Forklift Battery Global Market Report 2024

“Forklift Battery Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on forklift battery market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for forklift battery? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The forklift battery market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Lithium-Ion Battery; Lead-Acid Battery; Nickel-Cadmium Battery; Other Types
• 2) By Voltage: 24 Volt; 36 Volt; 48 Volt; 72 Volt; Other Voltages
• 3) By Application: Warehouses; Manufacturing; Construction; Retail and Wholesale Stores; Other Applications
• Companies Mentioned: Tailift Co. Ltd.; Crown Equipment Corporation; EnerSys; GS Yuasa Corporation; Exide Technologies
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

A forklift battery is a specific type of deep-cycle battery designed to supply power to electric forklifts. It plays a crucial role in the operation of electric forklifts, providing the necessary power for vehicle functionality and serving as a counterweight to ensure the forklift's stability, thus preventing tipping.

The primary varieties of forklift batteries include lithium-ion batteries, lead-acid batteries, nickel-cadmium batteries, and others. Lithium-ion batteries represent a modern battery technology that heavily relies on lithium ions in its electrochemical processes. These batteries come in various voltage options, such as 24-volt, 36-volt, 48-volt, 72-volt, and more, and find applications in diverse sectors like warehouses, manufacturing, construction, retail and wholesale operations, and more.

The forklift battery market research report is one of a series of new reports from The Business Research Company that provides forklift battery market statistics, including forklift battery industry global market size, regional shares, competitors with a forklift battery market share, detailed forklift battery market segments, market trends and opportunities and any further data you may need to thrive in the forklift battery industry. This forklift battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The forklift battery market size has grown strongly in recent years. It will grow from $23.76 billion in 2023 to $25.67 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to industrial growth, growth of e-commerce, increased adoption of alternative energies, growing demand for lithium-ion forklift batteries, .

The forklift battery market size is expected to see strong growth in the next few years. It will grow to $33.45 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increasing demand for electric forklifts, growing emphasis on green initiatives, government initiatives, increasing demand for material handling, growing demand for fuel cell forklifts. Major trends in the forecast period include advancements in battery technology, automation and robotics integration, smart battery management, transition to lithium-ion technology, wireless charging technology, advanced battery testing and diagnostics, energy-efficient material handling solutions.

The expansion of the e-commerce sector is anticipated to drive the growth of the forklift battery market in the foreseeable future. E-commerce involves the exchange of goods and services, as well as the transfer of money or data, typically conducted over an electronic network, often the Internet. Electric forklifts powered by batteries are a preferable choice over traditional fuel-powered ones for e-commerce warehouses, which frequently require dependable and efficient material handling equipment. Electric forklifts are extensively utilized in e-commerce warehouses due to their emission-free operation and reduced environmental impact. For instance, as of September 2022, as reported by the United States Department of Commerce's International Trade Administration, consumer eCommerce accounted for 30% of the UK's total retail sector, up from 20% in 2020, with an annual e-commerce revenue exceeding $120 billion. Additionally, in 2021, 82% of individuals in the UK had made at least one online purchase. Furthermore, according to the United Nations Conference on Trade and Development, an intergovernmental organization based in Switzerland, online retail sales as a proportion of all retail sales increased from 16% in 2021 to 19% in 2020, driven by the growth of e-commerce. Consequently, the expansion of the e-commerce industry is a key driver of the forklift battery market's growth.

The growth of the forklift battery market is expected to be driven by the increasing level of construction activities. Construction activities encompass the various processes involved in the development of structures such as buildings, infrastructure, industrial facilities, and all the associated tasks that occur throughout their lifecycle. Forklift batteries play a crucial role in construction activities as they power electric forklifts, which are commonly used for the movement of heavy materials and equipment within construction sites. For example, in September 2021, data from Oxford Economics, a UK-based economic information services company, indicated that global construction output reached $10.7 trillion in 2020. Furthermore, it is projected to witness significant growth of approximately 42%, equivalent to an increase of $4.5 trillion, from 2020 to 2030, ultimately reaching a total of $15.2 trillion. Hence, the growth in construction activities is a major factor fueling the expansion of the forklift battery market.

The forklift battery market is likely to face limitations due to the high costs associated with lithium-ion batteries. These batteries have gained popularity as a power source for forklifts, primarily because of their advantages over traditional lead-acid batteries. However, in December 2022, data from an article published by an energy monitor revealed that the volume-weighted average prices for lithium-ion battery packs, covering various sectors, increased to $151 per kilowatt-hour (kWh) in 2022. This reflects a real-term increase of 7% compared to the previous year. Hence, the elevated cost of lithium-ion batteries serves as a deterrent to the forklift battery market's growth.

Prominent firms in the forklift battery market are increasingly emphasizing the introduction of lithium-ion batteries as part of their strategy to secure a competitive advantage. Lithium-ion batteries are gaining prominence in the forklift industry due to their virtually maintenance-free nature, zero emissions, excellent charging flexibility, and long-lasting performance. As an illustration, in March 2022, Flux Power Holdings Inc., a US-based company specializing in the design, development, and sale of advanced rechargeable lithium-ion batteries for industrial applications, revealed a new lithium-ion battery pack tailored for 3-wheel forklifts. This innovative solution aims to address the operational performance challenges currently encountered by businesses. The L36 lithium-ion battery pack offers superior performance, reliability, and efficiency compared to traditional lead-acid batteries, providing high-performance 3-wheel forklifts in tight-aisle warehouses with a dependable and cutting-edge power source.

In March 2023, KION GROUP AG, a German company known for manufacturing lithium-ion batteries for forklift trucks, established a collaboration with Li-Cycle Holdings Corp. to implement an intricate process for recycling lithium-ion batteries. This partnership's primary objective is to create a closed-loop system for lithium recycling, with the goal of achieving an impressive recycling rate of up to 95%. Li-Cycle has been designated as KION's preferred global recycling partner, playing a crucial role in helping KION achieve its sustainability objectives. Li-Cycle Holdings Corp. is a Canadian company specializing in the recycling of lithium-ion batteries.

Major players in the forklift battery market are Tailift Co. Ltd., Crown Equipment Corporation, EnerSys, GS Yuasa Corporation, Exide Technologies, East Penn Manufacturing Co. Inc., Anhui Heli Industrial Vehicle Battery Co. Ltd., Lonking Holdings Limited, Camel Group Co. Ltd., Exide Industries Limited, Amara Raja Batteries Limited, Zhejiang Narada Power Source Co. Ltd., Trojan Battery Company, Crown Battery Manufacturing, Hoppecke Batteries Inc., Flux Power Holdings Inc., Storage Battery Systems LLC, Navitas Systems, Electrovaya Inc., Microtex Energy Private Limited, DAEHAN Battery Co. Ltd., OneCharge Inc., GNB Industrial Power, Systems Sunlight, Douglas Battery, GMP Industrial .

North America was the largest region in the forklift battery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in forklift battery report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the forklift battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The forklift battery market consists of sales of flooded lead-acid batteries, nickel-iron batteries and lithium-iron-phosphate batteries. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.