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Forklift Battery Market Research Report, Growth Outlook and Forecast 2023-2028

The global forklift battery market size reached US$ 4.7 Billion in 2022. By 2028, it will reach a value of US$ 6.5 Billion, growing at a CAGR of 5.4% (2023-2028).
Published 22 August 2023

IMARC Group, a leading market research company, has recently releases report titled “Forklift Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global forklift battery market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How Big is the Forklift Battery Market?

The global forklift battery market size reached US$ 4.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.

What is Forklift Battery?

A forklift battery is a specialized power source that is designed to provide the necessary energy for the operation of electric forklifts. It is rechargeable that assists in reducing emissions, lowering operating costs, and has a quieter operation. It is engineered to provide consistent and reliable power output and ensure seamless operations and productivity across various industries. It is affordable, easy to maintain, and does not release harmful emissions as compared to fuel-powered forklifts. As it is used for material handling and transportation within warehouses, manufacturing plants, and distribution centers, the demand for forklift batteries is increasing worldwide. 

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What are the growth prospects and trends in the forklift battery industry?

At present, the rising preference for lead-acid batteries in forklifts due to their high durability and reliability represents one of the key factors strengthening the growth of the market. In addition, the growing demand for efficient and sustainable material handling solutions is offering a positive market outlook.

Besides this, the increasing focus on environmentally friendly forklifts that create a cleaner alternative to traditional fuel-powered machines is propelling the growth of the market. In line with this, the rising adoption of electric forklifts in warehousing and manufacturing sectors for indoor and outdoor applications across the globe is contributing to the growth of the market.

Furthermore, the increasing preference for automation and advanced logistics practices is supporting the growth of the market.  

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What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

  •  Lithium-ion Battery
  • Lead–Acid Battery
  • Others

Breakup by Sales Channel:

  • OEM
  • Aftermarket

Breakup by Application:

  • Warehouses
  • Manufacturing
  • Construction
  • Retail and Wholesale Stores
  • Others

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Amara Raja Batteries Ltd., Camel Group Co. Ltd., Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, Exide Industries Limited, Flux Power, Microtex Energy Private Limited, Northland Industrial Truck Co. Inc. (Alta Enterprises LLC), Storage Battery Systems LLC and Systems Sunlight S.A.

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If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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