The Drastic Impact of COVID-19 Outbreak on the Global Market of Forklift Battery
With unprecedented rise of the COVID-19 pandemic, the forklift industry has witnessed a drastic downfall globally. The leading players are focusing and concentrating on different strategies to restore the graph after the pandemic comes to an end and the supply chain resumes. Research has forecasted that the market will record a significant growth once the shutdown is lifted totally.
Introduced in 1990s, forklift batteries are relatively a new technology . Among all the different compounds of lithium-ion batteries, lithium iron phosphate is the most known. Compared to lead acid, it is way more compact and energy dense. The cells of the battery are sealed and they don’t require any water maintenance.
Forklift batteries or, specifically, lead acid batteries are mainly used as motorcycle batteries, scooter batteries, and RV batteries. Many people prefer the forklift batteries to use for domestic electrical storage needs. Such storage needs include solar power storage and off grid energy solutions.
Forklift batteries are considered as sustainable solution for energy storage since they are biodegradable up to 98%. These batteries can also sustain a home appliance for a long time with a solar battery system, which is quite affordable and budget-friendly as well.
Pre-COVID Scenario of the Forklift Battery Market
In recent years, the forklift battery industry has witnessed a remarkable growth because of its increasing demand in various industries. The automobile sector with emerging automotive companies is the main end-user of the sector. The low-cost availability of lightweight and highly efficient batteries are trending in the market since last few years.
As stated by ETAuto.com, forklift batteries play a vital role in the economy, as it is used in various applications. Without energy power, no one is able run cars, electronics, smartphones, residential and commercial products.
Impact of COVID-19 on the Market
The complete restrictions imposed on countries in order to stop the spread of the novel coronavirus have adversely effected the global economy. Industries are closed forever and thousands of them are going through a never-ending downfall. The forklift battery market is no exception. The market has witnessed a downward graph during the pandemic. The main reason behind this is the disrupted supply chain and manufacturing processes across the nations.
The major global manufacturing center, China was the first worst-hit country of the pandemic. Because of the pandemic crisis, a huge number of production facilities in the country have either been shut down forever or not being able to function at its full capacity because of the shortage of raw material.
Apart from this, the pandemic has caused even more damage for the lithium ion batteries market. Almost all the countries which are regarded as the major producers of raw materials for battery production, have been going through shutdown.
The lithium production companies in Australia, for example, have been imposed strict guidelines in terms of long-distance travel restrictions.
Other major forklift battery manufacturing countries such as Africa and Latin America also have gone through nationwide shutdown including trade and travel terminations.
These are the obvious factors that is restricting the producing and supplying of industrial forklift batteries.
In case of India,
The electronic vehicle market forecast states that e-rickshaws, e-autos and e-two wheelers are the most promising and growing segments for electrification in India in the near future. These segments are anticipated to gain higher market share for more than four-million units by 2025 as reported by Economic Times. In India, where more than 90% of people belong to the middle class, prefer to commute via two-wheelers, three-wheelers and buses. And these vehicles mostly run on battery. Once the pandemic ends and daily commute begins, the industry will definitely garner a huge amount of profit.
Moreover, the Government of India is taking various initiatives for the increase in demand of electric buses and other vehicles post the pandemic which will be great contribution towards the industry.
The leading players of the forklift battery industry are focusing mainly focusing on research, development, partnership and collaborations for innovations and product launches to sustain the post-pandemic market.
Flux Power Holdings, Inc., is a developer of advanced lithium-ion batteries for commercial and industrial equipment including electric forklifts and airport ground support equipment (GSE). The company has reckoned an important business during the COVID-19 crisis by giving energy to power equipment and empowering delivery of food and necessary goods.
According to the news, Flux Power Deemed an Essential Business, steady with statements by Forklift OEMs and related supply chain who helps the logistics industry, critical to delivering food and supplies during the COVID-19 crisis. Key Flux Power Customers Expanding, due to enhanced demands of the COVID-19 crisis and placing orders to Flux Power for the forthcoming time.
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