Westford,USA, Dec. 16, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the forklift battery market size will attain a value of USD 7.93 billion by 2031, with a CAGR of 5.50% over the forecast period (2024-2031). Growing emphasis on sustainability and increasing electrification of material handling equipment are slated to bolster forklift battery market growth. Advancements in battery technologies are also expected to boost sales of forklift batteries in the future.
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Browse in-depth TOC on "Forklift Battery Market"
- Pages - 202
- Tables - 65
- Figures – 77
Forklift Battery Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 5.17 Billion |
| Estimated Value by 2031 | $ 7.93 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Battery Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Growing emphasis on the electrification of vehicles |
| Key Market Opportunities | Use of lithium-ion batteries for their high energy density |
| Key Market Drivers | Advancements in battery technologies |
Reasonable Pricing of Lead-acid Battery Allows it to Dominate Global Market
Lead-acid batteries are quite simple to use and easy to maintain, which not only makes them highly affordable to purchase but also maintain. High reliability of lead-acid batteries is another factor that is projected to help this segment maintain its high forklift battery market share going forward. Easy recyclability of lead-acid batteries is another benefit that is expected to help them stay popular in the global market landscape.
Surge in Construction Activity Makes it an Attractive Application for Providers
Rapidly increasing investments in infrastructure development around the world has resulted in high construction activity. Growing emphasis on worker safety and improving productivity in construction are slated to be key trends that are slated to promote the adoption of electric forklifts, which in turn, is also estimated to boost forklift battery market outlook.
Availability of Government Subsidies for Electrical Equipment Use Makes North America a Prime Regional Market
Regulatory bodies and governments in the North American region are focusing on promoting the use of electric equipment to reduce emissions and boost sustainability. Imposition of strict mandates and availability of subsidies and incentives to promote the adoption of electric equipment are slated to help this region lead the global forklift battery industry. The United States is slated to be the most opportune market for forklift battery companies in North America.
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Forklift Battery Market Insights:
Drivers
- Rising electrification of vehicles and material handling equipment
- Growing emphasis on sustainability
- Increasing acceptance and adoption of electric forklifts
Restraints
- Limited operation time due to low energy density
- Longer charging times for batteries
- High costs of advanced batteries
Prominent Players in Forklift Battery Market
The following are the Top Forklift Battery Market Companies
- East Penn Manufacturing Co., Inc. (United States)
- Exide Technologies (United States)
- EnerSys (United States)
- Crown Battery Manufacturing Company (United States)
- Hoppecke Batteries (Germany)
- HAWKER GmbH (Germany)
- Johnson Controls (United States)
- GS Yuasa Corporation (Japan)
- Enersys (United States)
- Midac S.p.A. (Italy)
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Key Questions Answered in Forklift Battery Market Report
- Why are sales of forklift batteries rising rapidly?
- Which region will bring in the most revenue?
- Who are the top companies as per this forklift battery market analysis?
- Why will demand for lithium-ion batteries increase in the future?
This report provides the following insights:
- Analysis of key drivers (high emphasis on sustainability, low costs of solar energy systems), restraints (high upfront installation costs, availability of alternative clean energy sources), and opportunities (development of easy to install and maintain mounting sysrems) influencing the growth of forklift battery market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the forklift battery market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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