Forklift Battery Market Size to Grow USD 2825.9 Million by 2029 at a CAGR of 4.6% | Valuates Reports

Forklift Battery Market Size to Grow USD 2825.9 Million by 2029 at a CAGR of 4.6% | Valuates Reports

PR Newswire

BANGALORE, India, Oct. 31, 2023

BANGALORE, India, Oct. 31, 2023 /PRNewswire/ -- Forklift Battery Market is Segmented by Type (Lead-Acid Battery, Li-Ion Battery), by Application (Warehouse, Factories, Distribution Centers): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Industrial Materials & Equipment.

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The forklift Battery market was valued at USD 2055 Million in 2022 and is anticipated to reach USD 2825.9 Million by 2029, witnessing a CAGR of 4.6% during the forecast period 2023-2029.

Major Factors driving the growth of the Forklift Battery Market

The Forklift Battery market is being driven by the rising demand for electric forklifts. The need for electric forklifts has been rising as businesses concentrate more on sustainability and cutting emissions. Since batteries power electric forklifts, there is a greater need for forklift batteries.

Furthermore, the need for forklifts and forklift batteries rises as a result of the expansion of warehouses and distribution centres as well as the general growth of industries. In addition, businesses may be compelled by safety guidelines and environmental legislation to purchase electric forklifts and appropriate batteries in order to meet emission reduction objectives and safety requirements.

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TRENDS INFLUENCING THE GROWTH OF THE FORKLIFT BATTERY MARKET:

Forklift batteries provide a far better total cost of ownership and have reduced operating expenses, especially the lithium-ion variety. They last longer, need less maintenance, and have quick charging capabilities. Because of this, companies are moving away from conventional fuel-powered forklifts and towards electric ones, which is driving up the need for batteries.  Modern batteries enable electric forklifts to operate more silently, emit no pollutants, and have more manoeuvrability. These elements support increased efficiency and productivity at work. For companies looking to streamline their operations, contemporary forklift batteries are an appealing option due to their higher uptime, rapid charging, and lower maintenance needs.

Forklifts are essential to the efficient material handling equipment required by the expanding e-commerce and warehousing industries. In order to fulfil the expanding need for material handling solutions, there is an increasing need for electric forklifts and their batteries as this industry continues to grow. To encourage the use of electric forklifts and batteries, some governments across the world are providing incentives and subsidies. These monetary advantages, which include subsidies and tax breaks, motivate companies to spend money on greener, more sustainable technology.

Businesses are facing increasing pressure to adopt more environmentally friendly practices as worries about air pollution and climate change rise. Forklifts, which are extensively utilised in material handling activities, were hitherto dependent on fossil fuel-powered internal combustion engines. Since these engines emit dangerous gases such as particulate matter, nitrogen oxides, and carbon dioxide. This has led to a notable movement in the market towards electric forklifts that run on forklift batteries. By producing no emissions when in operation, these batteries lessen their negative effects on the environment. The adoption of electric forklifts is also being encouraged by governments and regulatory organisations through tax incentives, rebates, and advantageous regulations. As a result, the market for forklift batteries is expanding as businesses look for more environmentally friendly and sustainable ways to comply with requirements.

Newer and more efficient battery types are being introduced as battery chemistry research and development advances. Compared to conventional lead-acid batteries, lithium-ion batteries offer a better energy density, a longer lifespan, and quicker charging speeds. This has led to the rise in popularity of lithium-ion batteries. These developments have greatly enhanced the dependability and performance of forklift batteries, enabling them to function for extended periods of time without requiring regular recharging. For companies using electric forklifts, the increased energy efficiency means more output and lower operating expenses. The need for forklift batteries will also be fueled by further research into new battery technologies and alternative materials, which might lead to even greater advancements in the future and encourage the use of electric forklifts.

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FORKLIFT BATTERY MARKET SHARE ANALYSIS

Key companies in the global forklift battery market include GS Yuasa, Hoppecke, Hitachi Chemical, EnerSys, Tianneng Battery Group, LEOCH, and others. Five percent of the world's manufacturers are in the top six.

With a market share of over 42%, China leads the market, followed by Japan, both of which have a share of roughly 14%.

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SIMILAR REPORTS

-  Forklift Lead-Acid Battery Market

-  Lithium-ion Forklift Battery Market

-  Electric Forklift Batteries market is projected to reach USD 6618 million in 2029, increasing from USD 4425 million in 2022, with the CAGR of 6.3% during the period of 2023 to 2029.

-  Forklift Steering Motor Market

-  Autonomous Forklift Robot market is projected to reach USD 10160 million in 2029, increasing from USD 4172.6 million in 2022, with the CAGR of 13.8% during the period of 2023 to 2029.

-  Forklift Counterweight market was valued at 548 million USD in 2022 and is anticipated to reach 736 million USD by 2029, witnessing a CAGR of 4.3% during the forecast period 2023-2029.

-  The global telescopic boom forklift truck market size was valued at USD 3.41 Billion in 2021, and is projected to reach USD 7.33 Billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.

-  The global forklift truck market was valued at USD 51.6 Billion in 2021, and is projected to reach USD 103.9 Billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031.

-  Electric Forklift Battery Charger Market

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-  Forklift Battery Rental market is projected to reach USD 1100.8 million in 2029, increasing from USD 640 million in 2022, with the CAGR of 8.9% during the period of 2023 to 2029.

-  Forklift battery market was valued at USD 822.2 Million in 2019, and is projected to reach USD 1,306.6 Million by 2027, growing at a CAGR of 7.1% from 2020 to 2027.

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-  The global battery recycling market size was valued at USD 11.1 Billion in 2020, and is expected to reach USD 66.6 Billion by 2030, registering a CAGR of 19.5% from 2021 to 2030.

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