Forklift Battery Market By Application (Warehouses, Manufacturing, Construction, Retail and Wholesale Stores, Others), By Type (Lithium Ion (LI-ion), Lead Acid Battery, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

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According to a new report published by Allied Market Research, titled, "Forklift Battery Market," The forklift battery market was valued at $5.9 billion in 2022, and is estimated to reach $11.2 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.

Forklift batteries are a source of power for electric lift trucks and forklifts. Forklift batteries supply electrical energy required to run the electric motor of the forklift, which powers the lifting and propulsion systems of the vehicle. These batteries are one of the main parts of the equipment and aids in smooth operation. Vehicles powered by batteries are completely silent. In comparison to diesel-powered forklift trucks, they are more environmentally friendly. The battery-powered trucks produce no harmful gasses and hence do not affect the environment.

The demand for lithium-ion batteries for use in forklifts and lifting trucks has increased in recent years owing to several benefits of lithium-ion batteries such as high energy density, relatively lower self-discharge rate, and ability to be recharged multiple times. Moreover, use of forklift equipment in warehouses and storage sectors has also contributed to increased demand for forklift batteries and hence led to market growth.

For the purpose of analysis, the forklift battery market is segmented based on type, application, and region. Depending on type, the market is categorized into lead acid batteries, lithium-ion batteries, and others. Lithium ions are the main ingredient in the electrochemical process that powers lithium-ion (Li-ion) batteries, a class of rechargeable battery. Because of their high energy density, comparatively low self-discharge rate, and multiple rechargeability, they have emerged as one of the most widely used types of rechargeable batteries for a variety of applications.

By application, the forklift battery market is divided into warehouses, manufacturing, construction, retail and wholesale stores, and others. The market was led by the manufacturing segment in 2022, and throughout the forklift battery projection period, it is anticipated to develop at the greatest CAGR. Manufacturing is the process of using different physical, chemical, or mechanical processes to transform raw materials, components, or parts into finished things. It entails converting raw materials or components into finished goods on a big scale with the aid of personnel, equipment, machinery, and a planned production procedure.

By region, the forklift battery market is further analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific has a dominant position in the forklift battery market. The emphasis on energy conservation and reducing operational expenditures has led to an increasing popularity of advanced battery technologies. Government subsidies and other incentives are encouraging businesses to use electric forklifts. Ongoing advancements in battery technology, such as increased energy density and infrastructure for charging, are shaping the business.

The major players operating in the forklift battery industry are Iberdrola S.A., Amara Raja Batteries Ltd., EnerSys, East Penn Manufacturing Company, Inc., EXIDE INDUSTRIES LTD., Trojan Battery Company, LLC., GS Yuasa International Ltd., Flux Power, Zhejiang Narada Power Source Co., Ltd., and Electrovaya. The companies adopted key strategies such as collaboration and expansion to increase their market share.

Recent Market Developments:

In October 2022, the ENERSYS strengthens partnership with Industrial Battery & Charger, Inc. through product territory expansion.
IN May 2023, The Trojan Battery Company, LLC, went into agreement with Continental Battery Systems for an expansion of its master distributorship agreement with Trojan Battery Company. This agreement builds upon the existing relationship between the two companies and represents an exclusive opportunity to galvanize Continental Battery Systems.
In November 2023, Electrovaya announced a three-year strategic supply agreement with existing and new global OEM partners. It's a leading lithium-ion battery technology and manufacturing company, executed a Strategic Supply Agreement with two leading affiliated OEM partners for material handling vehicles and other affiliates for the supply of battery systems.
The report offers a thorough analysis of the forklift battery market with detailed study of various aspects of the market such as market dynamics, vital segments, major geographies, key players, and competitive landscape. The report provides a clear picture of the current market situation and future trends of the forklift battery market based on the impact of various market dynamics and vital forces influencing the market.
The drivers and opportunities contributing toward the market growth are acknowledged in the market dynamics. Besides, challenges and restraints that hold potential to hamper market growth are also provided in the forklift battery market. Porter's five forces analysis is delivered through the report which precisely highlights the effects of key forces on the forklift battery market. The report offers market size and estimations analyzing forklift battery market through various segments. Furthermore, the report covers the competitive scenario of the forklift battery market. The key players operating in the forklift battery market are studied in the report to understand their current market position and competitive strengths in the industry.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the forklift battery market analysis from 2022 to 2032 to identify the prevailing forklift battery market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the forklift battery market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global forklift battery market trends, key players, market segments, application areas, and market growth strategies.

