Battery utilized in the forklift truck is ideally well-known as a forklift battery. It is known for two major functions-providing battery source to a forklift truck and delivering the mass to forklift as a counterweight that further aids in its lifting potential. Such batteries are self-possessed of a battery case, battery cells, battery bar, and battery cables; and are of two forms involving the Lead-Acid battery and a lithium-ion battery. Both forms of batteries have their system, setup, charging demands, and price range.
According to the report analysis, ‘Forklift Battery Market by Type (Lithium ion (Li-ion), Lead-Acid, and Others), and Application (Warehouses, Construction, Manufacturing, Retail & Wholesale Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026’ states that in the forklift battery market there are several corporates which presently operating more effectively for leading the fastest market growth and registering the handsome value of market share around the globe throughout the upcoming duration while spreading the awareness related to the applications, productivity and durability of the good, decreasing the weak points of such, advancing the applications of such, implementing the profitable strategies of such, analyzing the strategies of the government and competitors and delivering the better consumer satisfaction includes EXIDE INDUSTRIES LTD., EnerSys, East Penn Manufacturing Company, Hoppecke, Crown Equipment Corporation, SBS Storage Battery Systems, LLC, Navitas Systems, Saft, Microtex Energy Private Limited, and Southwest Battery Company and several others.
Although, the worldwide forklift battery market was worth at USD 4.3 billion in 2018, and is projected to reach USD 7.4 billion by 2026, increasing at a CAGR of 7.04% from 2019 to 2026. Whereas, the worldwide forklift battery market growth is propelled by the emergence of fuel cell forklifts as a substitute to the electric forklift. Environmental distresses, as well as the convenience of natural resources, led forklift producers to look for a more proficient and sustainable alternative over electric forklift. A fuel cell is a practicable alternative in such a scenario and its usage in batteries is increasing extensively. Therefore, the augment in the popularity of fuel cell-based forklift significantly influence the growth of the market. Not only has this, one of the foremost benefits of utilizing the forklift batteries is that they deliver mass to forklift as a counterweight that further supports in lifting capacity of the forklift truck. This augments the productivity of forklift trucks, which boosts the requirement for batteries. There is an augment in the requirement for proficient power sources to forklift machines to improve the load-bearing capacity. Therefore, manufacturers are functioning to advance the more efficient batteries for forklift, which is projected to offer fresh growth opportunities throughout the forecast duration.
Whereas, the Asia-Pacific acquired the greatest market share due to the augment in industrial output, and the growth in urbanization. Aspects that have an indirect impact on the growth of forklift batteries across Asia-Pacific are drastic populace rise, speedy urbanization, and enlargement in nature of foremost industries such as construction, food processing, electronics, furniture, and most proficiently consumer goods. Owing to the increase in population, there is a growth in requirement for construction projects, food, consumer products, furniture, and a variety of other products that depend on material transporting forklifts trucks for transportation. Therefore, the requirement for the batteries used in the forklifts is also great in this region. Hence, in the near years, it is anticipated that the market of forklift battery will increase around the globe more effectively.
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Global Forklift Battery Market
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