According to the latest report by IMARC Group, titled “Global Forklift Battery Market Share, Size, Industry Trends, Growth, Report, Opportunity and Forecast 2022-2027“, the global forklift battery market reached a value of US$ 4.39 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 6.21 Billion by 2027, exhibiting a CAGR of 5.65% during 2022-2027.
Forklift batteries are the power source used for proper functioning and lifting heavy materials with ease compared to manual lifting. They consist of a self-contained cell, circuit bars, battery case, and gauge wire cables. These batteries provide a mass counterweight that enhances the forklift’s lifting capacity. They also provide relatively higher power despite having a lower volume of cells. Nowadays, forklift batteries find application across warehouses, manufacturing units, construction sites, and retail outlets.
Forklift Battery Market Trends and Drivers:
The global forklift battery market is primarily driven by the significant growth of the construction and manufacturing industries. In addition, the expansion of warehouses and the widespread adoption of green logistics are also facilitating the market growth.
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Besides this, the growing popularity of e-commerce platforms is increasing the demand for forklift batteries in material movement, transportation and lifting applications. Moreover, key manufacturers are introducing new product variants with quick charging systems for minimal downtime and longer operational life of forklifts.
Furthermore, governments in various countries are implementing policies to promote sustainable infrastructure development, which is expected to fuel market growth in the upcoming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Forklift Battery Market 2022-2027 Analysis and Segmentation:
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.
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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
Breakup by Sales Channel:
Breakup by Application:
- Retail and Wholesale Stores
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 (2016-2021)
- Market Outlook (2022- 2027)
- 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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