High demand from transportation & logistics industry and increasing demand for connected forklift truck is expected to drive the demand of Canada forklift battery market in the forecast period, 2023-2027.
According to TechSci Research report, “Canada Forklift Battery Market By Type (Curled on Forklift Battery and Pressed on Forklift Battery), By Demand Category (OEM, Replacement), By Vehicle Type (Forklifts, Lawn Mowers, Golf Carts, Baby Carriages, Wheelbarrows, Others), By Application (Mining Vehicle, Construction Vehicle, Others), By Region, Competition Forecast & Opportunities, 2027”, the Canada forklift battery market is anticipated to witness a growth of steady CAGR in the forecast period, 2023-2027. The surge in the use of forklift batteries in the automobile sector and the changing consumer preference for greener options are the key factors driving the growth of the Canada forklift battery market. The government and other organizations have implemented strict regulations and policies to monitor and check the carbon discharge are fueling the adoption of electric forklifts across the country.
Market players offering forklift batteries are continuously working on upgrading the existing infrastructure and finding innovative solutions to increase the battery capacity and quick charging time. The high demand for the high-density power source for forklift machines to support the bulk carrying load capacity of forklift trucks is expected to create substantial growth opportunities for the Canada forklift market in the forecast period.
The forklift is an industrial vehicle with two front power-operated prongs that can be used by moving under heavy loads in warehouses, shipping depots, and the manufacturing sector to move and stack materials. Many forklifts are used to transport materials and products throughout various industries. Batteries that provide power supply to forklift trucks are known as forklift batteries. They need high energy and power density. Generally, lithium-ion and lead acid batteries are used as forklift batteries according to their requirements of material handling. Lithium-ion batteries are waterless, which makes them maintenance-free, while the lead acid battery consists of a mixture of electrolyte, sulfuric acid, and water.
However, the high cost of lithium-ion battery may restrain the Canada forklift battery market growth for the forecast period.
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The Canada Forklift Battery market is segmented into type, application, company, and regional distribution.
Based on type, the market is divided into lithium ion, lead acid, and others. The lithium-ion battery has dominated the market in 2021 and is expected to maintain its dominance throughout the forecast period. Lithium-ion batteries offer several advantages over their counterparts, including low charging time, recyclable, compact and lightweight, and need low maintenance. These batteries have a lower level of toxic heavy metals than the other types of batteries and boast high energy density and low discharge rate.
Based on application, the market is divided into warehouses, construction, manufacturing, retail & wholesale stores, and others. The manufacturing industry is expected to capture the largest market share in the forecast period. The manufacturing industry has a massive need for equipment for material handling for loading and unloading needs which is the major reason for the high demand for forklift trucks. Companies in the manufacturing industry are actively adopting automation technologies to improve their production capacity. Forklifts reduce the need to invest in manual labor, as they aid the manufacturers to transfer several products from warehouses to the assembly line with higher accuracy and speed.
Major market players operating in the Canada forklift battery market are:
- Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
- Crown Equipment Corporation
- East Penn Manufacturing Company
- Enersys
- Exide Industries Limited
- Microtex Energy Private Limited
- NITCO
- Storage Battery Systems, LLC
- Systems Sunlight S.A.
- TOTAL SA
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“The emergence of fuel cell forklifts as an alternative to an electric forklift is a major trend in the Canada forklift battery market. Market players are looking for sustainable and more effective alternatives over the existing forklift battery versions to stay ahead. High-density and advanced forklift batteries boost the productivity of forklift trucks. The launch of novel forklift trucks in the market along with the ongoing construction and infrastructure development activities are expected to propel the Canada forklift battery market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Canada Forklift Battery Market By Type (Lithium ion, Lead Acid, and Others), By Application (Warehouses, Construction, Manufacturing, Retail & Wholesale Stores, and Others), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future growth potential of Canada forklift battery market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Canada forklift battery market.
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