The global forklift battery market size reached US$ 4.7 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 6.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.
A forklift battery is the power source used in industrial forklift trucks to function adequately and lift heavy materials. The batteries are commonly available in lead-acid and lithium-ion variants. The lead-acid batteries are bulky, liquid-filled units with a removable top that generate electricity through a chemical reaction between electrolyte, water and sulfuric acid. On the other hand, lithium-ion batteries are more compact, energy-dense and are sealed shut with no water maintenance requirements. Forklift batteries consist of a battery case, self-contained cells, circuit bars and gauge wire cables. They have a low energy-to-weight and energy-to-volume ratio and can provide relatively higher power despite having a lower volume of cells. As a result, they are widely used in warehouses, manufacturing units, construction sites and retail outlets.
2. What is the expected growth rate of the global forklift battery market during 2023-2028?
3. What are the key factors driving the global forklift battery market?
4. What has been the impact of COVID-19 on the global forklift battery market?
5. What is the breakup of the global forklift battery market based on the type?
6. What is the breakup of the global forklift battery market based on the application?
7. What are the key regions in the global forklift battery market?
8. Who are the key players/companies in the global forklift battery market?
A forklift battery is the power source used in industrial forklift trucks to function adequately and lift heavy materials. The batteries are commonly available in lead-acid and lithium-ion variants. The lead-acid batteries are bulky, liquid-filled units with a removable top that generate electricity through a chemical reaction between electrolyte, water and sulfuric acid. On the other hand, lithium-ion batteries are more compact, energy-dense and are sealed shut with no water maintenance requirements. Forklift batteries consist of a battery case, self-contained cells, circuit bars and gauge wire cables. They have a low energy-to-weight and energy-to-volume ratio and can provide relatively higher power despite having a lower volume of cells. As a result, they are widely used in warehouses, manufacturing units, construction sites and retail outlets.
Forklift Battery Market Trends:
Significant growth in the manufacturing and construction industries is among the key factors creating a positive outlook for the market. With the proliferation of e-commerce platforms, there is an increasing requirement for material movement, transporting and lifting applications, which is providing a thrust to the market growth. Moreover, the widespread adoption of electric forklifts across industries is also favoring the growth of the market. Additionally, various product innovations, such as the development of quick battery charging systems for minimal downtime and longer operational life of the forklifts`, are acting as other growth-inducing factors. In line with this, the utilization of forklift batteries for domestic applications is also contributing to the market growth. Lead-acid batteries are highly recyclable and can be used for powering off-grid energy and solar power systems. Other factors, including the widespread adoption of green logistics, along with the implementation of favorable government policies promoting sustainable infrastructural development, are anticipated to drive the market toward growth.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global forklift battery market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, sales channel and application.Breakup by Type:
- Lithium-ion Battery
- Lead-Acid Battery
- Others
Breakup by Sales Channel:
- OEM
- Aftermarket
Breakup by Application:
- Warehouses
- Manufacturing
- Construction
- Retail and Wholesale Stores
- Others
Breakup by Region:
North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Amara Raja Batteries Ltd., Camel Group Co. Ltd., Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, Exide Industries Limited, Flux Power, Microtex Energy Private Limited, Northland Industrial Truck Co. Inc. (Alta Enterprises LLC), Storage Battery Systems LLC and Systems Sunlight S.A.Key Questions Answered in This Report
1. What was the size of the global forklift battery market in 2022?2. What is the expected growth rate of the global forklift battery market during 2023-2028?
3. What are the key factors driving the global forklift battery market?
4. What has been the impact of COVID-19 on the global forklift battery market?
5. What is the breakup of the global forklift battery market based on the type?
6. What is the breakup of the global forklift battery market based on the application?
7. What are the key regions in the global forklift battery market?
8. Who are the key players/companies in the global forklift battery market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Forklift Battery Market
6 Market Breakup by Type
7 Market Breakup by Sales Channel
8 Market Breakup by Application
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
- Amara Raja Batteries Ltd.
- Camel Group Co. Ltd.
- Crown Equipment Corporation
- East Penn Manufacturing Company
- Enersys
- Exide Industries Limited
- Flux Power
- Microtex Energy Private Limited
- Northland Industrial Truck Co. Inc. (Alta Enterprises LLC)
- Storage Battery Systems LLC and Systems Sunlight S.A
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 143 |
Published | May 2023 |
Forecast Period | 2022 - 2028 |
Estimated Market Value ( USD | $ 4.7 Billion |
Forecasted Market Value ( USD | $ 6.5 Billion |
Compound Annual Growth Rate | 5.6% |
Regions Covered | Global |
No. of Companies Mentioned | 11 |