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Forklift Battery Market by Type and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 122
  • SKU: IRTNTR45079
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The forklift battery market share is expected to increase by USD 2.28 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 4.19%.

This forklift battery market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the forklift battery market segmentations by type (lead-acid battery and Li-on battery) and geography (Europe, North America, APAC, South America, and MEA). The forklift battery market report also offers information on several market vendors, including Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH, Amara Raja Batteries Ltd., Camel Group Co. Ltd., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Flux Power Holdings Inc., GS Yuasa Corp., Narada Power Source Co. Ltd., and Trojan Battery Co. LLC among others.

What will the Forklift Battery Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Forklift Battery Market Size for the Forecast Period and Other Important Statistics

 

Forklift Battery Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and after post COVID-19 era. The increasing demand for electric forklift applications is notably driving the forklift battery market growth, although factors such as the replacement of electric forklifts with fuel cell forklifts may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the forklift battery industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Forklift Battery Market Driver

The increasing demand for electric forklift applications is one of the key factors driving the growth of the global forklift battery market. Mechanical, automotive, food and beverage, logistics, chemical, lumber, paper printing, and retail and wholesale firms are among the end-users of battery-powered forklifts. Electric forklifts are preferred by most end-users due to their low GHG emissions and low noise levels. Electric forklifts can minimize the reliance on gasoline, which is a major cost component of logistics operations, in addition to the environmental benefits, for example, the cost of propelling an electric forklift is half that of a forklift powered by an internal combustion engine. ICE forklifts have a shorter lifespan than electric forklifts. Lead-acid batteries power the majority of electric forklifts. These batteries are inexpensive and have a high level of resistance to dirt, chemicals, and vibration in severe environments. They require less upkeep than other types of batteries. Furthermore, because lead-acid battery prices do not fluctuate dramatically over short periods of time, the budget and replacement cost of lead-acid batteries are consistent and predictable.

Key Forklift Battery Market Trend

The legislative support for battery recycling will fuel the global forklift battery market growth. The Corporation for Battery Recycling was founded by several major battery manufacturers in the United States to facilitate battery recycling for future usage. In the United States and Canada, Call2Recycle runs a program with the CBR. The European Union has enacted strict battery recycling rules. However, when compared to the United States, the present rate of lead-acid battery collection in the EU is low. All battery makers must follow the recycling guidelines. Recycling produces lead scrap, which can be used as a secondary metal in the battery sector. the Australian Battery Recycling Initiative has released numerous important documents describing the various regulatory requirements for storing, managing, shipping, and recycling spent lead-acid batteries in a way that is compliant with the law. Several governments have taken steps to handle lead-acid battery disposal and collecting in order to avoid lead pollution and soil contamination.

Key Forklift Battery Market Challenge

The replacement of electric forklifts with fuel cell forklifts is a major challenge for the global forklift battery market growth. In warehouses that work three to four shifts each day, forklift batteries are used. These batteries must be replaced or charged multiple times per day, causing delays in warehouse operations. Lead-acid batteries, for example, take a long time to recharge, contain less energy with each charge and must be changed every two to three years. As a result, forklifts use fuel cell systems. The usage of fuel cells in forklifts enhances warehouse operations by reducing delays owing to the short time required for refilling forklifts powered by fuel cells can run for up to 12 hours without losing performance. Fuel cell forklifts, on the other hand, are costly, and the price varies depending on the size. unlike traditional batteries, fuel cell devices do not contain any toxic components. as a result, a number of large retail warehouses are investing in fuel cell forklifts in order to increase their efficiency.

This forklift battery market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorized the global forklift battery market is a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the forklift battery market during the forecast period.

Who are the Major Forklift Battery Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH
  • Amara Raja Batteries Ltd.
  • Camel Group Co. Ltd.
  • East Penn Manufacturing Co. Inc.
  • EnerSys
  • Exide Industries Ltd.
  • Flux Power Holdings Inc.
  • GS Yuasa Corp.
  • Narada Power Source Co. Ltd.
  • Trojan Battery Co. LLC

 

This statistical study of the forklift battery market encompasses successful business strategies deployed by the key vendors. The forklift battery market is fragmented and the vendors are deploying growth strategies are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH - The company offers forklift battery that are designed for safety and availability for industrial traction and stationary battery storage applications, under the brand name of INTILION.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The forklift battery market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Forklift Battery Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the forklift battery market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global renewable electricity market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Forklift Battery Market?

