Due to the COVID-19 pandemic, the global market of forklift battery has experienced a massive decline. The market is estimated to restore its incurred loss by the third or fourth quarter of 2022. The partial and complete cessation of the supply chain stopped the manufacturing process all over the world which is the major factor behind the drastic slowdown of the market. The industry will resume its growth once the manufacturing process resumes post the pandemic.
The latest research report on the global forklift battery market by Research Dive reflects on the influence of COVID-19 pandemic on the market. This report is a professional and comprehensive research formulated by specialists by evaluating top driving factors, major regional market situations, opportunities & future scope, and trends & developments in the market during the COVID-19 crisis.
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Highlights of the Report
The global forklift battery market has achieved significant growth in the previous years. However, the sudden rise of the COVID-19 pandemic has impacted the market in a negative way. As per the report, the market is expected to generate a revenue of $6,831.2million by 2026, growing at a CAGR of 6.2% from 2018 to 2026. Market analysts have predicted that the market is likely to restore from the incurred losses and grow considerably by the third or fourth quarter of 2022.
Factors Affecting the Market Growth during the Pandemic
Regions across the world have gone through a complete lockdown during which Li-ion, the lead-acid battery manufacturing industry has faced a stoppage in supply and demand. The huge disruption in the supply chain for Li-ion batteries has adversely impacted the Indian electric vehicles and energy storage market.
To overcome this situation, governments are taking initiatives and creating special incentives packages for energy storage, electric vehicles and renewable energy sector. However, the market is predicted to record a significant rise once the COVID-19 pandemic ends and the functioning of production units resumes.
Current Market Scenario
As per India Energy Storage Alliance (IESA), lead-acid manufacturing units in china, which is main suppliers of batteries were partially shut down during this period. Because of that, domestic production and employment hamper a lot.
Further, it’s been seen that companies have kept full stock of batteries prior to COVID -19. In order to get out of this situation, governments are investing well in newer schemes and packages with an aim to accelerate the demand for renewable energy for electric vehicles.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/249
Post-Pandemic Market Insights
The top players of the forklift battery market are focusing on developing various business strategies to come out successful through this critical time period.
Some of these players include East Penn Manufacturing Company, Navitas System, Crown Equipment Corporation, ENERSYS, Microtex Energy Private Limited, EXIDE INDUSTRIES LTD., LLC Corporate, Saft, Southwest Battery Company and Storage Battery Systems LLC and many others.
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