Booming Industrialization in Developing Regions to Provide Growth Opportunities for Forklift Battery Market during 2021–2028
According to our latest market study on “Forklift Battery Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application,” The global forklift battery market is expected to grow from US$ 4,816.54 million in 2021 to US$ 7,759.94 million by 2028; it is estimated to grow at a CAGR of 7.1% from 2021 to 2028.
The forklift battery market is growing significantly in developing regions due to the rising industrialization and urbanization. The fast-paced industrialization in developing regions is attributed to the government support for the manufacturing industries and low operating cost in region owing to cheap labor wages, which attract businesses from larger manufacturing bases worldwide. For instance, the government of India has launched Make in India campaign to encourage companies to manufacture in India and boost its domestic manufacturing industry. Also, to implement the campaign successfully, the government is providing subsidies to investors. Similarly, the Chinese government has launched “Made in China 2025” plan to increase investment in China’s manufacturing industry and make China a top country in global high-tech manufacturing. Besides, growing middle-class population and their disposable income are proliferating the demand for consumer goods and is attracting manufacturing companies to setup its business in developing region. Thus, the growing industrialization in developing regions is expected to boost the growth of the infrastructure and manufacturing industries and they are opting forklift trucks to smoothen day-to-day operations. Therefore, the following development is expected to create ample demand for forklift trucks, which, in turn will positively impact the growth of the forklift battery market.
Impact of COVID-19 Pandemic on Forklift Battery Market
The pandemic has had a negative impact on the forklift batter market. Due to closure of major manufacturing industries supply chains, hence, goods handling work at plant and warehouses got impacted adversely and subsequently it also affected the market. On the contrary, due to the operational activities of essential goods such as food & beverage, pharmaceuticals and healthcare equipment, the demand for material stacking and inter-logistics handling work have spurred which has helped in the adoption of forklift trucks. This has led the forklift battery market players to witness the constant flow of demand for their products.
Despite the disruption caused by the COVID-19 pandemic, the business of mentioned sectors is likely to surge in the future as business are getting resumed after a long lockdown measure..
Accumulatorenwerke Hoppecke Carl Zoellner And Sohn Gmbh, Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, and Foreverpure Corporation are among the major companies operating in the forklift battery market.
Report : Forklift Battery Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Lithium ion, Lead-Acid, Others), Application (Warehouses, Construction, Manufacturing, Retail and Wholesale Stores, Others), and Geography
The report segments the global forklift battery market as follows: