To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.
Key Market Dynamics:
- Market Driver: The increasing demand for electric forklift applications is one of the key factors driving the growth of the global forklift battery market. Electric forklifts can minimize the reliance on gasoline, which is a major cost component of logistics operations, in addition to the environmental benefits, for example, the cost of propelling an electric forklift is half that of a forklift powered by an internal combustion engine. Lead-acid battery prices do not fluctuate dramatically over short periods of time. This results in keeping the budget and replacement cost of lead-acid batteries consistent and predictable.
- Market Challenges: The replacement of electric forklifts with fuel cell forklifts is a major challenge for the global forklift battery market growth. Lead-acid batteries, for example, take a long time to recharge, contain less energy with each charge, and must be changed every two to three years. As a result, forklifts use fuel cell systems.
To learn about additional key drivers, trends, and challenges available with Technavio. Read Sample Report!
Key Market Segment Highlights:
The forklift battery market report is segmented by Type (lead-acid battery and Li-ion battery) and Geography (Europe, North America, APAC, South America, and MEA).
- The lead acid battery segment accounted for the largest forklift battery market share during the forecast period. The global forklift lead-acid battery market will grow moderately during the forecast period due to the increasing sales of forklifts because of the growing number of warehouses. The lead-acid segment includes VRLA and FLA batteries.
- APAC will be the leading region with 35% of the market's growth during the forecast period. China and Japan are the key revenue-generating economies for forklift battery market in APAC. Market growth in this region will be faster than the growth of the market in regions. The increasing demand for electric forklift applications will facilitate the forklift battery market growth in APAC over the forecast period.
View our sample report for insights into the contribution of all the segments and regional opportunities in the report.
Some Companies Mentioned with their Offerings
- Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH
- Amara Raja Batteries Ltd.
- Camel Group Co. Ltd.
- East Penn Manufacturing Co. Inc.
- EnerSys
- Exide Industries Ltd.
- Flux Power Holdings Inc.
- GS Yuasa Corp.
- Narada Power Source Co. Ltd.
- Trojan Battery Co. LLC
- To gain access to more vendor profiles with their key offerings available with Technavio, Click Here
Related Reports:
Industrial Lead-Acid Battery Market by Type, Application, and Geography - Forecast and Analysis 2022-2026
Stationary Lead-Acid (SLA) Battery Market by End-user and Geography - Forecast and Analysis 2022-2026
Battery Monitoring Systems Market by End-user and Geography - Forecast and Analysis 2022-2026
Forklift Battery Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of over 4.19% |
Market growth 2021-2025 |
$ 2.28 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.64 |
Regional analysis |
Europe, North America, APAC, South America, and MEA |
Performing market contribution |
APAC at 35% |
Key consumer countries |
US, China, Germany, France, and Japan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH, Amara Raja Batteries Ltd., Camel Group Co. Ltd., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Flux Power Holdings Inc., GS Yuasa Corp., Narada Power Source Co. Ltd., and Trojan Battery Co. LLC |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Topics Covered:
1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- Exhibit 02: Market characteristics
- 2.2 Value chain analysis
- Exhibit 03: Value chain analysis
3 Market Sizing
- 3.1 Market definition
- Exhibit 04: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 05: Market segments
- 3.4 Market outlook: Forecast for 2020 - 2025
- Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
- Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 08: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 09: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 10: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 11: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 12: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 13: Threat of rivalry
- 4.7 Market condition
- Exhibit 14: Market condition - Five forces 2020
5 Market Segmentation by Type
- 5.1 Market segments
- Exhibit 15: Type - Market share 2020-2025 (%)
- 5.2 Comparison by Type
- Exhibit 16: Comparison by Type
- 5.3 Lead-acid battery - Market size and forecast 2020-2025
- Exhibit 17: Lead-acid battery - Market size and forecast 2020-2025 ($ million)
- Exhibit 18: Lead-acid battery - Year-over-year growth 2020-2025 (%)
- 5.4 Li-ion battery - Market size and forecast 2020-2025
