5.8.1. Market Size And Forecast By Type
6.5.8.2. Market Size And Forecast, By Application
Chapter 7: Competitive Landscape
7.1. Introduction
7.1.1. Market Player Positioning, 2018
7.2. Top Winning Strategies
7.2.1. Top Winning Strategies, By Year
7.2.2. Top Winning Strategies, By Development
7.2.3. Top Winning Strategies, By Company
7.3. Competitive Heatmap
7.4. Key Developments
7.4.1. New Product Launches
7.4.2. Key Product Developments
7.4.3. Acquisition
Chapter 8: Company Profiles:
8.1. Accumulatorenwerke Hoppecke Carl Zoellner & Sohn Gmbh
8.1.1. Company Overview
8.1.2. Company Snapshot
8.1.3. Product Portfolio
8.1.4. Key Strategic Moves And Developments
8.2. Crown Equipment Corporation
8.2.1. Company Overview
8.2.2. Company Snapshot
8.2.3. Product Portfolio
8.2.4. Key Strategic Moves And Developments
8.3. East Penn Manufacturing Company
8.3.1. Company Overview
8.3.2. Company Snapshot
8.3.3. Product Portfolio
8.3.4. Key Strategic Moves And Developments
8.4. Enersys
8.4.1. Company Overview
8.4.2. Company Snapshot
8.4.3. Operating Business Segments
8.4.4. Product Portfolio
8.4.5. Business Performance
8.4.6. Key Strategic Moves And Developments
8.5. Exide Industries Limited
8.5.1. Company Overview
8.5.2. Company Snapshot
8.5.3. Product Portfolio
8.5.4. Business Performance
8.6. Microtex Energy Private Limited
8.6.1. Company Overview
8.6.2. Company Snapshot
8.6.3. Product Portfolio
8.7. Nitco
8.7.1. Company Overview
8.7.2. Company Snapshot
8.7.3. Product Portfolio
8.8. Storage Battery Systems, Llc
8.8.1. Company Overview
8.8.2. Company Snapshot
8.8.3. Product Portfolio
8.9. Systems Sunlight S.A.
8.9.1. Company Overview
8.9.2. Company Snapshot
8.9.3. Product Portfolio
8.9.4. Key Strategic Moves And Developments
8.10. Total Sa
8.10.1. Company Overview
8.10.2. Company Snapshot
8.10.3. Operating Business Segments
8.10.4. Product Portfolio
8.10.5. Business Performance

Executive Summary

According to the report titled, 'Forklift Battery Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 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.

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

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

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 application, lead-acid batteries are highly favorable in 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 modification 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 that boosts the adoption of forklift battery in this sector.

The major key players operating in the global forklift battery market include EXIDE INDUSTRIES LTD., EnerSys, East Penn Manufacturing Company, Hoppecke, Crown Equipment Corporation, SBS Storage Battery Systems, LLC, Navitas Systems, Saft, Microtex Energy Private Limited, and Southwest Battery Company.

Key Findings of the Study
The global forklift battery industry sees a profitable growth opportunities for the during the next five years in response to the growth in industrial production
By type, lead-acid battery segment is 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 forklift in the material handling industry, which is projected to offer new growth opportunity to the market

Companies Mentioned

  • EXIDE INDUSTRIES LTD.
  • EnerSys
  • East Penn Manufacturing Company
  • Hoppecke
  • Crown Equipment Corporation
  • SBS Storage Battery Systems LLC
  • Navitas Systems
  • Saft
  • Microtex Energy Private Limited
  • Southwest Battery Company.

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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