The global forklift battery market is expected to grow from US$ 4,816.54 million in 2021 and is projected to reach US$ 7,759.94 million by 2028; it is estimated to grow at a CAGR of 7.1% from 2021 to 2028.
Technological innovations in forklift trucks such as quick battery charging may reduce the downtime of forklift trucks and can improve the overall operational efficiency at material handling and warehouses. Fast charging technology enables material handling centers to charge the battery at its desired level in a short time so that forklift trucks can be reused immediately. Whereas conventional battery charging requires 8 hours of run-time and additional 8 hours to cool before reuse. To avoid downtime, additional batteries must be purchased for each shift. Therefore, fast charging technology can help warehouses and material handling centers to save spending on additional batteries and increase work efficiency by reducing downtime. Thus, the fast-charging feature is expected to propel the growth of the forklift battery market in the coming years.
Request Sample Pages of This Research Study @ https://www.theinsightpartners.com/sample/TIPRE00009135/
The forklift battery market is segmented on the basis of type, application, and geography. Based on type, the market is bifurcated into lithium-ion, lead-acid, and others. The lead-acid segment represented a larger share of the overall market in 2020. In terms of application, the forklift battery market is segmented into warehouses, construction, manufacturing, retail and wholesale stores and other applications. In 2020, the manufacturing segment accounted for a substantial share of the market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, Asia Pacific accounted for a significant share in the global market.
Favorable government policies to boost innovation and reinforce infrastructure capabilities, North America has the highest acceptance and development rate of emerging technologies. Any impact on industries is therefore projected to have a negative influence on the region’s economic development. Currently, due to the COVID-19 outbreak, the US is the world’s worst-affected country, thus affecting the sudden stands still across all the industries present in the region.
The US is the worst-hit country in North America, with millions of infected individuals facing severe health conditions across the country. Since the US has a larger industrial and forklift battery player, the outbreak has severely affected the production of each player as the supply chain of battery components has adversely affected the majority of the manufacturing industry. In addition, the region has witnessed a slowdown in manufacturing industries during the first two quarters of 2020 and this factor has reduced the operations in factor and warehouses. Thus, the factor has adversely impacted to the forklift battery market in the region.
The forklift battery market players in the region had experienced a downfall in production quantities and deliveries and revenues because of lesser human movement during the first phase of the virus phase and closure of manufacturing units. However, due to the growth of consumer goods and essential items, the demand for forklift batteries has sustained.
The overall forklift battery market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the forklift battery market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the forklift battery market.
A few major players operating in the global forklift battery market are Accumulatorenwerke Hoppecke Carl Zoellner And Sohn Gmbh; Crown Equipment Corporation; ForeverPure Corporation; Exide Industries Limited; EnerSys; OneCharge, Saft Groupe SA; Storage Battery Systems, LLC; East Penn Manufacturing Company; and Microtex Energy Private Limited.
Order A Copy Of This Research Study @ https://www.theinsightpartners.com/buy/TIPRE00009135/
The Forklift Battery Market research study is designed to keep in focus all the major countries. Although all these countries & their market trends were accounted for while composing it, detailed sections are available for only the spearheads. In case if you would be interested in specific countries that are not covered in the current scope, kindly share the list & we can customize the study based on the geographical scope defined by you.
The Insight Partners is a one stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Our research model is very simple. We believe in client servicing and delivering best quality to our customers. Through our research content, we are making sure that our customers get the value of their money along with better quality data and analysis.
Our research content is majorly focused on market trends in terms of market sizing, competitive landscaping, company analysis, regional or country analysis etc. We provide a detailed break-up of segmentation in terms of geography, technology, product and services etc.; which helps our clients to get deeper analysis on various research topics.
If you have any queries about this report or would like further information, please contact us:
North America: +1 646 491 9876
Asia-Pacific: +91 20 6727 8686