Forklift Battery Market Research 2022 | Trends, Industry Share, Growth Status, 2027

The latest research study “Forklift Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global forklift battery market size reached a value of US$ 4.39 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 6.21 Billion by 2027, exhibiting a CAGR of 5.65% during 2022-2027.

Forklift batteries provide industrial forklift trucks with a power supply that requires high energy density. Lead-acid batteries, absorbed glass mat batteries (AGM), and lithium-ion are some commonly available batteries used in forklift trucks for material handling operations. Forklift batteries include self-contained cells, gauge wire cables, circuit bars, a battery case, and a mixture of sulfuric acid and water. They have a low energy-to-weight and energy-to-volume ratio, and offer high power despite having low-volume cells. As a result, they are widely used in retail outlets, manufacturing units, construction sites, and warehouses.

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Forklift Battery Market Trends and Drivers:

The market is primarily driven by expanding construction and manufacturing industries. In addition, the rising penetration of e-commerce platforms require material movement, transporting, and lifting applications, which act as other major growth-inducing factors. Apart from this, the utilization of forklift batteries for domestic applications and the extensive adoption of electric forklifts across industries are also propelling the market growth.

Moreover, several leading manufacturers are significantly investing in the development of forklift batteries with environment-friendly and halogen-free insulation, which is further accelerating the product adoption rate.

Furthermore, several product innovations, such as the introduction of quick battery charging techniques for minimal downtime and prolonged operational life, are providing a positive thrust to the market growth.

Global Forklift Battery Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Amara Raja Batteries Ltd., Camel Group Co. Ltd., Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, Exide Industries Limited, Flux Power, Microtex Energy Private Limited, Northland Industrial Truck Co. Inc. (Alta Enterprises LLC), Storage Battery Systems LLC and Systems Sunlight S.A.

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The report has segmented the market on the basis of region, type, sales channel and application.

Breakup by Type:

•  Lithium-ion Battery
• Lead–Acid Battery
• Others

Breakup by Sales Channel:

• OEM
• Aftermarket

Breakup by Application:

• Warehouses
• Manufacturing
• Construction
• Retail and Wholesale Stores
• Others

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

Key highlights of the report:

• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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