Rise in End User Industries, during the Covid-19 Pandemic to Promote the Development of Global Forklift battery Market

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The occurrence of COVID -19 has affected the forklift battery market. As per India Energy Storage Alliance (IESA), lead-acid manufacturing unit in china, which is the main supplier of batteries is under a partially shutdown during this period. Thus, domestic production and employment has been hampered. Further, it’s been seen that companies have kept full stock of batteries prior to COVID -19. But with the increase in lockdown the life span of batteries may be reduced and caused financial loss to companies.  On the contrary to get out of this pandemic situation, governments are investing well in schemes and packages that accelerate the demand for renewable energy, electric vehicles. In the course of this turmoil, we are offering complete support to our clients in understanding the influence of COVID-19 on the global forklift battery industry.

Our report consists of:

• Technological Impact
• Social Impact
• Investment Opportunity Analysis
• Pre- & Post-COVID Market Scenario
• Infrastructure Analysis
• Supply Side & Demand Side Impact

According to a recent report published by Research Dive, the global forklift battery market is anticipated to garner $6,831.2million by 2026, growing at a growth rate of 6.2% from 2018 to 2026. The report segments the global market on the basis of type, applications, and regions. This report is a comprehensive analysis of recent drivers, key segments, opportunities, restraints, and major players of the market. 

Factors Affecting the Market Growth

As per the report, demand in renewable energy commercialization and rise in end user industries are expected to greatly fuel the growth of the forklift battery industry, during the forecast period. On the other hand, large number of market players are likely to hamper the development of the global forklift battery market.

Li-ion to be at the Forefront during the Projected Timeframe

By type, the report categorizes the market for forklift battery market into Li-ion, lead acid, and others. Among these, the Li-ion segment is expected to grab highest share of the market by collecting a revenue of $1,280.8million in 2026 and growing at a healthy growth rate of 6.5% during the forecasted timeframe. This is mostly used because it has maximum life span helps in increasing productivity. 

Warehouse Segment to be Most Profitable 

On the basis of application, the report classifies the global market into warehouses, manufacturing, construction, retail & wholesale stores, and others. The warehouse segment is expected to garner $1,625.8million in 2026, and grow at a CAGR of 6.5% during the forecast period. This is because it is large in size than other batteries weight approx. 2,000 pounds and in order to increase efficiency it should kept in warehouse, which runs at top performance.

Regional Breakdown of the Market 

Regionally, the report evaluates the global market across North America, Europe, Asia Pacific, and LAMEA. Among these, the Europe region is anticipated to generate a revenue of $1,475.5 million in 2026 and grow at a CAGR 6.5% during the projected period. This growth is mainly due to the large number of industries.  

Top Companies Leading the Market

The major players of the global forklift battery industry are Crown Equipment Corporation, East Penn Manufacturing Company, ENERSYS, EXIDE INDUSTRIES LTD., Microtex Energy Private Limited, Navitas System, LLC Corporate, Saft, Southwest Battery Company and Storage Battery Systems, LLC. These players are implementing various business strategies like mergers and acquisitions, collaborations & partnerships in order to gain a major market share in the global industry.