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2020
Forklift Battery Market

Forklift Battery Market

by Type (Lithium ion (Li-ion), Lead-Acid, and Others), and Application (Warehouses, Construction, Manufacturing, Retail & Wholesale Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026
Update Available On-Demand

Report Code: A05964
Pages: 140
Jan 2020 | 14443 Views
Author(s) : Krunal Y , Eswara P
Tables: 103
Charts: 40
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Forklift Battery Market Outlook - 2026

The global forklift battery market size was valued at $4.3 billion in 2018, and is projected to reach $7.4 billion by 2026, growing at a CAGR of 7.04% from 2019 to 2026. Batteries that provide power supply to forklift trucks or are used in forklift trucks are usually known as forklift batteries. They need high power and energy density. Generally, lead–acid and lithium-ion batteries are used in the forklift trucks as per convenience during the use in material handling operations. Lead–acid batteries come with a mixture of electrolyte, water, and sulfuric acid; on the other hand, lithium-ion batteries are waterless, which makes them maintenance-free.

The global forklift battery market is operating in the growth stage in its industry life cycle and considering its growth trajectory, it is expected to continue to grow in a similar phase during the forecast period. Increasing industrial output across the glove is the key factor that driving the global forklift battery market growth. 

Forklift Battery Market

Lead–acid and lithium-ion batteries are the two major types of forklift batteries, but each type has its own benefits over others. Lead–acid battery offers an efficient combination of power and essential counterbalance that makes it highly preferable. On the other hand, lithium-ion batteries are new in material handling applications and offer several benefits over conventional lead-acid batteries. Some of them have low charging time, offer greater convenience during use, and are recyclable. Therefore, there is an increase in the demand for both the types of batteries. However, the high price range of lithium batteries restrains the growth of the overall market. Expansion of warehouses across the globe and resulting demand for forklift batteries in material movement applications is the key global forklift battery market trend observed in the recent years.   

By type, the global market is classified into lead-acid battery, lithium-ion (LI-ion), and others. By application, it is segmented into warehouses, manufacturing, construction, retail & wholesale stores, and others. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific is the largest regional market in the global forklift battery market wherein countries such as China, Japan, India, South Korea, and Australia have emerged as one of the major contributors. High manufacturing base of food & beverages, pulp & paper, chemical, textile, refining & petroleum, and furniture industries along with rapid industrialization rate makes this region the largest consumer of forklift batteries. Europe, on the other hand, is the largest producer of forklift batteries and is expected to remain dominant during the forecast period.  

Some of the major market players operating and profiled in the global market are are EXIDE INDUSTRIES LTD., EnerSys, East Penn Manufacturing Company, Hoppecke, Crown Equipment Corporation, SBS Storage Battery Systems, LLC, Navitas Systems, Saft, Microtex Energy Private Limited, and Southwest Battery Company. 

The other players in the value chain include Herculesi Technology Co Ltd, Electrovaya, Optima Batteries, Eternity Technologies FZ-LLC, System Sunlight S.A., and others. Key players are adopting numerous strategies such as product launch, agreement, and business expansion, to stay competitive in the market. 

Global Forklift Battery Market, by Type

By type, the lead–acid battery segment accounted for the largest global forklift battery market share in 2018 due to its wide application in most of the end-use industries. Lead–acid batteries are extremely cost-effective and have established the brand image in the market that generates its high demand in the market. Despite the increasing popularity of lithium-ion technology, the lead-acid battery segment is a market leader because these batteries come with an efficient combination of power and essential counterbalance. Earlier the forklift truck design was depending on the weight of the traditional battery to offer a counterbalance to load; that helps in increasing load-bearing capacity. Lead–acid battery is an ideal solution in such a scenario. When compared to lithium-ion batteries, they 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.  

Forklift Battery Market
By Type

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Lead-Acid Battery is projected as the most lucrative segment.

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Global Forklift Battery Market, by Application 

By end user, the manufacturing segment accounted for the highest market share in 2018. The manufacturing sector has a diverse set of material handling as well as loading and unloading needs. This is why the manufacturing sector emerged as the major end-user of forklift batteries. The segment accounted for around 30% global market share in 2018 and is likely to last being the largest one by the end of the forecast period. In manufacturing industries, forklift trucks are regularly involved in material loading and unloading activities as the produced material or products need to be transported to warehouses or other storing places. Therefore, increase in industrial output is the key factor that boosts the demand for forklift batteries across the globe. 

Forklift Battery Market
By Application

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Manufacturing projected as the most lucrative segment.

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Global Forklift Battery Market, by Region

By region, Asia-Pacific acquired the largest market share owing 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, rapid urbanization, 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.           

Forklift Battery Market
By Region

2026
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.

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Key Benefits for Stakeholders:

  • The report provides an in-depth analysis of the forklift battery market forecast along with the current and future market trends
  • This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period
  • Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global forklift battery industry for strategy building
  • A comprehensive market analysis covers factors that drive and restrain market growth
  • The global forklift battery market analysis covers major factor that impact the global market growth including growth, restraints, and opportunity factors
  • The qualitative data in this report aims on market dynamics, trends, and developments

Forklift Battery Market Report Highlights

Aspects Details
By Type
  • Lithium Ion (LI-ion)
  • Lead Acid Battery
  • Others
By Application
  • Warehouses
  • Manufacturing
  • Construction
  • Retail and Wholesale Stores
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, UAE, South Africa, Rest of LAMEA)
Key Market Players 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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According to CXOs of the leading companies, the global forklift battery market is witnessing a significant growth in response to significant material lifting and handling needs across the globe. Conventional forklifts have been replaced by modern forklifts to build a sustainable eco-system and is mainly driving the demand for hydrogen-based forklift batteries across the globe. The introduction of technologically equipped solutions such as robotics assistance and autonomous forklifts in the material handling application is further setting a growth trajectory of the market for the upcoming years. Since, forklift batteries are used in overall manufacturing and material movement applications where productivity and efficiency along with cost are the keys to success; the high price associated with lithium batteries is becoming a barrier to the growth of the market. CXO further asserts that lithium-ion batteries are the future of the market because sooner or later these batteries are the source of energy to forklifts due to better advantages associated with them. However, this may take a timeframe of another 10-13 years.

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FREQUENTLY ASKED QUESTIONS?

A. The Global Forklift Battery market is expected to reach $7.4 billion by the end of 2026.

A. China, India, UK, U.S., and Brazil are the major investment centric markets in the global forklift battery market.

A. To get latest version of forklift battery market report

A. Warehouses, Manufacturing, Construction, Retail & Wholesale Stores, and Others are the major applications of forklift battery

A. Manufacturing sector holds the major share of around 30% in 2018 in the global forklift battery market

A. Based on top growing big corporation, we select top 10 players.

A. Product launch, product development, and acquisition are the major growth strategis adopted by the players in this market

A. Company profiles has been selected based on their detailed product portfolio, wider geographical reach, and aggressive growth strategies

A. The Global Forklift Battery market is is valued at $4.1 billion in 2018

A. Demand for high current surge batteries in the industrial applications and growing penetration of small-scale manufacturers are the major trends observed in this market

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