This market research report presents a comprehensive analysis of the key drivers, challenges, and upcoming trends that influence market growth. It also segments the global forklift battery market by end user (warehouse, manufacturing, construction, and others) and by geography (the Americas, APAC, and EMEA). The key players analyzed in this market research are East Penn Manufacturing, Exide Industries, Midac Batteries, Navitas System, and Storage Battery Systems.
Technavio’s market research analysts estimate the global forklift battery market to grow at a CAGR of 8% between 2016 and 2020. Increasing number of forklifts in different industries and the environmental benefits that these batteries offer have led to the vast growth of this market over the past five years. Fast chargers and lithium ion batteries, which help overcome the challenges of conventional batteries are driving the demand for forklift batteries. The Americas account for 37% of the total market share, owing to the recent increase in manufacturing activities in the region.
The new market research report from Technavio provides a breakdown and analysis of the forklift battery segments by technology.
“Extensive use of fast chargers is one of the latest trends gaining prominence in this market. The use of fast chargers will help end users to overcome the barrier of long duration recharge. Fast chargers range from 15-30 kW and charge the battery to 100% state of charge (SOC) in one or two hours. The cost of a fast charge battery is much higher than a lead-acid battery, but since this technology helps to reduce the recharge duration, its preference among the end users will increase significantly over the next few years,” says Vishu Rai, Lead Analyst, Energy, Technavio Research
The warehouse segment will be the largest end-user market segment during the forecast period and will account for an impressive market share of nearly 47% by 2020. The mechanization involved in material handling and improving productivity in warehouses is a major driver for the growth of this segment. With increasing warehouse space, the demand for forklifts is bound to increase to ensure increased productivity. This, in turn, increases the demand for forklift batteries.
The leading vendors in the global forklift battery market are East Penn Manufacturing, Exide Industries, Midac Batteries, Navitas System, and Storage Battery Systems. This market is highly competitive as vendors like Enphase, SolarEdge, and ABB compete with each other in terms of price, quality, and market presence. The market is also diverse and hosts many international and domestic forklift battery providers. Since the market is exposed to various technical and financial challenges, inorganic growth is expected within the market.
A more detailed analysis is available in the Technavio report, Global Forklift Battery Market 2016-2020.
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