Fairfield Market Research, a leading market research firm, has released a preliminary report forecasting significant growth in the global forklift battery market in the coming years. The study highlights key factors influencing this growth, including the shift towards electrification of forklifts, the rise of advanced battery technology, and the pivotal role played by the warehousing and manufacturing sectors.
Electrification of Forklifts to Influence Growth of the Forklift Battery Market
The world is witnessing a paradigm shift towards sustainable energy sources as companies intensify their efforts to combat environmental issues related to carbon and greenhouse gas emissions. In pursuit of achieving net-zero carbon emissions, an increasing number of companies are opting for the electrification of their machinery, particularly forklifts used across various industries such as warehousing, manufacturing, food and beverage, and retail. This transition from diesel-powered forklifts to electric or battery-operated alternatives is driving the growth of the forklift battery market.
The advancements in battery technology are pivotal in this transition, offering longer runtimes, fast charging capabilities, and hassle-free maintenance. Battery-powered forklifts are now preferred for their reduced fuel costs, zero emissions, and smooth operation. This shift from traditional fossil fuels to electric forklifts is expected to further boost the demand for advanced batteries, thereby propelling the global forklift battery market.
Warehousing and Manufacturing Sectors: Key Growth Contributors
In manufacturing and warehousing, electric forklifts are gaining substantial traction due to their advantages, including reduced noise, minimal heat dissipation, lower overall costs, and pollution-free operation. Electric forklifts have fewer moving parts and require less frequent replacements of fluids such as coolants and engine oil. Moreover, recycling plastic components from used forklift batteries contributes to environmental health by reducing plastic waste. The increasing adoption of electric forklifts in these sectors is anticipated to substantially drive the growth of the forklift battery market.
Furthermore, with ongoing advancements in forklift technology, the development of autonomous forklifts equipped with artificial intelligence-integrated telematics, cameras, sensors, and radars is on the horizon. These intelligent forklifts can identify and avoid obstacles, enhancing safety and efficiency across industrial applications and opening up new possibilities for the forklift battery market.
Lead Acid Battery Reigns Supreme, but Lithium-ion Offers Potential
Among the various batteries used for electric forklifts, lead acid batteries have gained immense popularity for their reliability, superior backup, higher power-to-weight ratio, rechargeability, and cost-effectiveness. Lead acid batteries also offer high power output and require minimal maintenance, making them a preferred choice for customers. On the other hand, the demand for lithium-ion batteries is on the rise, with ongoing technological developments aimed at providing long service life, high output, fast charging capabilities, energy savings, and low maintenance.
Asia Pacific Emerges as a Growth Hub
Emerging economies in Asia Pacific are poised to offer new growth opportunities for the forklift battery market. This region, known for its extensive battery production and downstream industries such as electronics, semiconductors, and chemicals, is witnessing an increasing demand for renewable power generation. The decreasing cost of batteries, coupled with the rising adoption of battery-operated forklifts in various industrial applications, has created a favorable environment for market growth. The burgeoning manufacturing, warehousing, food and beverage, and construction sectors in Asia Pacific are further driving the adoption of electric forklifts.
Key players in the forklift battery market are actively pursuing strategies to solidify their market positions. Recent developments include new product launches, capacity expansions, and collaborations. For example, HANGCHA introduced the XH series electric forklift trucks integrated with high-power lithium-ion batteries, while Flux Power launched a vista-based lithium-ion battery for electric forklifts. Vedanta Aluminium commissioned a fleet of 27 electric forklifts powered by lithium-ion batteries, and Exide Industries Ltd. signed a multiyear agreement with SVOLT Energy Technology Co. Ltd. to develop and manufacture lithium-ion cells in India.
Notable players in the forklift battery market include Exide Industries Ltd., Amara Raja Batteries Ltd., East Penn Manufacturing Industry Company, ENERSYS, Crown Equipment Corporation, Trojan Battery Company, and Narada Power Source Co. Ltd.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/forklift-battery-market
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This press release first seen on Brilad