Market Research Report
Forklift Battery - Global Market Outlook (2018-2027)
|Published by||Stratistics Market Research Consulting||Product code||939049|
|Published||Content info||170 Pages
Delivery time: 2-3 business days
|Forklift Battery - Global Market Outlook (2018-2027)|
|Published: April 1, 2020||Content info: 170 Pages||
According to Stratistics MRC, the Global Forklift Battery market is accounted for $4.30 billion in 2018 and is expected to reach $9.04 billion by 2027 growing at a CAGR of 8.6% during the forecast period. Some of the key factors propelling the market growth include increased the use of electric or battery-powered forklifts, expand in warehouse spaces and industry manufacturing sector, longer lifespan, high resilience, and low maintenance. However, high cost associated with lithium ion battery hampers the market growth.
Battery used in the forklift truck is ideally known as a forklift battery. It is known for two main functions-providing battery source to a forklift truck and providing mass to forklift as a counterweight that further aids in its lifting capacity. These batteries are composed of a battery case, battery cells, battery bar, and battery cables and are of two types including Lead-Acid battery and a lithium-ion battery. Both types of batteries have their system, setup, charging requirements, and price range.
By battery type, the lead-acid battery segment is anticipated to grow at the significant rate during the forecast period, due to its wide application in most of the end-use industries. These batteries are extremely cost-effective and have established the brand image in the market that generates its high demand in the market. The lead-acid battery segment is a market leader because these batteries come with an efficient combination of power and essential counterbalance. It is an ideal solution and cost up to four or five-times higher over lead-acid. This has resulted in increased brand loyalty of lead-acid battery thereby boosting their adoption across the globe.
On the basis of geography, Asia-Pacific is expected to have considerable market growth during the forecast period, due to the increase in industrial output, and the rise in urbanization. Factors that have an indirect impact on the growth of forklift batteries in Asia-Pacific are drastic population rise and expansion in nature of major industries such as construction, food processing, electronics, furniture, and most importantly consumer goods. Due to the rise in population, there is a growth in need for construction projects, food, consumer products, furniture, and a range of other products that depend on material transporting forklifts trucks for transportation. Therefore, the demand for batteries used in the forklifts is also high in this region.
Some of the key players in forklift battery market include Hoppecke Batterien, Johnson Controls, Crown Battery, Exide Technologies, Saft, East Penn Manufacturing, Trojan Battery, Chloride Batteries, Storage Battery Systems, EnerSys, Exide Technologies, Microtex Energy Private Limited, NITCO, Navitas System, Systems Sunlight S.A., and TOTAL SA.
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