Asia Pacific Forklift Battery Market Segments and Growth by 2028

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)

 

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