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Additional company profiles with specific to client's interest
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Historic market data
Key player details (including location, contact details, supplier/vendor network etc. in excel format)
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SWOT Analysis

Key Market Segments

By Application

Warehouses
Manufacturing
Construction
Retail and Wholesale Stores
Others

By Type

Lithium Ion (LI-ion)
Lead Acid Battery
Others

By Region

North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA

Key Market Players:

EnerSys
Trojan Battery Company, LLC.
Electrovaya
EXIDE INDUSTRIES LTD.
Iberdrola S.A.
Flux Power
GS Yuasa International Ltd.
Amara Raja Batteries Ltd.
Zhejiang Narada Power Source Co., Ltd
East Penn Manufacturing Company, Inc.

Product Code: A05964

CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
3.3. Porter's five forces analysis
- 3.3.1. Low bargaining power of suppliers
- 3.3.2. Low threat of new entrants
- 3.3.3. Low threat of substitutes
- 3.3.4. Low intensity of rivalry
- 3.3.5. Low bargaining power of buyers
3.4. Market dynamics
- 3.4.1. Drivers
  - 3.4.1.1. Economic advantages coupled with government benefits
  - 3.4.1.2. Increased energy efficiency and technological advancements
- 3.4.2. Restraints
  - 3.4.2.1. High upfront costs and battery replacement costs
- 3.4.3. Opportunities
  - 3.4.3.1. Advancements in charging technology and development in hydrogen infrastructure
  - 3.4.3.2. Integration with renewable energy and expanding e-commerce
3.5. Value Chain Analysis
3.6. Patent Landscape

CHAPTER 4: FORKLIFT BATTERY MARKET, BY APPLICATION

4.1. Overview
- 4.1.1. Market size and forecast
4.2. Warehouses
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
4.3. Manufacturing
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
4.4. Construction
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
4.5. Retail and Wholesale Stores
- 4.5.1. Key market trends, growth factors and opportunities
- 4.5.2. Market size and forecast, by region
- 4.5.3. Market share analysis by country
4.6. Others
- 4.6.1. Key market trends, growth factors and opportunities
- 4.6.2. Market size and forecast, by region
- 4.6.3. Market share analysis by country

CHAPTER 5: FORKLIFT BATTERY MARKET, BY TYPE

5.1. Overview
- 5.1.1. Market size and forecast
5.2. Lithium Ion (LI-ion)
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
5.3. Lead Acid Battery
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
5.4. Others
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country

CHAPTER 6: FORKLIFT BATTERY MARKET, BY REGION

6.1. Overview
- 6.1.1. Market size and forecast By Region
6.2. North America
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by Application
- 6.2.3. Market size and forecast, by Type
- 6.2.4. Market size and forecast, by country
  - 6.2.4.1. U.S.
  - 6.2.4.1.1. Market size and forecast, by Application
  - 6.2.4.1.2. Market size and forecast, by Type
  - 6.2.4.2. Canada
  - 6.2.4.2.1. Market size and forecast, by Application
  - 6.2.4.2.2. Market size and forecast, by Type
  - 6.2.4.3. Mexico
  - 6.2.4.3.1. Market size and forecast, by Application
  - 6.2.4.3.2. Market size and forecast, by Type
6.3. Europe
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by Application
- 6.3.3. Market size and forecast, by Type
- 6.3.4. Market size and forecast, by country
  - 6.3.4.1. Germany
  - 6.3.4.1.1. Market size and forecast, by Application
  - 6.3.4.1.2. Market size and forecast, by Type
  - 6.3.4.2. UK
  - 6.3.4.2.1. Market size and forecast, by Application
  - 6.3.4.2.2. Market size and forecast, by Type
  - 6.3.4.3. France
  - 6.3.4.3.1. Market size and forecast, by Application
  - 6.3.4.3.2. Market size and forecast, by Type
  - 6.3.4.4. Italy
  - 6.3.4.4.1. Market size and forecast, by Application
  - 6.3.4.4.2. Market size and forecast, by Type
  - 6.3.4.5. Spain
  - 6.3.4.5.1. Market size and forecast, by Application
  - 6.3.4.5.2. Market size and forecast, by Type
  - 6.3.4.6. Rest of Europe
  - 6.3.4.6.1. Market size and forecast, by Application
  - 6.3.4.6.2. Market size and forecast, by Type
6.4. Asia-Pacific
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by Application
- 6.4.3. Market size and forecast, by Type
- 6.4.4. Market size and forecast, by country
  - 6.4.4.1. China
  - 6.4.4.1.1. Market size and forecast, by Application
  - 6.4.4.1.2. Market size and forecast, by Type
  - 6.4.4.2. Japan
  - 6.4.4.2.1. Market size and forecast, by Application
  - 6.4.4.2.2. Market size and forecast, by Type
  - 6.4.4.3. India
  - 6.4.4.3.1. Market size and forecast, by Application
  - 6.4.4.3.2. Market size and forecast, by Type
  - 6.4.4.4. South Korea
  - 6.4.4.4.1. Market size and forecast, by Application
  - 6.4.4.4.2. Market size and forecast, by Type
  - 6.4.4.5. Australia
  - 6.4.4.5.1. Market size and forecast, by Application
  - 6.4.4.5.2. Market size and forecast, by Type
  - 6.4.4.6. Rest of Asia-Pacific
  - 6.4.4.6.1. Market size and forecast, by Application
  - 6.4.4.6.2. Market size and forecast, by Type
6.5. LAMEA
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by Application
- 6.5.3. Market size and forecast, by Type
- 6.5.4. Market size and forecast, by country
  - 6.5.4.1. Brazil
  - 6.5.4.1.1. Market size and forecast, by Application
  - 6.5.4.1.2. Market size and forecast, by Type
  - 6.5.4.2. Saudi Arabia
  - 6.5.4.2.1. Market size and forecast, by Application
  - 6.5.4.2.2. Market size and forecast, by Type
  - 6.5.4.3. South Africa
  - 6.5.4.3.1. Market size and forecast, by Application
  - 6.5.4.3.2. Market size and forecast, by Type
  - 6.5.4.4. Rest of LAMEA
  - 6.5.4.4.1. Market size and forecast, by Application
  - 6.5.4.4.2. Market size and forecast, by Type

