Forklift Battery Market Growth Outlook Through 2024-2033

Spread the love

Overview and Scope

A forklift battery is a type of deep-cycle battery that provides power to an electric forklift. It is a critical component of electric forklifts, providing the power needed to operate the vehicle and the counterweight required to maintain stability. Forklift batteries also balance the forklift and prevent it from tipping over.

Sizing and Forecast

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.

To access more details regarding this report, visit the link:

https://www.thebusinessresearchcompany.com/report/forklift-battery-global-market-report

Segmentation & Regional Insights

The forklift battery market covered in this report is segmented –

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

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 market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Intrigued to explore the contents? Secure your hands-on sample copy of the report:

https://www.thebusinessresearchcompany.com/sample.aspx?id=12889&type=smp

Major Driver Impacting Market Growth

The growth of the e-commerce industry is expected to propel the growth of the forklift battery market going forward. E-commerce refers to buying and selling goods and services and sending money or data through an electronic network, often the Internet. Electric forklifts that run on batteries are a better option than conventional fuel-powered ones for e-commerce warehouses, which frequently need reliable and efficient material handling equipment. Electric forklifts are widely used in e-commerce warehouses due to their zero-emission nature and reduced carbon footprint. For instance, in September 2022, according to the International Trade Administration, a US-based department of commerce, consumer eCommerce increased to 30% of the UK’s overall retail sector (up from 20% in 2020), with an annual e-commerce revenue of more than $120 billion. Further, in 2021, 82% of people in the UK will have made at least one online purchase. Furthermore, in May 2021, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, online retail sales as a percentage of all retail sales climbed from 16% in 2021 to 19% in 2020 due to the growth of e-commerce. Therefore, the growth of the e-commerce industry is driving the growth of the forklift battery market.

Key Industry Players

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.

The forklift battery market report table of contents includes:

  1. Executive Summary
  2. Forklift Battery Market Characteristics
  3. Forklift Battery Market Trends And Strategies
  4. Forklift Battery Market – Macro Economic Scenario
  5. Global Forklift Battery Market Size and Growth

.

.

.

  1. Global Forklift Battery Market Competitive Benchmarking
  2. Global Forklift Battery Market Competitive Dashboard
  3. Key Mergers And Acquisitions In The Forklift Battery Market
  4. Forklift Battery Market Future Outlook and Potential Analysis
  5. Appendix

Top Major Players:

  • Tailift Co. Ltd.
  • Crown Equipment Corporation
  • EnerSys
  • GS Yuasa Corporation
  • Exide Technologies

Explore the trending research reports from TBRC:

Contact Us:

The Business Research Company

Europe: +44 207 1930 708

Asia: +91 88972 63534

Americas: +1 315 623 0293

Email: [email protected]

 

Follow Us On:

LinkedIn: https://in.linkedin.com/company/the-business-research-company  

Twitter: https://twitter.com/tbrc_info  

Facebook: https://www.facebook.com/TheBusinessResearchCompany  

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ  

Blog: https://blog.tbrc.info/  

Healthcare Blog: https://healthcareresearchreports.com/  

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model


Spread the love

About Top PR News

TopPRnews Leads Drives Search Engine Visibility For Your Press Release Content. Our Global Network Reaches Important Contacts, Media Partners And Websites And Journalists. Happy Postings! If You Have Any Queries Please Contact Official Mail At [[email protected]}

View all posts by Top PR News →