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)

Report Code : TIPRE00027773
Category : Electronics and Semiconductor

No. of Pages : 96

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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)

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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

Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered

This text is related
to segments covered.

Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope

This text is related
to country scope.

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. APAC Forklift Battery Market Landscape

4.1 Market Overview

4.2 PEST Analysis

4.2.1 APAC

4.3 Ecosystem Analysis

4.4 Expert Opinions

5. APAC Forklift Battery Market – Key Market Dynamics

5.1 Market Drivers

5.1.1 Growing Logistics and Warehouses

5.1.2 Rapid Industrialization in Several Countries

5.2 Market Restraints

5.2.1 Electric Pallet Stacker as an Alternate of Forklift Trucks

5.3 Opportunities

5.3.1 Technological Innovations and Features such as Quick Charging

5.4 Future Trends

5.4.1 Solar Based Forklift Batteries with Smart Energy Storage Systems

5.5 Impact Analysis of Drivers And Restraints

6. Forklift Battery – APAC Market Analysis

6.1 APAC Forklift Battery Market Overview

6.2 APAC Forklift battery Market Revenue Forecast and Analysis

7. APAC Forklift Battery Market – By Type

7.1 Overview

7.2 Lithium Ion

7.2.1 Lithium Ion: APAC Forklift Battery Market - Revenue and Forecasts to 2028 (US$ Million)

7.3 Lead–Acid

7.3.1 Lead–Acid: APAC Forklift Battery Market - Revenue and Forecasts to 2028 (US$ Million)

7.4 Others

7.4.1 Others: APAC Forklift Battery Market - Revenue and Forecasts to 2028 (US$ Million)

8. APAC Forklift Battery Market – By Application

8.1 Overview

8.2 Warehouses

8.2.1 Warehouses: APAC Forklift Battery Market Revenue and Forecasts to 2028 (US$ Million)

8.3 Construction

8.3.1 Construction: APAC Forklift Battery Market Revenue and Forecasts to 2028 (US$ Million)

8.4 Manufacturing

8.4.1 Manufacturing: APAC Forklift Battery Market Revenue and Forecasts to 2028 (US$ Million)

8.5 Retail and Wholesale Stores

8.5.1 Retail and Wholesale Stores: APAC Forklift Battery Market Revenue and Forecasts to 2028 (US$ Million)

8.6 Others

8.6.1 Others: APAC Forklift Battery Market Revenue and Forecasts to 2028 (US$ Million)

9. APAC Forklift Battery Market – Country Analysis

9.1 Overview

9.1.1 APAC: Forklift Battery Market, by Key Country

9.1.1.1 China: Forklift Battery Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.1.1 China: Forklift Battery Market, by Type

9.1.1.1.2 China: Forklift Battery Market, by Application

9.1.1.2 Japan: Forklift Battery Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.2.1 Japan: Forklift Battery Market, by Type

9.1.1.2.2 Japan: Forklift Battery Market, by Application

9.1.1.3 India: Forklift Battery Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.3.1 India: Forklift Battery Market, by Type

9.1.1.3.2 India: Forklift Battery Market, by Application

9.1.1.4 South Korea: Forklift Battery Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.4.1 South Korea: Forklift Battery Market, by Type

9.1.1.4.2 South Korea: Forklift Battery Market, by Application

9.1.1.5 Australia: Forklift Battery Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.5.1 Australia: Forklift Battery Market, by Type

9.1.1.5.2 Australia: Forklift Battery Market, by Application

9.1.1.6 Rest of APAC: Forklift Battery Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.6.1 Rest of APAC: Forklift Battery Market, by Type

9.1.1.6.2 Rest of APAC: Forklift Battery Market, by Application

10. APAC Forklift battery Market - COVID-19 Impact Analysis

10.1 APAC: Impact Assessment of COVID-19 Pandemic

11. Industry Landscape

11.1 Market Initiative

11.2 Merger and Acquisition

11.3 New Development

12. Company Profiles

12.1 Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH

12.1.1 Key Facts

12.1.2 Business Description

12.1.3 Products and Services

12.1.4 Financial Overview

12.1.5 SWOT Analysis

12.1.6 Key Developments

12.2 Crown Equipment Corporation

12.2.1 Key Facts

12.2.2 Business Description

12.2.3 Products and Services

12.2.4 Financial Overview

12.2.5 SWOT Analysis

12.2.6 Key Developments

12.3 ForeverPure Corporation

12.3.1 Key Facts

12.3.2 Business Description

12.3.3 Products and Services

12.3.4 Financial Overview

12.3.5 SWOT Analysis

12.3.6 Key Developments

12.4 Exide Industries Limited

12.4.1 Key Facts

12.4.2 Business Description

12.4.3 Products and Services

12.4.4 Financial Overview

12.4.5 SWOT Analysis

12.4.6 Key Developments

12.5 EnerSys

12.5.1 Key Facts

12.5.2 Business Description

12.5.3 Products and Services

12.5.4 Financial Overview

12.5.5 SWOT Analysis

12.5.6 Key Developments

12.6 Saft Groupe SA

12.6.1 Key Facts

12.6.2 Business Description

12.6.3 Products and Services

12.6.4 Financial Overview

12.6.5 SWOT Analysis

12.6.6 Key Developments

12.8 East Penn Manufacturing Company

12.8.1 Key Facts

12.8.2 Business Description

12.8.3 Products and Services

12.8.4 Financial Overview

12.8.5 SWOT Analysis

12.8.6 Key Developments

12.9 Microtex Energy Private Limited

12.9.1 Key Facts

12.9.2 Business Description

12.9.3 Products and Services

12.9.4 Financial Overview

12.9.5 SWOT Analysis

12.9.6 Key Developments

13. Appendix

13.1 About The Insight Partners

13.2 Word Index

LIST OF TABLES

Table 1. APAC Forklift battery Market Revenue and Forecast to 2028 (US$ Million)