CHAPTER 7: COMPETITIVE LANDSCAPE

7.1. Introduction
7.2. Top winning strategies
7.3. Product mapping of top 10 player
7.4. Competitive dashboard
7.5. Competitive heatmap
7.6. Top player positioning, 2022

CHAPTER 8: COMPANY PROFILES

8.1. Iberdrola S.A.
- 8.1.1. Company overview
- 8.1.2. Key executives
- 8.1.3. Company snapshot
- 8.1.4. Operating business segments
- 8.1.5. Product portfolio
- 8.1.6. Business performance
8.2. Amara Raja Batteries Ltd.
- 8.2.1. Company overview
- 8.2.2. Key executives
- 8.2.3. Company snapshot
- 8.2.4. Operating business segments
- 8.2.5. Product portfolio
- 8.2.6. Business performance
8.3. EnerSys
- 8.3.1. Company overview
- 8.3.2. Key executives
- 8.3.3. Company snapshot
- 8.3.4. Operating business segments
- 8.3.5. Product portfolio
- 8.3.6. Business performance
- 8.3.7. Key strategic moves and developments
8.4. East Penn Manufacturing Company, Inc.
- 8.4.1. Company overview
- 8.4.2. Key executives
- 8.4.3. Company snapshot
- 8.4.4. Operating business segments
- 8.4.5. Product portfolio
8.5. EXIDE INDUSTRIES LTD.
- 8.5.1. Company overview
- 8.5.2. Key executives
- 8.5.3. Company snapshot
- 8.5.4. Operating business segments
- 8.5.5. Product portfolio
- 8.5.6. Business performance
- 8.5.7. Key strategic moves and developments
8.6. Trojan Battery Company, LLC.
- 8.6.1. Company overview
- 8.6.2. Key executives
- 8.6.3. Company snapshot
- 8.6.4. Operating business segments
- 8.6.5. Product portfolio
- 8.6.6. Key strategic moves and developments
8.7. GS Yuasa International Ltd.
- 8.7.1. Company overview
- 8.7.2. Key executives
- 8.7.3. Company snapshot
- 8.7.4. Operating business segments
- 8.7.5. Product portfolio
- 8.7.6. Business performance
8.8. Flux Power
- 8.8.1. Company overview
- 8.8.2. Key executives
- 8.8.3. Company snapshot
- 8.8.4. Operating business segments
- 8.8.5. Product portfolio
- 8.8.6. Business performance
8.9. Zhejiang Narada Power Source Co., Ltd
- 8.9.1. Company overview
- 8.9.2. Key executives
- 8.9.3. Company snapshot
- 8.9.4. Operating business segments
- 8.9.5. Product portfolio
8.10. Electrovaya
- 8.10.1. Company overview
- 8.10.2. Key executives
- 8.10.3. Company snapshot
- 8.10.4. Operating business segments
- 8.10.5. Product portfolio
- 8.10.6. Business performance
- 8.10.7. Key strategic moves and developments