The U.S. forklift battery market was valued at $822.2 million in 2019, and is projected to reach $1,306.6 million by 2027, growing at a CAGR of 7.1% from 2020 to 2027. Forklift battery is used to power the electric forklifts for proper material handling in various applications, including warehouses, manufacturing, construction, and others. Forklift batteries are classified on the basis of type, including lithium-ion, lead-acid, fuel cell, absorbed glass mat, and others. In the above-mentioned industries, there is need of material handling equipment for loading and unloading of materials & products, which is fulfilled with the help of electric forklifts.
Emergence of fuel cell forklifts as an alternative to the electric forklift is the key factor driving the growth of the U.S. forklift battery market in the upcoming years. In addition, expanding warehouse spaces & the manufacturing industry is projected to fuel the growth of the forklift battery market in the U.S. However, high initial cost associated with lithium ion battery is expected to hamper the growth of the U.S. forklift battery market in the upcoming years. Conversely, growth in penetration of green logistics is the key factor expected to create opportunity in the U.S. forklift battery market from 2020 to 2027.
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Based on capacity, the 0-600 Ahr segment accounted for more than three-fifths of the total market share in 2020, and is anticipated to rule the roost by 2030. The same segment would also register the fastest CAGR of 8.7% during the forecast period.
Based on type, the lead acid battery segment contributed to more than three-fourths of the total market revenue in 2020, and is expected to lead the trail by the end of 2030. The Lithium Ion segment, however, would exhibit the fastest CAGR of 8.4% throughout the forecast period.
Based on application, the warehouses segment accounted for more than one-fourth of the total market revenue in 2019, and is anticipated to rule the roost by the end of 2027. The same segment would manifest the fastest CAGR of 9.1% during the forecast period.
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The U.S. forklift battery market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, Storage Battery Systems, LLC, Exide Technologies, Flux Power Holdings, Inc., Total SE, Bulldog Battery Corporation, OneCharge, and ForeverPure Corporation.
Other players operating in the value chain of the U.S. forklift battery market are NITCO, American Battery Company, Power Battery Company, Inc., Dyno Battery, Inc., Union Battery Corporation, and others.
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- The ongoing projects from various industries such as construction, oil & gas, manufacturing, and others were either on hold or cancelled, especially during the initial phase of the pandemic, which affected the sales of material handling equipment, thereby impacting the U.S. forklift battery market negatively.
- However, as situation in the United States is getting better, the market is anticipated to revive soon.
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