USD 4.90 Billion
Forklift Battery Market Size, Share, Growth Analysis, By Battery type(Lead-Acid, Lithium-Ion, and Others), By Application(Warehouses, Manufacturing, Construction, Retail & Wholesale Stores), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20G2022 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
65
|Figures:
77
Forklift Battery Market Insights
Forklift Battery Market size was valued at USD 4.90 Billion in 2022 and is poised to grow from USD 5.17 Billion in 2023 to USD 7.93 Billion by 2031, at a CAGR of 5.50% during the forecast period (2024-2031).
They can produce substantially more power despite having a reduced volume of cells since they have a low energy-to-weight and energy-to-volume ratio. They are therefore frequently used in warehouses, manufacturing facilities, building sites, and retail establishments. The market's expansion is further aided by the widespread use of electric forklifts across sectors. Numerous product improvements, such as the creation of rapid battery charging systems for reduced downtime and extended forklift operational life, are also contributing to the industry's growth.
For instance, A lithium-ion battery for forklift trucks based on Vista was introduced by Flux Power in March 2022. The L-36 lithium-ion battery can power 3-wheel forklifts, according to the manufacturer. Along these lines, the use of forklift batteries for home purposes is fostering market expansion. Solar and off-grid energy systems can be powered by lead-acid batteries because they are very recyclable. The market is predicted to rise as a result of a number of other reasons, such as the widespread adoption of green logistics and the implementation of advantageous government policies supporting sustainable infrastructural development.
US Forklift Battery Market is poised to grow at sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
lead-acid
Fastest Growth
lead-acid
Growth Rate
5.50% CAGR
Global Forklift Battery Market ($ Bn)
Country Share for North America Region (%)
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Forklift Battery Market Segmental Analysis
Global Forklift Battery Market is segmented by battery type, application, and region. Based on battery type, the market can be segmented into Lead-Acid, Lithium-Ion, and Others. Based on application, the market is segmented into Warehouses, Manufacturing, Construction, Retail & Wholesale Stores, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Forklift Battery Market Analysis by Type
The lead-acid battery segment is the largest segment of the global forklift battery market. The majority of batteries used in forklifts are lead-acid batteries. They are simple to maintain and reasonably priced. They are relatively inexpensive and easy to maintain. However, they have a shorter lifespan than lithium-ion batteries and require more frequent charging.
The lithium-ion battery segment is the fastest growing segment of the global forklift battery market. This is due to the high energy density of lithium-ion batteries, which allows them to provide longer runtimes. Lithium-ion batteries are becoming increasingly popular in forklifts due to their high energy density and long lifespan. They are also lighter than lead-acid batteries, which can improve the performance of forklifts. However, lithium-ion batteries are more expensive than lead-acid batteries and require special handling and charging procedures.
Forklift Battery Market Analysis by Application
The warehouse application is expected to dominate the market during the forecast period. The growth of this segment can be attributed to the increasing adoption of forklifts in warehouses to improve efficiency and productivity. Forklifts are used to move materials around warehouses, which can be a time-consuming and labor-intensive process. By using forklifts, businesses can save time and money, and improve the safety of their employees.
The construction application is also expected to grow at a significant rate during the forecast period. The increase in construction activity around the world is responsible for this segment's rise. Forklifts are used in construction sites to move materials and equipment, which can be a dangerous and difficult task. By using forklifts, businesses can improve the safety of their employees and the efficiency of their operations.
Global Forklift Battery Market By Type
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Forklift Battery Market Regional Insights
North America is the largest market for forklift batteries, accounting for the largest share of the global market. The growth of this market can be attributed to the increasing adoption of electric forklifts in the region. The United States is the largest market for forklift batteries in North America, followed by Canada.
Europe is the fastest growing segment in the market for forklift batteries, accounting for a significant share of the global market. The growth of this market can be attributed to the increasing adoption of electric forklifts in the region. Germany, France, and the United Kingdom are the largest markets for forklift batteries in Europe.
Global Forklift Battery Market By Region
- Largest
- Fastest
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Forklift Battery Market Dynamics
Forklift Battery Market Drivers
Increasing Adoption of Electric Forklifts
- The growing preference for electric forklifts over their internal combustion engine counterparts is a significant driver for the forklift battery market. Electric forklifts offer several advantages, including lower emissions, reduced noise levels, and improved energy efficiency. As industries strive for sustainability and environmental compliance, the demand for electric forklifts has been increasing, driving the market for forklift batteries.
