DUBLIN, April 28, 2022--(BUSINESS WIRE)--The "Forklift Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global forklift battery market reached a value of US$ 4.39 billion in 2021. Looking forward, the market is projected to reach a value of US$ 6.21 billion by 2027, exhibiting a CAGR of 5.65% during 2022-2027.
Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
Northland Industrial Truck Co. Inc. (Alta Enterprises LLC)
Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use industries. These insights are included in the report as a major market contributor.
A forklift battery is the power source used in industrial forklift trucks to function adequately and lift heavy materials. The batteries are commonly available in lead-acid and lithium-ion variants. The lead-acid batteries are bulky, liquid-filled units with a removable top that generate electricity through a chemical reaction between electrolyte, water and sulfuric acid. On the other hand, lithium-ion batteries are more compact, energy-dense and are sealed shut with no water maintenance requirements. Forklift batteries consist of a battery case, self-contained cells, circuit bars and gauge wire cables. They have a low energy-to-weight and energy-to-volume ratio and can provide relatively higher power despite having a lower volume of cells. As a result, they are widely used in warehouses, manufacturing units, construction sites and retail outlets.
Significant growth in the manufacturing and construction industries is among the key factors creating a positive outlook for the market. With the proliferation of e-commerce platforms, there is an increasing requirement for material movement, transporting and lifting applications, which is providing a thrust to the market growth. Moreover, the widespread adoption of electric forklifts across industries is also favoring the growth of the market.
Additionally, various product innovations, such as the development of quick battery charging systems for minimal downtime and longer operational life of the forklifts`, are acting as other growth-inducing factors. In line with this, the utilization of forklift batteries for domestic applications is also contributing to the market growth. Lead-acid batteries are highly recyclable and can be used for powering off-grid energy and solar power systems. Other factors, including the widespread adoption of green logistics, along with the implementation of favorable government policies promoting sustainable infrastructural development, are anticipated to drive the market toward growth.
Key Questions Answered in This Report
How has the global forklift battery market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global forklift battery market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the sales channel?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global forklift battery market and who are the key players?
What is the degree of competition in the industry?
7 Market Breakup by Sales Channel
For more information about this report visit https://www.researchandmarkets.com/r/sfaj2a
View source version on businesswire.com: https://www.businesswire.com/news/home/20220428005621/en/
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