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35% of the market’s growth will originate from APAC during the forecast period. China, and Japan are the key markets for forklift battery market in APAC. Market growth in this region will be faster than the growth of the market in regions.

The increasing demand for electric forklift applications will facilitate the forklift battery market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 outbreak impacted various industries, including manufacturing and mining, in 2020. Various warehouses around the globe were closed because of the lockdowns announced by governments to curb the virus spread in 2020. However, in 2021, the initiation of large-scale vaccination drives?has lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Such factors are expected to increase the demand for construction toys, which, in turn, will drive the market during the forecast period.

What are the Revenue-generating Type Segments in the Forklift Battery Market?

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The forklift battery market share growth by the lead acid battery segment will be significant during the forecast period. The global forklift lead-acid battery market will grow moderately during the forecast period due to the increasing sales of forklifts because of the growing number of warehouses. The lead-acid segment includes VRLA and FLA batteries. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the forklift battery market size and actionable market insights on post COVID-19 impact on each segment.

 

Forklift Battery Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 4.19%

Market growth 2021-2025

$ 2.28 billion

Market structure

Fragmented

YoY growth (%)

3.64

Regional analysis

Europe, North America, APAC, South America, and MEA

Performing market contribution

APAC at 35%

Key consumer countries

US, China, Germany, France, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH, Amara Raja Batteries Ltd., Camel Group Co. Ltd., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Flux Power Holdings Inc., GS Yuasa Corp., Narada Power Source Co. Ltd., and Trojan Battery Co. LLC

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Forklift Battery Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive forklift battery market growth during the next five years
  • Precise estimation of the forklift battery market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the forklift battery industry across Europe, North America, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of forklift battery market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Type

    • 5.1 Market segments
      • Exhibit 15: Type - Market share 2020-2025 (%)
    • 5.2 Comparison by Type
      • Exhibit 16: Comparison by Type
    • 5.3 Lead-acid battery - Market size and forecast 2020-2025
      • Exhibit 17: Lead-acid battery - Market size and forecast 2020-2025 ($ million)
      • Exhibit 18: Lead-acid battery - Year-over-year growth 2020-2025 (%)
    • 5.4 Li-ion battery - Market size and forecast 2020-2025
      • Exhibit 19: Li-ion battery - Market size and forecast 2020-2025 ($ million)
      • Exhibit 20: Li-ion battery - Year-over-year growth 2020-2025 (%)
    • 5.5 Market opportunity by Type
      • Exhibit 21: Market opportunity by Type

    6 Customer landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 23: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 24: Geographic comparison
    • 7.3 Europe - Market size and forecast 2020-2025
      • Exhibit 25: Europe - Market size and forecast 2020-2025 ($ million)
      • Exhibit 26: Europe - Year-over-year growth 2020-2025 (%)
    • 7.4 North America - Market size and forecast 2020-2025
      • Exhibit 27: North America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
    • 7.5 APAC - Market size and forecast 2020-2025
      • Exhibit 29: APAC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 30: APAC - Year-over-year growth 2020-2025 (%)
    • 7.6 South America - Market size and forecast 2020-2025
      • Exhibit 31: South America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 32: South America - Year-over-year growth 2020-2025 (%)
    • 7.7 MEA - Market size and forecast 2020-2025
      • Exhibit 33: MEA - Market size and forecast 2020-2025 ($ million)
      • Exhibit 34: MEA - Year-over-year growth 2020-2025 (%)
    • 7.8 Key leading countries
      • Exhibit 35: Key leading countries
    • 7.9 Market opportunity by geography
      • Exhibit 36: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 37: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Competitive scenario
          • 9.2 Vendor landscape
            • Exhibit 38: Vendor landscape
          • 9.3 Landscape disruption
            • Exhibit 39: Landscape disruption
            • Exhibit 40: Industry risks

