Forklift Battery Market to Grow at a CAGR of 7.1% to reach US$ 7,759.94 million from 2021 to 2028

The 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.

With the emergence of e-commerce and rising digital literacy among the consumers, the global logistics industry has been growing rapidly in the recent years and this trend has increased the demand for forklift trucks. In addition, factors such as rising disposable income, dual-income households, and constant urbanization have encouraged consumers from developed and emerging economies to adopt the trend of online shopping. This has further resulted in the rapid development of retail channels requiring efficient inventory management and warehousing solutions to ensure on time product delivery to customer. Hence the emergence of consumer retail sector is positively impacting the growth of the forklift battery market. Recently, the pharmaceutical companies have witnessed a sudden spike in demand for medicine and healthcare equipment due to the ongoing COVID-19 pandemic. Hence, to ensure on time delivery of medicines and equipment, the swift logistics operations and services have been introduced by the various companies. For Instance, in Feb 2021, Mahindra Logistics engaged in logistics and transportation services for COVID-19 vaccines. Hence, the ongoing development is expected to increase the demand for forklift trucks to maintain smooth material handling operations at warehouses and the following development is positively impacting to the forklift battery market

Impact of COVID-19 Pandemic on Forklift Battery Market

The COVID-19 pandemic has been affecting every business globally since December 2019. The continuous growth in the number of virus-infected patients compelled governments to put a bar on transportation of humans and goods. The manufacturing sector witnessed severe losses due to temporary factory shutdowns and low production volumes, which hindered the growth of retail, e-commerce, manufacturing, and logistics sectors. Additionally, the social or physical distancing measures imposed by governments have put limitations on the operations of logistics and other service providers. This disruption has resulted in the decline in material handling work.

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.

Lucrative Regions for Forklift Battery Providers

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Forklift Battery Market Insights

Rapid Industrialization in Developing Regions Fuels the Growth of Forklift Battery Market

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.

Type - Based Market Insights

Based on type, the forklift battery market is bifurcated into lithium ion, lead–acid, and others. In 2020, the lead–acid segment accounted for the largest share in the market.

Forklift Battery Market, by Type, 2020 and 2028 (%)

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Application-Based Market Insights

Based on 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 the largest market share.

Strategic Insights

The players operating in the forklift battery market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

• In March 2019, The HOPPECKE Batterien GmbH & Co. KG and Erikoğlu Emaye Bakır Tel San. A. Ş. announced an exclusive partnership at CeMAT Eurasia. HOPPECKE and Erikoğlu Holding are going to work together in Turkey and offer customers the HOPPECKE product portfolio of the Motive division.
• In January 2021, Enersys, the global leader in energy solutions expanded its Manufacturer Representative Agreement with Industrial Battery & Charger, Inc. IBCI has taken the responsibility for sales and services of all EnerSys motive power products in the state of Alabama. Motive power batteries are used in electric forklift trucks and other industrial electric powered vehicles.

The global forklift battery market has been segmented as mentioned below:

By Type

• Lithium ion
• Lead–Acid
• Others

By Application

• Warehouses
• Construction
• Manufacturing
• Retail and Wholesale Stores
• Other Applications

By Geography

• North America

  • US
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe

• Asia Pacific (APAC)

  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC

• Middle East & Africa (MEA)

  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

• South America (SAM)

  • Brazil
  • Argentina
  • Rest of SAM

Company Profiles

• 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
• Microtex Energy Private Limited