Forklift Battery Market to Reach $11.2 Billion, globally, by 2032 at 6.5% CAGR: Allied Market Research

Jan 11, 2024, 04:49 ET

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Economic advantages coupled with government benefits and increased energy efficiency and technological advancements drive the growth of the global forklift battery market.

WILMINGTON, Del., Jan. 11, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Forklift Battery Market by Type (Lithium Ion (LI-ion), Lead Acid Battery, and Others) and Application (Warehouses, Manufacturing, Construction, Retail and Wholesale Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global forklift battery market generated $5.9 billion in 2022 and is estimated to reach $11.2 billion by 2032, exhibiting a CAGR of 6.5% from 2023 to 2032.

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Prime determinants of growth

When compared to internal combustion engine rivals, electric forklifts powered by efficient batteries frequently offer cheaper operational expenses. Furthermore, lithium-ion forklift batteries use 40% less energy than lead acid batteries. Lithium-ion batteries are becoming increasingly popular among forklift and lifting truck operators because of their increased efficiency.

Furthermore, government incentives, subsidies, and assistance for the adoption of electric vehicles, especially electric forklifts, encourage businesses to invest in greener energy choices. Stringent environmental restrictions, as well as an increasing emphasis on sustainability, encourage the adoption of electric forklifts with cleaner battery technology, which emit zero emissions while in operation.

The emphasis on energy efficiency and lowering one's carbon footprint stimulates the use of sophisticated battery technologies such as lithium-ion batteries, which are noted for their excellent energy efficiency. Battery technology innovations, such as increases in energy density, charging speed, and overall performance, drive market growth as enterprises seek more efficient and innovative solutions. Electric forklifts with improved batteries improve operating efficiency by reducing downtime, requiring less maintenance, and running more quietly and smoothly.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$5.9 billion

Market Size in 2032

$11.2 billion

CAGR

6.5 %

No. of Pages in Report

250

Segments covered

Type, Application, and Region

Drivers

• Economic advantages coupled with government benefits.

• Increased energy efficiency and technological advancements

Opportunities

• Advancements in charging technology and development in hydrogen infrastructure

• Integration with renewable energy and expanding e-commerce

Restraints

• High upfront costs and battery replacement costs

The lithium-ion battery segment is projected to dominate the market growth during the forecast period.

Depending on type, the lithium ion battery segment dominated the market share for forklift battery in 2022 in terms of revenue. In 2022, it contributed nearly half of the total market revenue in 2022 while growing at a CAGR of 6.7%. Li-ion batteries play a crucial role in energy storage applications, such as residential and commercial energy storage systems, grid stabilization, and renewable energy integration. The trend towards renewable energy sources fuels the demand for efficient energy storage solutions.

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The manufacturing segment is projected to dominate the market growth during the forecast period.

Depending on the application, the manufacturing segment dominated the market share for forklift battery in 2022 contributing more than two-fifths of the total market revenue. The integration of digital technologies like internet of things (IoT), artificial intelligence (AI), machine learning (ML), and automation into manufacturing processes is revolutionizing the industry. This includes smart factories, predictive maintenance, and data-driven decision-making, leading to increased efficiency and productivity.

The Asia-Pacific region is projected to maintain its dominance the growth throughout the forecast period.

Based on region, Asia-Pacific dominated the market share for forklift battery in 2022 in terms of revenue. In 2022, the Asia-Pacific region contributed more than two-fifths of the revenue at a CAGR of 6.8% during the forecast period. Stringent environmental regulations and emission standards are driving the adoption of cleaner energy solutions in the forklift market across the Asia-Pacific region. Businesses are increasingly incorporating sustainability goals into their operations, influencing the adoption of electric forklifts and advanced battery technologies. The focus on energy efficiency and reducing operational costs is driving the adoption of advanced battery technologies. Incentives and support from governments in the form of subsidies or tax benefits are encouraging businesses to invest in electric forklifts.

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Leading Market Players: -

The report provides a detailed analysis of these key players in the global forklift battery market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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