Table 2. APAC: Forklift Battery Market, by Country – Revenue and Forecast to 2028 (US$ Million)

Table 3. China: Forklift Battery Market, by Type – Revenue and Forecast to 2028 (US$ Million)

Table 4. China: Forklift Battery Market, by Application – Revenue and Forecast to 2028 (US$ Million)

Table 5. Japan: Forklift Battery Market, by Type – Revenue and Forecast to 2028 (US$ Million)

Table 6. Japan: Forklift Battery Market, by Application – Revenue and Forecast to 2028 (US$ Million)

Table 7. India: Forklift Battery Market, by Type – Revenue and Forecast to 2028 (US$ Million)

Table 8. India: Forklift Battery Market, by Application – Revenue and Forecast to 2028 (US$ Million)

Table 9. South Korea: Forklift Battery Market, by Type – Revenue and Forecast to 2028 (US$ Million)

Table 10. South Korea: Forklift Battery Market, by Application – Revenue and Forecast to 2028 (US$ Million)

Table 11. Australia: Forklift Battery Market, by Type – Revenue and Forecast to 2028 (US$ Million)

Table 12. Australia: Forklift Battery Market, by Application – Revenue and Forecast to 2028 (US$ Million)

Table 13. Rest of APAC: Forklift Battery Market, by Type – Revenue and Forecast to 2028 (US$ Million)

Table 14. Rest of APAC: Forklift Battery Market, by Application – Revenue and Forecast to 2028 (US$ Million)

Table 15. List of Abbreviation

LIST OF FIGURES

Figure 1. APAC Forklift Battery Market Segmentation

Figure 2. APAC Forklift Battery Market Segmentation – By Country

Figure 3. APAC Forklift Battery Market Overview

Figure 4. APAC Forklift Battery Market, By Type

Figure 5. APAC Forklift Battery Market, By Application

Figure 6. APAC Forklift Battery Market, By Country

Figure 7. APAC – PEST Analysis

Figure 8. APAC Forklift Battery Market- Ecosystem Analysis

Figure 9. APAC Forklift battery Market Impact Analysis of Drivers and Restraints

Figure 10. APAC Forklift battery Market Revenue Forecast and Analysis (US$ Million)

Figure 11. APAC Forklift battery Market Breakdown by Type, 2020 & 2028 (%)

Figure 12. Lithium Ion: APAC Forklift Battery Market - Revenue and Forecasts to 2028 (US$ Million)

Figure 13. Lead–Acid: APAC Forklift Battery Market - Revenue and Forecasts to 2028 (US$ Million)

Figure 14. Others: APAC Forklift Battery Market - Revenue and Forecasts to 2028 (US$ Million)

Figure 15. APAC Forklift battery Market Breakdown by Application, 2020 & 2028 (%)

Figure 16. Warehouses: APAC Forklift Battery Market Revenue and Forecasts to 2028 (US$ Million)

Figure 17. Construction: APAC Forklift Battery Market Revenue and Forecasts to 2028 (US$ Million)

Figure 18. Manufacturing: APAC Forklift Battery Market Revenue and Forecasts to 2028 (US$ Million)

Figure 19. Retail and Wholesale Stores: APAC Forklift Battery Market Revenue and Forecasts to 2028 (US$ Million)

Figure 20. Others: APAC Forklift Battery Market Revenue and Forecasts to 2028 (US$ Million)

Figure 21. APAC: Forklift Battery Market by key Country– Revenue (2020) (US$ Million)

Figure 22. APAC: Forklift Battery Market Revenue Share, by Key Country (2020 and 2028)

Figure 23. China: Forklift Battery Market – Revenue and Forecast to 2028 (US$ Million)

Figure 24. Japan: Forklift Battery Market – Revenue and Forecast to 2028 (US$ Million)

Figure 25. India: Forklift Battery Market – Revenue and Forecast to 2028 (US$ Million)

Figure 26. South Korea: Forklift Battery Market – Revenue and Forecast to 2028 (US$ Million)

Figure 27. Australia: Forklift Battery Market – Revenue and Forecast to 2028 (US$ Million)

Figure 28. Rest of APAC: Forklift Battery Market – Revenue and Forecast to 2028 (US$ Million)

Figure 29. Impact of COVID-19 Pandemic in Asia Pacific Country Markets

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

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
Validates and strengthens in-house secondary research findings
Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

Industry participants: VPs, business development managers, market intelligence managers and national sales managers
Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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