Asia Pacific Forklift Battery Market Segments and Growth by 2028

Asia Pacific Forklift Battery Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Lithium-Ion, Lead–Acid, and Others) and Application (Warehouses, Construction, Manufacturing, Retail and Wholesale Stores, and Others)

Historic Data: 2019-2020 | Base Year: 2021 | Forecast Period: 2022-2028

Report Date : Mar 2022
Report Code : TIPRE00027773

Category : Electronics and Semiconductor
Status : Published

Available Report Formats :
No. of Pages : 96

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Asia Pacific Forklift Battery Market Segments and Growth by 2028

Report Date: Mar 2022 | Report Code: TIPRE00027773

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Page Updated: Mar 2022

Analysis Strategic Insights Market Drivers Regional Insights Report Scope Recent Developments FAQs

The forklift battery market in Asia-Pacific is expected to grow from US$ 1,969.78 million in 2021 to US$ 3,390.66 million by 2028; it is estimated to grow at a CAGR of 8.1% from 2021 to 2028.

Technological innovation 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. The fast charging technology can enable the material handling centers to charge battery at its desired level so that forklift trucks can operate and all it may happen during the break and can be reused immediately. Whereas, the conventional battery charging gives the forklift operator 8 hours of run-time, it then requires 8 hours of charging time and another 8 hours to cool before it can be used again. Hence, to not experience downtime, additional batteries must be purchased for each shift. So, fast charging technology can help warehouses and material handling centers to save the spending on additional batteries. Also, the technology can reduce the downtime and increase work efficiency. Thus, the fast charging feature is expected to propel the Asia-Pacific forklift battery market in the upcoming years.Because of a massive number of COVID-19 cases in China and India, Asia-Pacific experienced massive impact of the COVID-19 pandemic. According to the Organization for Economic Co-operation and Development (OECD), the pandemic also affected other major economies outside China, such as South Korea, Australia, and Japan. China is one of the leading manufacturing countries in the region, and initially, it was the most affected country in Asia-Pacific. Owing to this, manufacturing facilities witnessed severe conditions and reported low production volumes in 2020. The limited workforce allowed in each of the production facilities resulted in the deceleration of operational activities, which limited the use of forklift trucks in plants and warehouses. Nevertheless, since May 2020, the Chinese manufacturing facilities started operating with a larger workforce, Japan and India are the other two critical countries in the forklift battery market. As China, Japan, Taiwan, and South Korea are known for a strong base of manufacturing units, the adoption of forklift batteries decreased due to the temporary discontinuation of manufacturing plants. However, with businesses resuming their operations, the demand for forklift trucks, and hence, forklift batteries is surging gradually.

Asia-Pacific Forklift Battery Market Revenue and Forecast to 2028 (US$ Million)

This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

Asia-Pacific Forklift Battery Market Segmentation

Asia-Pacific Forklift Battery Market – By Type

Lithium ion
Lead–Acid
Others

Asia-Pacific Forklift Battery Market – By Application

Warehouses
Construction
Manufacturing
Retail and Wholesale Stores
Others

Asia-Pacific Forklift Battery Market– By Country

China
Japan
India
South Korea
Australia
Rest of Asia-Pacific

Asia-Pacific Forklift Battery Market-Companies Mentioned

Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
Crown Equipment Corporation
East Penn Manufacturing Company
EnerSys
Exide Industries Limited
ForeverPure Corporation
Microtex Energy Private Limited
Saft Groupe SA

Asia Pacific Forklift Battery Report Scope

Report Attribute	Details
Market size in 2021	US$ 1,969.78 Million
Market Size by 2028	US$ 3,390.66 Million
CAGR (2021 - 2028)	8.1%
Historical Data	2019-2020
Forecast period	2022-2028
Segments Covered	By Type Lithium-Ion Lead-Acid By Application Warehouses Construction Manufacturing Retail and Wholesale Stores
Regions and Countries Covered	Asia-Pacific China India Japan Australia Rest of Asia-Pacific
Market leaders and key company profiles	Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH Crown Equipment Corporation East Penn Manufacturing Company EnerSys Exide Industries Limited ForeverPure Corporation Microtex Energy Private Limited Saft Groupe SA

Research Manager

Naveen Chittaragi

Associate Vice President,
Market Research & Consulting

Naveen is an experienced market research and consulting professional with over 9 years of expertise across custom, syndicated, and consulting projects. Currently serving as Associate Vice President, he has successfully managed stakeholders across the project value chain and has authored over 100 research reports and 30+ consulting assignments. His work spans across industrial and government projects, contributing significantly to client success and data-driven decision-making.

Naveen holds an Engineering degree in Electronics & Communication from VTU, Karnataka, and an MBA in Marketing & Operations from Manipal University. He has been an active IEEE member for 9 years, participating in conferences, technical symposiums, and volunteering at both section and regional levels. Prior to his current role, he worked as an Associate Strategic Consultant at IndustryARC and as an Industrial Server Consultant at Hewlett Packard (HP Global).

What are the Asia Pacific Forklift Battery Market report deliverables?

Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
PEST and SWOT Analysis
Market Size Value / Volume - Regional, Country
Industry and Competitive Landscape
Excel Dataset

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