What is Global Forklift Battery Market?
The Global Forklift Battery Market is a vast and dynamic sector that plays a crucial role in the global economy. This market revolves around the production, distribution, and usage of batteries specifically designed for forklifts, which are essential pieces of machinery used in various industries for heavy lifting and transportation tasks. The value of this market was estimated to be around US$ 2055 million in 2022, and it's projected to reach a staggering US$ 2825.9 million by 2029. This indicates a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period from 2023 to 2029, showcasing the market's potential for significant growth and profitability.
Lead-Acid Battery, Li-Ion Battery in the Global Forklift Battery Market:
The Global Forklift Battery Market is primarily dominated by two types of batteries: Lead-Acid Batteries and Li-Ion Batteries. Lead-Acid Batteries are the most commonly used type, accounting for over 83% of the market share. These batteries are known for their reliability, durability, and relatively low cost, making them a popular choice for many businesses. On the other hand, Li-Ion Batteries are gaining popularity due to their high energy density, long lifespan, and environmental friendliness. However, they are more expensive than Lead-Acid Batteries, which can be a deterrent for some businesses.
Warehouses, Factories, Distribution Centers, Others in the Global Forklift Battery Market:
The Global Forklift Battery Market serves a wide range of areas, including warehouses, factories, distribution centers, and others. Warehouses are one of the primary users of forklift batteries, as they rely heavily on forklifts for the movement and organization of goods. Factories also use forklift batteries extensively for material handling and transportation. Distribution centers, which serve as the bridge between producers and consumers, also rely on forklift batteries to ensure smooth and efficient operations. Other areas where forklift batteries are used include construction sites, ports, and airports.
Global Forklift Battery Market Outlook:
The Global Forklift Battery Market is highly concentrated, with the top six manufacturers holding about 50% of the market share. China is the largest market for forklift batteries, accounting for about 42% of the global market. This is followed by Japan, which holds about 14% of the market share. This dominance by a few key players and regions can be attributed to their advanced manufacturing capabilities, robust industrial sectors, and high demand for forklifts.
| Report Metric | Details |
| Report Name | Forklift Battery Market |
| Accounted market size in 2022 | US$ 2055 million |
| Forecasted market size in 2029 | US$ 2825.9 million |
| CAGR | 4.6% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | EnerSys, Hitachi Chemical, GS Yuasa, Hoppecke, East Penn Manufacturing, Exide Technologies, MIDAC, SYSTEMS SUNLIGHT S.A., ECOBAT Battery Technologies, Triathlon Batterien GmbH, Crown Battery, Amara Raja, Storage Battery Systems, LLC, BAE Batterien, Banner Batteries, Saft, Electrovaya, Flux Power Holdings, Inc, FAAM (Seri Industrial), Tianneng Battery Group, LEOCH, Zibo Torch Energy, Shandong Sacred Sun Power Sources Co., Camel Group, Western Electrical Co, Jiangsu Frey New Energy Co, Yingde Aokly Power Co, Yantai Goldentide Unikodi Battery Co, BSLBATT |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
