Selbyville, Delaware,, Aug. 09, 2023 (GLOBE NEWSWIRE) —
The forklift battery market valuation is estimated to cross USD 9.3 billion by 2032, as reported in a research study by Global Market Insights Inc.
The primary growth driver for the market is the constant evolution of battery technologies. The advent of advanced lead-acid batteries, lithium-ion batteries, and fuel cells that provide superior power efficiency, longer operational life, and reduced carbon emissions are gaining traction. This trend has been embraced by businesses across various sectors, enabling them to enhance their operational efficiency while reducing their carbon footprint.
Furthermore, there has been an increase in adoption of electric forklifts as that offer numerous advantages over their conventional counterparts, including lower maintenance costs, reduced noise pollution, and enhanced operational efficiency. The government initiatives and regulations promoting the use of electric vehicles, in consort with continuous innovation and the introduction of cutting-edge battery technologies are shaping the industry outlook.
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Based on application, forklift battery market is classified into manufacturing, construction sites, wholesale stores, and warehouses. The market share from warehouses application is anticipated to grow notably through 2032. With the rapid growth of e-commerce and the need for efficient material handling, warehouses are increasingly relying on forklifts to optimize their operations. Forklifts powered by advanced batteries offer higher productivity and flexibility in navigating narrow aisles, thus streamlining warehouse operations. The growing demand for automated warehouses and the need for efficient inventory management are expected to fuel the adoption of forklift batteries.
As per battery type, forklift battery market is segmented into nickel-cadmium, lithium-ion, and lead-acid. The lithium-ion battery type segment is emerging as lucrative growth avenue for the industry, due to wider adoption of electric forklifts. Lithium-ion batteries offer superior performance, longer lifespan, and faster charging capabilities compared to traditional lead-acid batteries. Moreover, these batteries are environmentally friendly and do not require regular maintenance, making them an attractive option for end-users. As industries increasingly recognize the benefits of lithium-ion batteries, the demand for these advanced power sources is expected to soar.
North America is poised to become a thriving avenue for the forklift battery market over 2023 and 2032. The strong industrial base, stringent regulations on emissions, and a growing emphasis on green initiatives in nations across the region are driving the adoption of electric forklifts. The forklift manufacturers as well as users are constantly looking for advanced battery technologies. The presence of major players, coupled with extensive R&D activities, is fostering innovation in the field and contributing to the market growth in North America.
Competitive landscape of global forklift battery market includes BYD, East Penn Manufacturing, Enersys, Exide Industries, Electrovaya, Flux Power Holdings, Crown Equipment, and GB Industrial Battery. These industry colossuses are taking part in collaborations & partnerships, while looking for merger & acquisition opportunities to expand their regional footprint and amplify their earnings.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Forklift battery industry 360º synopsis, 2018 – 2032
2.2 Business trends
2.3 Regional trends
2.4 Battery type trends
2.5 Battery voltage trends
2.6 Application trends
Chapter 3 Forklift Battery Market Industry Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
18.104.22.168 Increasing demand for electric forklifts.
22.214.171.124 Growing trend of automation in the logistics and manufacturing sectors
126.96.36.199 Advancements in battery technologies
188.8.131.52 The growing adoption of lithium-ion batteries
184.108.40.206 Rising need for sustainable and eco-friendly solutions in the material handling industry
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.