Forklift Battery Market to Garner $7.4 Bn by 2026 at 7.04% CAGR, Says Allied Market Research

Advent of fuel cell forklifts as an alternative to the electric forklift and increase in warehouse spaces and industry manufacturing sector are the major drivers for the forklift battery market

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Allied Market Research

Feb 24, 2020, 09:00 ET

PORTLAND, Oregon, Feb. 24, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Forklift Battery Market by Type (Lithium ion (Li-ion), Lead–Acid, and Others), and Application (Warehouses, Construction, Manufacturing, Retail & Wholesale Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2026". According to the report, the global forklift battery industry was pegged at $4.32 billion in 2018, and is expected to reach $7.4 billion by 2026, growing at a CAGR of 7.04% from 2019 to 2026.

Major motivators for market growth

Emergence of fuel cell forklifts as an alternative to the electric forklift, and expand in warehouse spaces and industry manufacturing sector are the major drivers for the forklift battery market. However, high cost associated with lithium ion battery hampers the growth of the global forklift battery market. On the contrary, growing penetration of concept like green logistics is expected to create lucrative opportunities in the near future.

The lead acid segment dominated the market

Based on type, the lead acid segment held the largest share in 2018, contributing to more than three-fourths of the global forklift battery market. This is due to greater benefits associated with this battery such as high weight that further increases the lifting capacity of forklift trucks and low cost associated with lead-acid battery. On the other hand, the li-ion segment is expected to manifest the fastest CAGR of 7.05% during the forecast period. This is attributed to the benefits such as low maintenance, long life cycle, and greater productivity in a cold environment.

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The warehouse segment dominated the market

Based on application, the warehouses segment is expected to register the fastest CAGR of 7.50% during the forecast period. This is due to increase in urbanization, and rise in material transport activities. In contrary, the manufacturing segment held the largest share in 2018, contributing to more than one-fourth of the global forklift battery market. The manufacturing sector has a diverse set of material handling as well as loading and unloading needs, which drives the growth of the segment.

Asia-pacific followed by North America to maintain its leadership status during the forecast period

Based on region, Asia-Pacific contributed to the highest market share in terms of revenue, holding nearly two-fifths of the global forklift battery market in 2018, and is expected to maintain its leadership status during the forecast period. The factors such as rise in population, rapid urbanization, expand in nature of major industries such as construction, food processing, electronics, furniture, and most importantly consumer goods drive the growth in the region. On the other hand, North America accounted for the second largest revenue share in 2018. Furthermore, Europe is expected to maintain the largest CAGR of 7.40% from 2019 to 2026, due to growing focus on renewable energy production.

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Major market players

Crown Equipment Corporation
EXIDE INDUSTRIES LTD
EnerSys
East Penn Manufacturing Company
Hoppecke
SBS Storage Battery Systems LLC
Saft
Microtex Energy Private Limited
Southwest Battery Company.
Navitas Systems

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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