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The forklift battery market share is expected to increase by USD 2.28 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.19%.
This forklift battery market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the forklift battery market segmentations by type (lead-acid battery and Li-on battery) and geography (Europe, North America, APAC, South America, and MEA). The forklift battery market report also offers information on several market vendors, including Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH, Amara Raja Batteries Ltd., Camel Group Co. Ltd., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Flux Power Holdings Inc., GS Yuasa Corp., Narada Power Source Co. Ltd., and Trojan Battery Co. LLC among others.
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Based on our research output, there has been a negative impact on the market growth during and after post COVID-19 era. The increasing demand for electric forklift applications is notably driving the forklift battery market growth, although factors such as the replacement of electric forklifts with fuel cell forklifts may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the forklift battery industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Forklift Battery Market Driver
The increasing demand for electric forklift applications is one of the key factors driving the growth of the global forklift battery market. Mechanical, automotive, food and beverage, logistics, chemical, lumber, paper printing, and retail and wholesale firms are among the end-users of battery-powered forklifts. Electric forklifts are preferred by most end-users due to their low GHG emissions and low noise levels. Electric forklifts can minimize the reliance on gasoline, which is a major cost component of logistics operations, in addition to the environmental benefits, for example, the cost of propelling an electric forklift is half that of a forklift powered by an internal combustion engine. ICE forklifts have a shorter lifespan than electric forklifts. Lead-acid batteries power the majority of electric forklifts. These batteries are inexpensive and have a high level of resistance to dirt, chemicals, and vibration in severe environments. They require less upkeep than other types of batteries. Furthermore, because lead-acid battery prices do not fluctuate dramatically over short periods of time, the budget and replacement cost of lead-acid batteries are consistent and predictable.
Key Forklift Battery Market Trend
The legislative support for battery recycling will fuel the global forklift battery market growth. The Corporation for Battery Recycling was founded by several major battery manufacturers in the United States to facilitate battery recycling for future usage. In the United States and Canada, Call2Recycle runs a program with the CBR. The European Union has enacted strict battery recycling rules. However, when compared to the United States, the present rate of lead-acid battery collection in the EU is low. All battery makers must follow the recycling guidelines. Recycling produces lead scrap, which can be used as a secondary metal in the battery sector. the Australian Battery Recycling Initiative has released numerous important documents describing the various regulatory requirements for storing, managing, shipping, and recycling spent lead-acid batteries in a way that is compliant with the law. Several governments have taken steps to handle lead-acid battery disposal and collecting in order to avoid lead pollution and soil contamination.
Key Forklift Battery Market Challenge
The replacement of electric forklifts with fuel cell forklifts is a major challenge for the global forklift battery market growth. In warehouses that work three to four shifts each day, forklift batteries are used. These batteries must be replaced or charged multiple times per day, causing delays in warehouse operations. Lead-acid batteries, for example, take a long time to recharge, contain less energy with each charge and must be changed every two to three years. As a result, forklifts use fuel cell systems. The usage of fuel cells in forklifts enhances warehouse operations by reducing delays owing to the short time required for refilling forklifts powered by fuel cells can run for up to 12 hours without losing performance. Fuel cell forklifts, on the other hand, are costly, and the price varies depending on the size. unlike traditional batteries, fuel cell devices do not contain any toxic components. as a result, a number of large retail warehouses are investing in fuel cell forklifts in order to increase their efficiency.
This forklift battery market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorized the global forklift battery market is a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the forklift battery market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the forklift battery market encompasses successful business strategies deployed by the key vendors. The forklift battery market is fragmented and the vendors are deploying growth strategies are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The forklift battery market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the forklift battery market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global renewable electricity market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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35% of the market's growth will originate from APAC during the forecast period. China, and Japan are the key markets for forklift battery market in APAC. Market growth in this region will be faster than the growth of the market in regions.
The increasing demand for electric forklift applications will facilitate the forklift battery market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 outbreak impacted various industries, including manufacturing and mining, in 2020. Various warehouses around the globe were closed because of the lockdowns announced by governments to curb the virus spread in 2020. However, in 2021, the initiation of large-scale vaccination drives has lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Such factors are expected to increase the demand for construction toys, which, in turn, will drive the market during the forecast period.
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The forklift battery market share growth by the lead acid battery segment will be significant during the forecast period. The global forklift lead-acid battery market will grow moderately during the forecast period due to the increasing sales of forklifts because of the growing number of warehouses. The lead-acid segment includes VRLA and FLA batteries.
This report provides an accurate prediction of the contribution of all the segments to the growth of the forklift battery market size and actionable market insights on post COVID-19 impact on each segment.
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Forklift Battery Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.19% |
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Market growth 2021-2025 |
$ 2.28 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
3.64 |
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Regional analysis |
Europe, North America, APAC, South America, and MEA |
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Performing market contribution |
APAC at 35% |
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Key consumer countries |
US, China, Germany, France, and Japan |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH, Amara Raja Batteries Ltd., Camel Group Co. Ltd., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Flux Power Holdings Inc., GS Yuasa Corp., Narada Power Source Co. Ltd., and Trojan Battery Co. LLC |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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