Forklift Battery Market Size, Share & Industry Analysis, By Type (Lithium Based, Lead Acid Based, Nickel Based, Others), By Application (Construction, Warehouse, Manufacturing, Others) and Regional Forecast, 2024-2032

Rapidly growing industrial infrastructure globally along with rising concerns to limit GHG emissions by the facilities is projected to augment the global forklift battery market. Various governments and organizations have implemented strict policies to monitor and check overall carbon discharge for different buildings. Forklift batteries are a type of rechargeable cells specially used for fleet lift trucks or forklift machines operating for different purposes.

These devices provide various features to the machines, including extended working life, increased productivity, damage prevention to trucks, and enhanced safety. The need for efficient power sources for forklift machines is growing rapidly to suffice its bulk and variable load lifting capacities which typically ranges up to 50 tons.

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Based on type, the global forklift battery market can be primarily divided into lithium-based battery, lead-acid based battery, nickel-based battery, and others. Lithium-based forklift batteries are readily used in the fleet lift trucks as they deliver different benefits like efficient charging cycles, high energy density, cost-effective process, longer lifespan, and is compact in design. Lead-acid based batteries is usually deployed for single-shift operations to deliver low installation cost and appropriate counterbalance support to the system against heavyweights.

In terms of application, the global forklift battery market can be divided into construction, warehouse, manufacturing, and others. Construction application is anticipated to witness substantial growth over the forecast period owing to rapidly growing building activities to set up new residential and commercial spaces.

Warehouse forklift is one of the major applications for the devices as it is widely incorporated to lift medium to heavy items to load and unload articles in an inventory. Huge lifting capacities with robust design for performing outdoor operations, especially on uneven terrains will positively cater to the manufacturing forklift battery outlook.

Fast-paced growth in developing infrastructure and deploying new different scale facilities is set to augment the global forklift battery growth. Increasing inclination to install low cost operating systems by thereby reducing the overall downtime and simultaneously upgrading the machinery efficiencies are expected to further foster the industry landscape.

Very high installation costs along with strict ventilation requirements while charging certain batteries, due to the release of some harmful chemicals, may resist the global Forklift battery market. Increasing usage of different batteries in forklift operations may require a considerable increase in research activities to abolish the existing constraints.

Key Players Covered

Some of the key participants functioning across the global forklift battery market are Exide Industries Limited, Storage Battery Systems, LLC, Navitas System, LLC, Saft, Microtex Energy Private Limited, Southwest Battery Company, Shenzhen Herculesi Technology Co., Ltd., Electrovaya, EnerSys, Optima Batteries, Eternity Technologies FZ-LLC, Systems Sunlight S.A., NITCO, Midac Batteries SpA, and Crown Battery.

Segmentation

Regional Analysis

The global forklift battery market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. The Asia Pacific is expected to hold significant across the globe owing to exponentially changing industrial infrastructure, high raw material availability, low manufacturing difficulties, and the vast presence of battery production facilities. In Europe, a substantial increase in construction and warehouse activities owing to the setup of extensive company storage facilities along with the rapid adaptation of smart buildings is set to propel the industry growth. North America forklift battery market is set to observe positive growth due to the presence of advanced manufacturing and warehouse facilities along with extensive efforts in research & development to produce environmental friendly batteries.

Key Industry Developments

• In July 2019, Saft invested about US$ 10 million and initiated the construction of its new electrolyte production unit in France. The facility is expected to begin operations by mid-2020 and is expected to double the company’s overall capacity to 1,000 tons.


• In July 2019, Electrovaya announced to add new extensive features to its Lithium-ion cells. The expansion targets to enhance the product’s temperature tolerance, energy density, cycle life, and simultaneously reduce its cobalt content.


• In April 2019, Navitas Systems declared to incorporate a new dedicated building for producing its Starlifter Lithium. The company currently use this product in forklifts & other applications and aims to raise its manufacturing capabilities with the new facility.