- Exhibit 19: Li-ion battery - Market size and forecast 2020-2025 ($ million)
- Exhibit 20: Li-ion battery - Year-over-year growth 2020-2025 (%)
- 5.5 Market opportunity by Type
- Exhibit 21: Market opportunity by Type
6 Customer landscape
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 23: Market share by geography 2020-2025 (%)
- 7.2 Geographic comparison
- Exhibit 24: Geographic comparison
- 7.3 Europe - Market size and forecast 2020-2025
- Exhibit 25: Europe - Market size and forecast 2020-2025 ($ million)
- Exhibit 26: Europe - Year-over-year growth 2020-2025 (%)
- 7.4 North America - Market size and forecast 2020-2025
- Exhibit 27: North America - Market size and forecast 2020-2025 ($ million)
- Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
- 7.5 APAC - Market size and forecast 2020-2025
- Exhibit 29: APAC - Market size and forecast 2020-2025 ($ million)
- Exhibit 30: APAC - Year-over-year growth 2020-2025 (%)
- 7.6 South America - Market size and forecast 2020-2025
- Exhibit 31: South America - Market size and forecast 2020-2025 ($ million)
- Exhibit 32: South America - Year-over-year growth 2020-2025 (%)
- 7.7 MEA - Market size and forecast 2020-2025
- Exhibit 33: MEA - Market size and forecast 2020-2025 ($ million)
- Exhibit 34: MEA - Year-over-year growth 2020-2025 (%)
- 7.8 Key leading countries
- Exhibit 35: Key leading countries
- 7.9 Market opportunity by geography
- Exhibit 36: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.2 Market challenges
- Exhibit 37: Impact of drivers and challenges
9 Vendor Landscape
- 9.2 Vendor landscape
- Exhibit 38: Vendor landscape
- 9.3 Landscape disruption
- Exhibit 39: Landscape disruption
- Exhibit 40: Industry risks
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 41: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 42: Market positioning of vendors
- 10.3 Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH
- Exhibit 43: Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH - Overview
- Exhibit 44: Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH - Product and service
- Exhibit 45: Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH - Key news
- Exhibit 46: Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH - Key offerings
- 10.4 Amara Raja Batteries Ltd.
- Exhibit 47: Amara Raja Batteries Ltd. - Overview
- Exhibit 48: Amara Raja Batteries Ltd. - Business segments
- Exhibit 49: Amara Raja Batteries Ltd. - Key news
- Exhibit 50: Amara Raja Batteries Ltd. - Key offerings
- Exhibit 51: Amara Raja Batteries Ltd. - Segment focus
- 10.5 Camel Group Co. Ltd.
- 10.6 East Penn Manufacturing Co. Inc.
- Exhibit 55: East Penn Manufacturing Co. Inc. - Overview
- Exhibit 56: East Penn Manufacturing Co. Inc. - Business segments
- Exhibit 57: East Penn Manufacturing Co. Inc. - Key news
- Exhibit 58: East Penn Manufacturing Co. Inc. - Key offerings
- Exhibit 59: East Penn Manufacturing Co. Inc. - Segment focus
- 10.7 EnerSys
- Exhibit 60: EnerSys - Overview
- Exhibit 61: EnerSys - Business segments
- Exhibit 62: EnerSys - Key news
- Exhibit 63: EnerSys - Key offerings
- Exhibit 64: EnerSys - Segment focus
- 10.8 Exide Industries Ltd.
- Exhibit 65: Exide Industries Ltd. - Overview
- Exhibit 66: Exide Industries Ltd. - Business segments
- Exhibit 67: Exide Industries Ltd. - Key news
- Exhibit 68: Exide Industries Ltd. - Key offerings
- Exhibit 69: Exide Industries Ltd. - Segment focus
- 10.9 Flux Power Holdings Inc.
- Exhibit 70: Flux Power Holdings Inc. - Overview
- Exhibit 71: Flux Power Holdings Inc. - Product and service
- Exhibit 72: Flux Power Holdings Inc. - Key news
- Exhibit 73: Flux Power Holdings Inc. - Key offerings
- 10.10 GS Yuasa Corp.
- Exhibit 74: GS Yuasa Corp. - Overview
- Exhibit 75: GS Yuasa Corp. - Business segments
- Exhibit 76: GS Yuasa Corp. - Key news
- Exhibit 77: GS Yuasa Corp. - Key offerings
- Exhibit 78: GS Yuasa Corp. - Segment focus
- 10.11 Narada Power Source Co. Ltd.
- Exhibit 79: Narada Power Source Co. Ltd. - Overview
- Exhibit 80: Narada Power Source Co. Ltd. - Business segments
- Exhibit 81: Narada Power Source Co. Ltd. - Key news
- Exhibit 82: Narada Power Source Co. Ltd. - Key offerings
- Exhibit 83: Narada Power Source Co. Ltd. - Segment focus
- 10.12 Trojan Battery Co. LLC
- Exhibit 84: Trojan Battery Co. LLC - Overview
- Exhibit 85: Trojan Battery Co. LLC - Product and service
- Exhibit 86: Trojan Battery Co. LLC - Key offerings
11 Appendix
- 11.2 Currency conversion rates for US$
- Exhibit 87: Currency conversion rates for US$
- 11.3 Research methodology
- Exhibit 88: Research Methodology
- Exhibit 89: Validation techniques employed for market sizing
- Exhibit 90: Information sources
- 11.4 List of abbreviations
- Exhibit 91: List of abbreviations
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SOURCE Technavio
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