The global forklift battery market size was valued at $4.3 billion in 2018 and is projected to reach $7.4 billion by 2026, growing at a CAGR of 7.04% from 2019 to 2026. Forklift batteries are categorized under industrial batteries that not only power forklift trucks but are also aimed to enhance their load-bearing capacity. Lithium-ion and lead–acid batteries are the two major types of forklift batteries. There are other variants available in each battery type, which include flat plate batteries, tubular plate batteries, high amp-hour batteries, waterless batteries, and maintenance-free batteries.
Get a PDF brochure for Industrial Insights and Business Intelligence @ https://www.alliedmarketresearch.com/request-sample/6329
Lead–acid batteries are the preferred source of energy for forklift trucks until lithium-ion batteries are introduced in the market. The first lithium-ion battery for forklifts was introduced in 2015, and the market 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 global market growth. The expansion of warehouses across the globe and the resulting demand for forklift batteries in material movement applications is the key global forklift battery market trend observed in recent years.
As per Exide (a major forklift battery manufacturer), steel ballasts are 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 the 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 is anticipated to offer lucrative forklift battery market growth opportunities.
By type, the lead-acid battery segment accounted for the largest forklift battery market share in 2018 and is expected to remain dominant by the end of the forecast period. Lead–acid batteries are high in weight which offers to counterbalance the load thereby enhancing the load-bearing capacity of forklift trucks. Since high load-bearing capacity trucks are useful in material handling applications, lead–acid batteries are highly favorable in the material handling section as they help enhance the load-lifting capacity of the trucks. However, lithium-ion batteries are expected to offer significant growth during the forecast period in response to the necessary modification being made by considering the nature of applications.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/6329
By application, manufacturing emerged as the global leader among other segments in 2018 with around 30% market share. The industrial manufacturing sector is driven by the trend of process automation to attain mass production. So the need for material handling in manufacturing plants is growing significantly which boosts the adoption of forklift batteries in this sector.
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, Southwest Battery Company.
Key Findings of the Study:
- The global forklift battery industry sees profitable growth opportunities during the next five years in response to the growth in industrial production
- By type, lead–the 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 forklifts in the material handling industry, which is projected to offer new growth opportunities to the market
Procure Complete Report @ https://www.alliedmarketresearch.com/checkout-final/1d57f8cb61a1025d06afefa8038e5f20?utm_source=AMR&utm_medium=research&utm_campaign=P21776
About Us
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 “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 domains.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. 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 the 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 the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll-Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com