According to the latest report by IMARC Group, titled “Global Forklift Battery Market Growth, Size, Share, Industry Trends, Opportunity and Forecast 2022-2027“, the global forklift battery market reached a value of US$ 4.39 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 6.21 Billion by 2027, exhibiting a CAGR of 5.65% during 2022-2027.
Forklift batteries provide industrial forklift trucks with a power supply that requires high energy density. Lead-acid batteries, absorbed glass mat batteries (AGM), and lithium-ion are some commonly available batteries used in forklift trucks for material handling operations. Forklift batteries include self-contained cells, gauge wire cables, circuit bars, a battery case, and a mixture of sulfuric acid and water. They have a low energy-to-weight and energy-to-volume ratio, and offer high power despite having low-volume cells. As a result, they are widely used in retail outlets, manufacturing units, construction sites, and warehouses.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Forklift Battery Market Trends and Drivers:
The market is primarily driven by expanding construction and manufacturing industries. In addition, the rising penetration of e-commerce platforms require material movement, transporting, and lifting applications, which act as other major growth-inducing factors. Apart from this, the utilization of forklift batteries for domestic applications and the extensive adoption of electric forklifts across industries are also propelling the market growth.
Moreover, several leading manufacturers are significantly investing in the development of forklift batteries with environment-friendly and halogen-free insulation, which is further accelerating the product adoption rate.
Furthermore, several product innovations, such as the introduction of quick battery charging techniques for minimal downtime and prolonged operational life, are providing a positive thrust to the market growth.
|Forklift Battery Market Report Scope|
|Market size value in 2021||US$ 4.39 Billion|
|Market forecast in 2027||US$ 6.21 Billion|
|Growth Rate||CAGR of 5.65% from 2022 to 2027|
|Base year for estimation||2021|
Global Forklift Battery Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Amara Raja Batteries Ltd., Camel Group Co. Ltd., Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, Exide Industries Limited, Flux Power, Microtex Energy Private Limited, Northland Industrial Truck Co. Inc. (Alta Enterprises LLC), Storage Battery Systems LLC and Systems Sunlight S.A.
The report has segmented the market on the basis of region, type, sales channel and application.
Breakup by Type:
- Lithium-ion Battery
- Lead–Acid Battery
Breakup by Sales Channel:
Market Breakup by Application:
- Retail and Wholesale Stores
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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