Allied Market Research recently published a report, titled, “Forklift Battery Market by Type, and Application: 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.
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.
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Lead–acid batteries are the preferred source of energy to forklift trucks until lithium-ion batteries are introduced in the market. The first lithium-ion battery for forklift was introduced in 2015, and the market is started to transform thereafter. They offer several benefits that make them preferable choices among consumers such as low charging time, maintenance-free, and recyclability associated with them. Content in the lithium-ion battery is not toxic, unlike regular batteries, which means they are easy and safe to recycle. As a result, the adoption of lithium-ion batteries has substantially grown in the market thereby contributing to the global market growth. Expansion of warehouses across the globe and resulting demand for forklift batteries in material movement applications is the key global forklift battery market trend observed in the recent years.
As per the Exide (major forklift battery manufacturers), steel ballasts is likely to be used in the lighter lithium-ion batteries to compensate weight factor, so as to offer better counterbalance. Therefore, the market is set to witness replacement of lead–acid batteries by lithium-ion batteries, however, this shift may take another 10-13 years as current forklift trucks are compatible with existing batteries. Therefore, lead-acid battery is still a dominant choice in the market for another 10 to 13 years, which anticipated to offer lucrative forklift battery market growth opportunities.
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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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.
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.
The major key players operating in the global forklift battery market include EXIDE INDUSTRIES LTD., EnerSys, East Penn Manufacturing Company, Hoppecke, Crown Equipment Corporation, SBS Storage Battery Systems, LLC, Navitas Systems, Saft, Microtex Energy Private Limited, and Southwest Battery Company.
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Key Findings of the Study:
- The global forklift battery industry sees a profitable growth opportunities for the during the next five years in response to the growth in industrial production
- By type, lead–acid battery segment is emerged as the global leader by acquiring 77% market share in 2018, and is anticipated to be the largest market during the forecast period
- By application, the manufacturing application segment accounted for around 30% market share in response to the greater material handling and movement needs associated with the manufacturing sector
- Replacement of electric forklifts by fuel cell-based forklifts is the key forklift battery market growth driver
- Although the market is dominated by lead–acid batteries, lithium-ion batteries are projected to take over the overall forklift batteries market over the next 10-12 years
- Universities across the globe are aiming to introduce robotics-assisted autonomous forklift in the material handling industry, which is projected to offer new growth opportunity to the market
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