Global Forklift Battery Market is expected to reach $9.04 billion by 2027 growing at a CAGR 8.6% during 2018 to 2027.

Some of the key players in forklift battery market include Hoppecke Batterien, Johnson Controls, Crown Battery, Exide Technologies, Saft, East Penn Manufacturing, Trojan Battery, NITCO, Navitas System, Systems Sunlight S.A., and TOTAL SA.

Some of the key factors propelling the market growth include increased the use of electric or battery-powered forklifts, expand in warehouse spaces and industry manufacturing sector, longer lifespan, high resilience, and low maintenance. However, high cost associated with lithium ion battery hampers the market growth.

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Battery used in the forklift truck is ideally known as a forklift battery. It is known for two main functions-providing battery source to a forklift truck and providing mass to forklift as a counterweight that further aids in its lifting capacity. These batteries are composed of a battery case, battery cells, battery bar, and battery cables and are of two types including Lead-Acid battery and a lithium-ion battery. Both types of batteries have their system, setup, charging requirements, and price range.

By battery type, the lead–acid battery segment is anticipated to grow at the significant rate during the forecast period, due to its wide application in most of the end-use industries. These batteries are extremely cost-effective and have established the brand image in the market that generates its high demand in the market. The lead-acid battery segment is a market leader because these batteries come with an efficient combination of power and essential counterbalance. It is an ideal solution and 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.

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On the basis of geography, Asia-Pacific is expected to have considerable market growth during the forecast period, due 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 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.

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Battery Types Covered:
• Lithium-ion (LI-ion) Battery
• Lead-acid Battery
• Nickel-cadmium Battery
• Sodium-sulfur Battery
• Ni-MH Battery
• Fuel Cells

Applications Covered:
• Manufacturing
• Construction
• Warehousing
• Retail & Wholesale Stores
• Factories
• Distribution Centers

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o France
o Italy
o UK
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub-segments, and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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Release ID: 88961087