          10 Vendor Analysis

          • 10.1 Vendors covered
            • Exhibit 41: Vendors covered
          • 10.2 Market positioning of vendors
            • Exhibit 42: Market positioning of vendors
          • 10.3 Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH
            • Exhibit 43: Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH - Overview
            • Exhibit 44: Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH - Product and service
            • Exhibit 45: Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH - Key news
            • Exhibit 46: Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH - Key offerings
          • 10.4 Amara Raja Batteries Ltd.
            • Exhibit 47: Amara Raja Batteries Ltd. - Overview
            • Exhibit 48: Amara Raja Batteries Ltd. - Business segments
            • Exhibit 49: Amara Raja Batteries Ltd. - Key news
            • Exhibit 50: Amara Raja Batteries Ltd. - Key offerings
            • Exhibit 51: Amara Raja Batteries Ltd. - Segment focus
          • 10.5 Camel Group Co. Ltd.
            • 10.6 East Penn Manufacturing Co. Inc.
              • Exhibit 55: East Penn Manufacturing Co. Inc. - Overview
              • Exhibit 56: East Penn Manufacturing Co. Inc. - Business segments
              • Exhibit 57: East Penn Manufacturing Co. Inc. - Key news
              • Exhibit 58: East Penn Manufacturing Co. Inc. - Key offerings
              • Exhibit 59: East Penn Manufacturing Co. Inc. - Segment focus
            • 10.7 EnerSys
              • Exhibit 60: EnerSys - Overview
              • Exhibit 61: EnerSys - Business segments
              • Exhibit 62: EnerSys - Key news
              • Exhibit 63: EnerSys - Key offerings
              • Exhibit 64: EnerSys - Segment focus
            • 10.8 Exide Industries Ltd.
              • Exhibit 65: Exide Industries Ltd. - Overview
              • Exhibit 66: Exide Industries Ltd. - Business segments
              • Exhibit 67: Exide Industries Ltd. - Key news
              • Exhibit 68: Exide Industries Ltd. - Key offerings
              • Exhibit 69: Exide Industries Ltd. - Segment focus
            • 10.9 Flux Power Holdings Inc.
              • Exhibit 70: Flux Power Holdings Inc. - Overview
              • Exhibit 71: Flux Power Holdings Inc. - Product and service
              • Exhibit 72: Flux Power Holdings Inc. - Key news
              • Exhibit 73: Flux Power Holdings Inc. - Key offerings
            • 10.10 GS Yuasa Corp.
              • Exhibit 74: GS Yuasa Corp. - Overview
              • Exhibit 75: GS Yuasa Corp. - Business segments
              • Exhibit 76: GS Yuasa Corp. - Key news
              • Exhibit 77: GS Yuasa Corp. - Key offerings
              • Exhibit 78: GS Yuasa Corp. - Segment focus
            • 10.11 Narada Power Source Co. Ltd.
              • Exhibit 79: Narada Power Source Co. Ltd. - Overview
              • Exhibit 80: Narada Power Source Co. Ltd. - Business segments
              • Exhibit 81: Narada Power Source Co. Ltd. - Key news
              • Exhibit 82: Narada Power Source Co. Ltd. - Key offerings
              • Exhibit 83: Narada Power Source Co. Ltd. - Segment focus
            • 10.12 Trojan Battery Co. LLC
              • Exhibit 84: Trojan Battery Co. LLC - Overview
              • Exhibit 85: Trojan Battery Co. LLC - Product and service
              • Exhibit 86: Trojan Battery Co. LLC - Key offerings

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Currency conversion rates for US$
                • Exhibit 87: Currency conversion rates for US$
              • 11.3 Research methodology
                • Exhibit 88: Research Methodology
                • Exhibit 89: Validation techniques employed for market sizing
                • Exhibit 90: Information sources
              • 11.4 List of abbreviations
                • Exhibit 91: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The forklift battery market market growth will increase by $2281.56 million during 2021-2025.
              The forklift battery market market is expected to grow at a CAGR of 4.19% during 2021-2025.
              Technavio has segmented the forklift battery market market by type (Lead-acid battery and Li-on battery) and geographic (Europe, North America, APAC, South America, MEA, Europe, North America, APAC, South America, and MEA).
              Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH, Amara Raja Batteries Ltd., Camel Group Co. Ltd., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Flux Power Holdings Inc., GS Yuasa Corp., Narada Power Source Co. Ltd., Trojan Battery Co. LLC are a few of the key vendors in the forklift battery market market.
              APAC will register the highest growth rate of 35.49% among the other regions. Therefore, the forklift battery market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the forklift battery market market growth are:
              • Increasing demand for electric forklift applications
              • Legislative support for battery recycling
              The forklift battery market market vendors should focus on grabbing business opportunities from the lead-acid battery segment as it accounted for the largest market share in the base year.
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