- Advent of fuel cell forklifts as an alternative to the electric forklift and increase in warehouse spaces and industry manufacturing sector are the major drivers for the forklift battery market
PORTLAND, Oregon, Feb. 24, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "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, 2018–2026". According to the report, the global forklift battery industry was pegged at $4.32 billion in 2018, and is expected to reach $7.4 billion by 2026, growing at a CAGR of 7.04% from 2019 to 2026.
Major motivators for market growth
Emergence of fuel cell forklifts as an alternative to the electric forklift, and expand in warehouse spaces and industry manufacturing sector are the major drivers for the forklift battery market. However, high cost associated with lithium ion battery hampers the growth of the global forklift battery market. On the contrary, growing penetration of concept like green logistics is expected to create lucrative opportunities in the near future.
The lead acid segment dominated the market
Based on type, the lead acid segment held the largest share in 2018, contributing to more than three-fourths of the global forklift battery market. This is due to greater benefits associated with this battery such as high weight that further increases the lifting capacity of forklift trucks and low cost associated with lead-acid battery. On the other hand, the li-ion segment is expected to manifest the fastest CAGR of 7.05% during the forecast period. This is attributed to the benefits such as low maintenance, long life cycle, and greater productivity in a cold environment.
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The warehouse segment dominated the market
Based on application, the warehouses segment is expected to register the fastest CAGR of 7.50% during the forecast period. This is due to increase in urbanization, and rise in material transport activities. In contrary, the manufacturing segment held the largest share in 2018, contributing to more than one-fourth of the global forklift battery market. The manufacturing sector has a diverse set of material handling as well as loading and unloading needs, which drives the growth of the segment.
Asia-pacific followed by North America to maintain its leadership status during the forecast period
Based on region, Asia-Pacific contributed to the highest market share in terms of revenue, holding nearly two-fifths of the global forklift battery market in 2018, and is expected to maintain its leadership status during the forecast period. The factors such as rise in population, rapid urbanization, expand in nature of major industries such as construction, food processing, electronics, furniture, and most importantly consumer goods drive the growth in the region. On the other hand, North America accounted for the second largest revenue share in 2018. Furthermore, Europe is expected to maintain the largest CAGR of 7.40% from 2019 to 2026, due to growing focus on renewable energy production.
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Major market players
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