Increasing Focus on Workplace Safety
- Electric forklifts powered by batteries offer improved safety features compared to internal combustion engine forklifts. They have lower noise levels, reduced vibration, and eliminate the risk of fuel spills and emissions. With an increasing emphasis on workplace safety regulations and standards, businesses are adopting electric forklifts for their safer operation, thereby driving the demand for forklift batteries.
Forklift Battery Market Restraints
Limited Energy Density and Run Time
- Forklift batteries have limitations in terms of energy density and run time. Traditional lead-acid batteries, although lower in cost, have lower energy density and shorter run times compared to advanced technologies like lithium-ion batteries. This can result in the need for more frequent battery changes or longer charging times, leading to potential disruptions in operations and decreased productivity. The limited energy density and run time of batteries can pose challenges in meeting the demands of intensive material handling operations, especially in large warehouses or manufacturing facilities.
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Forklift Battery Market Competitive Landscape
These companies have a significant market presence and offer a wide range of forklift battery solutions to cater to various customer requirements. They focus on continuous product innovation, technological advancements, and expanding their distribution networks to gain a competitive edge. Additionally, partnerships with forklift manufacturers and strategic collaborations to develop integrated solutions further enhance their market position.
Forklift Battery Market Top Player’s Company Profiles
- East Penn Manufacturing Co., Inc. (United States)
- Exide Technologies (United States)
- EnerSys (United States)
- Crown Battery Manufacturing Company (United States)
- Hoppecke Batteries (Germany)
- HAWKER GmbH (Germany)
- Johnson Controls (United States)
- GS Yuasa Corporation (Japan)
- Enersys (United States)
- Midac S.p.A. (Italy)
- Trojan Battery Company (United States)
- Navitas Systems LLC (United States)
- Saft Groupe S.A. (France)
- Discover Energy Corp. (United States)
- Storage Battery Systems, LLC (United States)
- BAE Batterien GmbH (Germany)
- Hoppecke Batterien GmbH & Co. KG (Germany)
- Forsee Power (France)
- Chloride Batteries S.E. (France)
- Shenzhen Kamada Battery Co., Ltd. (China)
- Shandong Sacred Sun Power Sources Co., Ltd. (China)
- Zibo Torch Energy Co., Ltd. (China)
Forklift Battery Market Recent Developments
- In May 2023, Johnson Controls announced that it is investing $100 million to expand its battery manufacturing capacity in the United States. The investment will help Johnson Controls meet the growing demand for batteries for electric forklifts.
- In April 2023, EnerSys announced that it is partnering with Toyota Industries Corporation to develop new battery technologies for electric forklifts. The partnership will focus on developing batteries that have longer lifespans and faster charging times.
- In March 2023, BYD announced that it is opening a new battery factory in China. The factory will have a production capacity of 100,000 batteries per year, and it will help BYD meet the growing demand for batteries for electric forklifts in China.
Forklift Battery Key Market Trends
- Transition to Lithium-ion Batteries: There is a growing trend towards the adoption of lithium-ion batteries in the forklift battery market. Lithium-ion batteries offer advantages such as higher energy density, longer lifespan, faster charging times, and maintenance-free operation. These batteries are gradually replacing traditional lead-acid batteries, as they provide improved performance and operational efficiency, leading to increased productivity and reduced downtime.
Forklift Battery Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global forklift battery market is experiencing significant growth and is driven by various factors such as the increasing adoption of electric forklifts, stringent emission regulations, advancements in battery technology, cost savings, and operational efficiency. However, the market also faces restraints such as high initial investment costs, limited energy density and run time, charging infrastructure challenges, and recycling and disposal complexities. Despite the challenges, the market is witnessing several trends that are shaping its trajectory. The transition to lithium-ion batteries, the shift towards fast charging solutions, integration of battery management systems, and the rising demand for modular and swappable battery solutions are notable trends. Additionally, there is an increased focus on sustainability, development of advanced battery monitoring and diagnostics, growth of online sales channels, and the integration of telematics and IoT technologies.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.90 Billion |
| Market size value in 2031 | USD 7.93 Billion |
| Growth Rate | 5.50% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Forklift Battery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Forklift Battery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Forklift Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Forklift Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Forklift Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Forklift Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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