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According to Technavio's global industrial battery market for material handling equipment research report, the industry will grow at a CAGR of close to 9% during the forecast period. One of the key factors that will stimulate the industrial battery market for material handling equipment growth is the increasing demand for electric forklift applications. Various mechanical, automotive, food and beverage, logistics, chemical, timber and paper printing, and retail and wholesale companies extensively rely on battery-powered forklifts. Many end-users adopt electric forklifts because they are associated with low noise level and reduced emissions and eliminate the cost of fuel. Additionally, they also exhibit longer lifespan in comparison to ICE-powered forklifts. The increasing adoption of battery-powered forklifts boosts the demand for lead-acid battery because they are cost-effective and offer high resilience even in harsh environmental conditions involving chemicals, dirt, and vibration.
The declining purchase price of lithium ion batteries is one of the key industrial battery market for material handling equipment trends responsible for the growth in the market. Li-ion batteries can store more electricity in the same size cell because they offer higher energy densities in comparison to lead-acid or nickel-metal hydride batteries. The decline in its price lowers the cost of material handling equipment and boosts the adoption of battery-operated material handling equipment such as forklifts.
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The industrial battery market for material handling equipment comprises of many global, regional, and local vendors. Intense competition and rapid advancement in technology will strengthen the competitive environment of the market. Key factors such as frequent changes in government policies and environmental regulations will hamper the market's growth in the forthcoming years. Vendors are finding it difficult to sustain in the market due to the continuous demand for upgrades and innovations. New and existing vendors are concentrating on sustaining their operations by expanding their distribution, sales, and working capital effectively.
Key vendors in this market are -
Other prominent vendors in the market include Chloride Exide, Crown Battery, EverExceed, Exide Industries, HOPPECKE, MIDAC Batteries, and Navitas System.
Lead-acid batteries were designed with the aim to maximize current paths and lower internal resistance. The adoption of lead-acid batteries was maximum during 2016 because they are maintenance-free, serviceable, and offer the maximum usable power. The demand for these batteries will continue to increase during the estimated period because flooded lead-acid batteries eliminate the need for high specific gravity electrolytes to provide long run times.
The industrial battery market for material handling equipment in APAC accounted for the majority market shares during 2016 due to the increasing number of warehouses and the growth in the e-commerce market. The growth in the e-commerce market is encouraging e-commerce companies to open new warehouses for the efficient handling of the goods. This in turn, will boost the adoption of industrial batteries in these warehouses for material handling equipment.
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Material handling equipment are usually gasoline-powered or electric-powered. Lead-acid batteries power more than three-fourth of the electric forklifts manufactured globally and are cost-effective, offering additional benefits like high resilience in difficult environmental conditions. This upcoming market research report on the global industry battery market for material handling equipment is an essential part of Technavio's energy portfolio and offers key insights into the market space for energy storage industry.
By conducting an extensive research approach of quantitative and qualitative data collection methods and analyzing the demand-supply shifts, this upcoming report on the global industry battery market for material handling equipment offers insights into the key market drivers, trends, competitive analysis, and eminent challenges that will guide the growth of the key suppliers in the energy storage industry. Furthermore, to offer clients the scope to identify potential market opportunities and expand in niche segments, this report on the global industry battery market for material handling equipment also covers geographies like the Americas, APAC, and EMEA.
This market research report on the global industry battery market for material handling equipment also takes into regard the growth of related markets like industrial lead-acid battery and lead-acid battery aftermarket, which are anticipated to post an impressive CAGR of over 5% and close to 14%, respectively during the forecast period. According to our analysts, the rapid industrialization and development of e-commerce, which propels the need for material handling equipment to enable distribution and production might have a positive impact on the demand for industrial batteries across the globe.
This upcoming market report on the global industry battery market for material handling equipment also covers vendors such as East Penn Manufacturing, EnerSys, EXIDE Technologies, Valence Technology, and Trojan Battery. Moreover, to give a realistic picture of the energy industry's growth prospects, this industry research report on the global industry battery market for material handling equipment also provides valuable insights into the markets of power and smart grid.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by battery
PART 07: Geographical segmentation
PART 08: Decision framework
PART 09: Drivers and challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
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.
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