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
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Forklift Battery Market: Strategic Insights
Forklift Battery Market
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![](https://www.theinsightpartners.com/assets/images/rd_int_img/cagr.png)
CAGR (2021 - 2028)
7.1%
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Market Size 2021
US$ 4.82 Billion
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Market Size 2028
US$ 7.76 Billion
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- 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
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type
- Lithium ion
- Lead-Acid
- Others
Application
- Warehouses
- Construction
- Manufacturing
- Retail and Wholesale Stores
- Others
Geography
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South and Central America
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Forklift Battery Market: Strategic Insights
-
CAGR (2021 - 2028)7.1% -
Market Size 2021
US$ 4.82 Billion -
Market Size 2028
US$ 7.76 Billion
![](https://www.theinsightpartners.com/assets/images/rd_int_img/tip-logo.jpg)
Market Dynamics
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Key Players
- 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
Regional Overview
![](https://www.theinsightpartners.com/assets/images/rd_int_img/ig-regional.png)
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
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- Lithium ion
- Lead-Acid
- Others
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- Warehouses
- Construction
- Manufacturing
- Retail and Wholesale Stores
- Others
![](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_primary.png)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South and Central America
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
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.
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.
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.
Forklift Battery Market Report Scope
Report Attribute | Details |
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Market size in 2021 | US$ 4.82 Billion |
Market Size by 2028 | US$ 7.76 Billion |
Global CAGR (2021 - 2028) | 7.1% |
Historical Data | 2019-2020 |
Forecast period | 2022-2028 |
Segments Covered |
By Type
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Regions and Countries Covered | North America
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Market leaders and key company profiles |
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Type , Application , and Geography
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
A lithium-ion battery is a rechargeable battery types in which lithium ions move from the negative electrode to the positive electrode during discharge and back when charging. It is one of the most popular types of rechargeable battery for portable electronics and forklift trucks. The lithium-ion battery is one of the fastest growing battery segment due to its various factors such as one of the best energy-to-weight ratios, high open circuit voltage, low self-discharge rate, and a slow loss of charge when not in use.
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.
The growth of the forklift battery market is primarily attributed to 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 of forklift trucks. In addition, Factors such as rising disposable incomes, dual-income households, and constant urbanization have encouraged consumers across both developed and emerging economies to adopt trend of doing online shopping. This has further resulted in the rapid development of retail channels requiring efficient inventory management and warehousing solutions to ensure timely delivery of applications to customer. Hence the emergence of consumer retail sector is positively impacting to the forklift battery market as the retail business development is bolstering the demand for forklift trucks.
The List of Companies - Forklift Battery Market
- 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