Forklift Battery Market Seeing 7.04% CAGR: Expected to Hit $7.4 Billion by 2026

Forklift Battery Market Seeing 7.04% CAGR: Expected to Hit $7.4 Billion by 2026

PR Newswire

PORTLAND, Oregon, March 18, 2020

PORTLAND, Oregon, March 18, 2020 /PRNewswire/ -- A new report added by Big Market Research states that the global forklift battery market is expected to reach $7.4 billion by 2026, growing at a CAGR of 7.04% from 2019 to 2026.

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The report outlines the potential of the global forklift battery industry and offers statistics and data on market dynamics, key challenges, growth factors, major drivers & restraints, and opportunities for the projected period.

This Global Forklift Battery Market Research report is a valuable source of data offering answers to all the questions faced by industry players such as manufacturers, partners, end-users, and investors. Moreover, it helps in planning investments and capitalizing on market opportunities. Apart from this, the report presents Porter's five forces analysis which helps in demonstrating the potency of the buyers and supplier in the industry.

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As per the report, the advent of fuel cell forklifts as a substitute to the electric forklift, environmental concerns, and the availability of natural resources is enticing forklift manufacturers to discover for a more effective and sustainable alternative for electric forklift. Moreover, growing productivity of forklift trucks and rise in the need for efficient power sources to forklift machines to improve the load-bearing capacity are contributing toward the growth of the market. Several manufacturers are now investing in the development of more effective batteries for forklift, which is anticipated to provide new growth opportunities in the upcoming years.

The report segments the global forklift battery industry into type, application, and region. Based on type, the report classifies the global market into Lead–Acid battery, lithium-ion (LI-ion), and others. Based on application, the report categorizes the market into retail & wholesale stores, manufacturing, warehouses, construction, and others. Based on region, the report evaluates the market across North America, Asia-Pacific, Europe, and LAMEA.

The report also lists some of the top players functioning in the global forklift battery market. The key players profiled in the report leading the global forklift battery sector are Navitas Systems, Crown Equipment Corporation, EXIDE INDUSTRIES LTD., EnerSys, SBS Storage Battery Systems, LLC, East Penn Manufacturing Company, Hoppecke, Saft, Microtex Energy Private Limited, and Southwest Battery Company. The research report offers the performance of each player operating in the global market. These market players have implemented several strategies to increase their market share and strengthen their position in the industry.

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The report clearly indicates that the global forklift battery industry has accomplished substantial growth since 2019. This report is prepared based on a complete evaluation of the industry by professionals.

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