Post COVID-19 Impact on Forklift Battery Market –
With the emergence of the COVID-19 crisis, the world is fighting a health pandemic as well as an economic emergency, almost impacting trillions of dollars of revenues. Research Dive’ group of skilled analysts provide a solution to help the companies to survive and sustain in this economic crisis. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts.
Our study helps to acquire the following:
• Long-term and short-term impact of Covid-19 on the market
• Cascading impact of Covid-19 on Forklift Battery Market, due to the impact on its extended ecosystem
• Understanding the market behavior Pre- and Post-COVID-19 pandemic
• Strategy suggestions to overcome the negative impact or turn the positive impact into an opportunity
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Pre COVID-19 Analysis of Forklift Battery Market –
As per a study by Research Dive, the global Forklift Battery Market expected to be $7,191.9 million by 2026, increasing from $4,231.0 million in 2018 at a CAGR of 6.6%.
Increase in the use of forklift batteries in the automobile sector, along with emerging automotive companies, is anticipated to impel the growth of the forklift battery market. Moreover, growing disposable incomes coupled with urbanization and industrialization are attributed to driving demand for Forklift Battery market. In addition, the recent trends towards lightweight and highly efficient batteries in lower cost will boost the forklift battery penetration. On the other hand, uncertainty in costs of lead is projected to decline the forklift battery market growth. Forklift batteries (lead acid batteries) can be majorly used as scooter batteries, RV batteries and motorcycle batteries. Forklift batteries also can be preferable for home electrical storage needs. Some home storage needs include off grid energy solutions and solar power storage. Forklift batteries can be considered as a green, sustainable solution since lead acid battery is around 98% recyclable. forklift batteries can sustain a home appliance for many years at a low cost with a solar battery system; these factors are projected to create lucrative opportunities for the forklift battery market.
Lithium ion (Li-ion) segment shall generate a revenue of $1,348.5 million in 2026, increasing at a CAGR 7.0%; this is mainly due to key advantages of lithium ion battery such as efficient charging, longer life span and safer operations. In addition, this battery provides dramatic cost savings.
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Lead acid segment has dominant share in global forklift battery market; this segment will generate a revenue of $5,462.3 million by the end of 2026, at a CAGR of 6.5% till 2026. This segment has enormous opportunities due to the recent invention in the lead acid battery and subsequent advances. Market players are working on new developments that have a combination of new technology with the old ones.
Manufacturing segment has the highest market share and is projected to register a revenue of $2,066.2 million during the forecasted period, growing at a CAGR of 6.5%; this growth is because of improvements in manufacturing industries in developing and developed countries. Moreover, Forklift’s versatile features in manufacturing such as accurate and proper planning, correct forklift operation and work environment awareness is anticipated to drive the demand for forklifts and eventually impel the growth of forklift battery market.
Warehouse segment is the fastest moving segment and is expected to generate revenue of $1,711.7 million by the end of 2026, growing at a CAGR of 7.0 %, significantly owing to huge demand for warehousing forklifts and newly invented forklift batteries, increasing the efficiency of logistics. Moreover, rising the number of warehousing activities worldwide, owing to the constant growth of the retail sector is projected to boost the growth of forklift battery market.
Europe forklift battery market size will cross $1,553.5 million in 2026, increasing at a CAGR 7.0%. Europe forklift battery market is anticipated to increase at fast rate owing to heavy investments in R&D (research and developments), advancements in manufacturing and Warehouse Automation. Additionally, construction activities are consistently growing in Europe is one of the significant factors of the growing demand for forklift batteries in Europe region.
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Forklift Battery market share for Asia-Pacific region is projected to grow at a CAGR of 6.4% by generating a revenue of $2,704.2 million by 2026. Asia-Pacific region is projected to witness a significant market share owing to extensive growth in infrastructure spending, growing number of government projects such as airports, renewable energy and sudden surge in warehouses mainly in economies such as India and China.
Some of the significant forklift battery market players are East Penn Manufacturing Company, Crown Equipment Corporation, Microtex Energy Private Limited, EXIDE INDUSTRIES LTD., ENERSYS., Navitas System, LLC Corporate., Saft, Johnson Controls., Storage Battery Systems, LLC. and Southwest Battery Company These players are initiating various steps such as merger & acquisitions and new product development in order to strengthen their presence in the market. For example, EnerSys has expanded production capacity of forklift trucks batteries and automated guided vehicles.
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