Global Forklift Battery Market Bagged USD 6 Billion in 2021 and is Projected to Grow at ~8% CAGR Over 2022-2030; Market to Grow on Account of Increased Demand for Forklift Trucks and Rising Adoption of High-Quality Forklift Battery
New York, Aug. 02, 2022 (GLOBE NEWSWIRE) -- According to the United Nations Environment Program (UNEP), Emission Gap Report 2021, the updated Nationally Determined Contributions can only reduce projected emissions by 7.5 percent by 2030, whereas 55 percent is required to achieve the 1.5°C Paris goal. In addition to that, the International Energy Agency (IEA) states, the number of electric busses and electric heavy-duty trucks available globally in 2021 was 670,000 and 66,000 respectively. This amounts to around 4% of the global fleet of buses and 0.1% of the fleet of heavy-duty vehicles. The rising government initiatives for reduced carbon emission programs conjointly expanding demand for electronic automobiles increments the request for forklift batteries and further growth of the global forklift battery market.
The “Global Forklift Battery Market” report, recently issued by Kenneth Research contains a brief overview of market dynamics, including growth drivers, restraint factors, current market trends, and development prospects for the market in the years to come. A thorough analysis of the COVID-19 pandemic’s effects on end-users is included in the market research report that is analyzed for the forecast period, 2022-2030. In addition, the research report examines the product portfolios of the major market competitors and their plans for expanding their market share.
The growth in export value for forklift trucks had significant growth from 2020 to 2021. According to International Trade Centre in 2020, the export value was USD 16,770,382 thousand which got increased to USD 21,345,320 thousand in 2021. The rise in the demand for forklift trucks looks forward to the growth of the market. Traction batteries are mostly utilized as forklift batteries. Concurring to European standard IEC 60254-1 lead traction batteries are utilized as control sources for electric impetus in applications that incorporates road vehicles, trains, mechanical forklift trucks, and mechanical dealing with equipment (MHE). The forklift battery pack can be made of 2-volt cells, or 4,6,8, and 12v monoblocs. There is no stipulation regarding the interior engineering of the traction batteries. However, the dimensions of the exterior structure adhere to the IEC 60254-2.
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The battery capacity is measured over a characterized battery release test from completely charged to 1.7 volts per cell over a period of 5hours. Additionally, it is estimated to be around 152,000 warehouses in use worldwide in 2020. Among that, around 25,600 of them were in North America. The number of warehouses worldwide is anticipated to reach around 182,000 by 2025 as a result of e-commerce growth. The rise in the number of warehouses is predicted to propel the need for forklift trucks and hence the expansion of the global forklift battery market.
The global forklift battery market accumulated around USD 6 billion in 2021 and is anticipated to grow with a CAGR of ~8% over the forecast period. Several market participants are investing in M&A deals, and geographical expansion to remain competitive. In January 2021, EnerSys, a leading battery manufacturer extended its manufacturer representative understanding with the Industrial Battery and Charger, Inc. (IBCI). The deal enabled Industrial Battery & Charger, Inc. to improve commercialization of EnerSys motive power offerings across Alabama. Motive power offerings such as power batteries and chargers find extensive use in electric forklift trucks. In addition to that, the top three lift truck manufacturers in 2020 were Toyota Industries Corporation (TICO), KION, and Jungheinrich AG. In 2020, TICO sold 265,501 units across all lift truck classes whereas, KION sold 198,300 units and, Jungheinrich sold 111,400 units. The adoption of advanced technologies and the growing number of sales of forklift battery is expected to drive the market over the forecast period.
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The global forklift battery market is segmented into five major regions including North Amerca, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. On account of the existence of significant suppliers of forklift batteries there, the Asia Pacific region is predicted to experience the highest growth among these. Malaysia holds the highest export value for forklift batteries worth USD 135,383 thousand whereas, Indonesia was the second highest exporter with a value of USD 112,528 thousand followed by Thailand with USD 78,236 thousand in 2021. In addition to that, the export value for forklift batteries in Malaysia had a remarkable growth from 2020 to 2021, which was USD 95,081 thousand in 2020 and USD 135,383 thousand in 2021 with annual growth in value of 42% during 2020-2021. The rising number of forklift battery manufacturers is attributed to the growth of the market in the region during the forecast period.
On the other hand, the market in the Europe region is also anticipated to experience considerable expansion over the course of the forecast period as a result of the region’s increasing number of construction projects, which have a high demand for the use of forklift trucks. Latest analysis predicts that the construction sector in EU is poised to grow by approximately 2-3% in 2022 Additionally, one of the primary causes of the region’s strong need for forklift batteries is the existence of inventory storage. According to the United Kingdom Warehousing Association (UKWA) statistics, the average size of a warehouse unit has increased to 340,000 square feet in 2020 from 217,000 square feet five years back. The average eaves height of the warehouse rose from 11meters to 14 meters in 2020. Also, in 2021, there were 88% more UK commercial spaces designated for transport and storage than there were ten years earlier and 21% more than there were in 2019.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [ Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe ), Latin America(Brazil, Mexico, Argentina, Rest of Latin America), Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global forklift battery market is segregated into segments encompassing warehouses, construction, retail & wholesale stores, and others based on application. The construction segment has the highest share in the market owing to growing construction projects worldwide. As the population grows, so does the construction sector. For instance, according to the Organization for Economic Co-operation and Development (OCED), in 2020, the average number of dwellings for OCED nations was 468 homes per 1,000 residents. There were significant variations between nations. The countries with the highest ratio of housing to the population include Greece, France, Italy, Portugal, Bulgaria, Finland, Spain, and Lavita with over 550 housing per thousand persons. In comparison, South Africa (283), Columbia (294), Korea (310), and Costa Rica had the least (310) homes per 1,000 inhabitants. Forklift trucks and so does forklift batteries are in greater demand owing to the growing number of building projects, which helps the segment grow.
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The global forklift battery market is segmented by type into lead corrosive, lithium-particle, and others. The market’s largest share belonged to the lead corrosive segment owing to its numerous applications in various industries and its optimal power-balance equilibrium, besides cost efficiency. However, the lithium-particle segment also had a sizable market share on account of various automotive applications, portable electronics, and various government initiatives in developed countries to support electric mobility. For instance, according to the International Energy Agency (IEA) statistics, in 2021, the number of electric vehicle (EV) sales doubled from 2020 to reach a new height of 6.6 million cars. Almost nine years back, only 120,000 EVs were sold globally. In 2021, the percentage of electric vehicle sales worldwide was close to 10%, a significant increase from 2019. With this, there are now over 16.5 million electric vehicles on the road worldwide, which is three times more than there were in 2018. With 2 million electric vehicles sold in the first quarter of 2022, a 75% increase from that in 2021. As the surge in electric vehicles is increasing rapidly, the demand for lithium batteries is predicted to propel and hence the growth of the segment.
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Major companies in the global forklift battery market that are profiled in our report are EXIDE INDUSTRIES LTD., EnerSys, East Penn Manufacturing Company, HOPPECKE Carl Zoeliner & Sohn GmbH, Crown Equipment Corporation, Exponetial Power, Navitas Systems, LLC Corporate, Saft, Microtex Energy Private Limited, Southwest Battery Company, and others.
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