According to the latest report by IMARC Group, titled “Forklift Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global forklift battery market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global forklift battery market size reached US$ 4.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.
Forklift battery refers to rechargeable cells particularly used for a forklift truck to function adequately and lift heavy objects. It comprises lithium-ion, lead-acid, and nickel-cadmium batteries to run properly and efficiently. It is cheaper, easy to maintain, and does not release harmful emissions as compared to fuel-powered forklifts. As a result, forklift battery finds applications for various purposes, such as construction, warehouse, manufacturing, and wholesale stores, across the globe.
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Forklift Battery Market Trends and Drivers:
Presently, the rising adoption of electric forklifts in warehousing and manufacturing sectors for indoor and outdoor applications represents one of the primary factors strengthening the market growth. Besides this, the growing demand for autonomous electric forklifts that are integrated with cameras, radar systems, and artificial intelligence (Al) telematics to record the movement and position of an object is offering a positive market outlook.
Apart from this, the increasing adoption of lead-acid batteries in forklifts due to high durability and reliability is bolstering the growth of the market. Moreover, the rising preference to install low-cost operating systems as to reduce the overall downtime is offering lucrative growth opportunities to industry investors.
Furthermore, the increasing demand for forklift batteries to maintain smooth and quick material handling operations is supporting the growth of the market.
Global Forklift Battery Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis of region, 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
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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