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Forklift Battery Market Size

Report ID: GMI6119
Published Date: Jun 2023
Report Format: PDF

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Forklift Battery Market Size

Forklift Battery Market was valued at USD 5.1 Billion in 2022 and is anticipated to register a CAGR of over 6.5% from 2023 to 2032. The growing demand for electric forklifts, due to the rising need for cleaner & more sustainable operations, is a significant factor propelling the industry growth.

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Electric forklifts require reliable & efficient battery systems to power their operations, increasing the demand for forklift batteries. The expansion in e-commerce and the growing need for efficient warehouse operations are augmenting the emphasis on enhancing productivity and reducing operational costs. The market for forklifts is projected to cross a valuation of USD 200 billion during the forecast period.

Forklift Battery Market Report Attributes
Report Attribute	Details
Base Year:	2022
Forklift Battery Market Size in 2022:	USD 5.1 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	6.5%
2032 Value Projection:	USD 9.3 Billion
Historical Data for:	2018 to 2022
No. of Pages:	300
Tables, Charts & Figures:	465
Segments covered:	Battery Type, Battery Voltage, Application
Growth Drivers:	Increasing demand for electric forklifts Growing trend of automation in the logistics and manufacturing sectors Advancements in battery technologies The growing adoption of lithium-ion batteries
Pitfalls & Challenges:	Rising need for sustainable and eco-friendly solutions in the material handling industry High initial cost associated with batteries

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The upfront cost of forklift batteries can be relatively high as compared to traditional fuel-powered forklifts. The initial investment required to purchase & install battery systems can be a significant deterrent for some businesses, especially smaller enterprises with limited budgets. The electric forklifts powered by batteries require charging infrastructure including charging stations and sufficient electrical capacity. The availability of the above-mentioned infrastructure solutions can be limited, especially in certain geographic regions or older warehouse facilities. Inadequate charging infrastructure can hinder the adoption of electric forklifts, which will consequently lower the forklift battery market demand.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of forklift battery reached USD 5 Billion in 2022 and will register over 6.5% CAGR during 2023 to 2032, owing to the growing demand for electric forklifts for cleaner & more sustainable operations.

The manufacturing segment crossed around USD 1.7 billion revenue of the forklift battery industry in 2022, due to extensive product usage for these facilities for various material handling tasks.

Asia Pacific forklift battery industry accounted for around 35% share in 2022 as the region has a significant industrial & warehousing sector with numerous manufacturing plants, distribution centers, and warehouses.

BYD, Crown Equipment, East Penn Manufacturing, Electrovaya, Enersys, Exide Industries, Flux Power Holdings, and GB Industrial Battery.