Forklift Battery Market Growth 2021-2027, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider Forklift Battery Market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Forklift Battery Marketsize forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence.
The global forklift battery market was valued at $4.3 billion in 2020, and is projected to reach $7.4 billion by 2026, growing at a CAGR of 7.04% from 2021 to 2027.
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Battery used in the forklift truck is ideally known as a forklift battery. It is known for two main functions-providing battery source to a forklift truck and providing mass to forklift as a counterweight that further aids in its lifting capacity. These batteries are composed of a battery case, battery cells, battery bar, and battery cables; and are of two types including Lead-Acid battery and a lithium-ion battery. Both types of batteries have their system, setup, charging requirements, and price range.
The global market is forecast to witness a rapid growth, owing to increasing demand for technological advancements from end-users. Moreover, increasing investments in research and development activities, launches, partnerships, and other strategic initiatives will benefit the market. Furthermore, the growing focus of authorities towards increasing urbanization and industrialization is forecast to drive the market growth.
The global forklift battery market growth is driven by the emergence of fuel cell forklifts as an alternative to the electric forklift. Environmental concerns, as well as the availability of natural resources, led forklift manufacturers to look for a more effective and sustainable alternative over electric forklift. A fuel cell is a viable alternative in such a scenario and its use in batteries is growing extensively. Therefore, the increase in popularity of fuel cell-based forklift significantly drives the growth of the market. Furthermore, one of the key benefits of using forklift batteries is that they provide mass to forklift as a counterweight that further helps in lifting capacity of the forklift truck.
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This increases the productivity of forklift trucks, which boosts the demand for batteries. There is an increase in the need for efficient power sources to forklift machines to enhance the load-bearing capacity. Therefore, manufacturers are working to develop more efficient batteries for forklift, which is expected to offer new growth opportunities during the forecast period. On the other hand, the high price associated with lithium-ion (Li-ion) batteries along with low penetration of forklift batteries in some of the countries of Asia-Pacific is projected to restrain the global market growth.
The major key players operating in the global forklift battery market include EXIDE INDUSTRIES LTD., EnerSys, East Penn Manufacturing Company, Hoppecke, Crown Equipment Corporation, SBS Storage Battery Systems, LLC, Navitas Systems, Saft, Microtex Energy Private Limited, and Southwest Battery Company. One of the recent trends observed in this market includes penetration of small-scale manufacturers, who are dealing with only single or dual product lines.
KEY BENEFITS FOR STAKEHOLDERS
? The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global forklift battery market from 2018 to 2026 to determine the prevailing opportunities
? A comprehensive analysis of the factors that drive and restrict the growth of the market is provided
? Estimations and forecast are based on factors impacting the market growth, in terms of both value and volume
? Profiles of leading players operating in the market are provided to understand the global competitive scenario
? The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth
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KEY MARKET SEGMENTS
? Lithium-ion Battery
? Lead-Acid Battery
? Retail & Wholesale Stores
o North America
? Rest of Europe
? South Korea
? Rest of Asia-Pacific
? Saudi Arabia
? South Africa
? South Africa
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Final Report will add the analysis of the impact of COVID-19 on this industry.”
In the highly import-dependent Forklift Battery Market, a large number of indigenous manufacturers of syringes and needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.
The report provides a snapshot of the Forklift Battery Market. It begins with the introduction section which mentions the features and uses of syringes and needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes and needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports
An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes and needles and problems associated with usage. Government legislation in the market has been discussed in the next section.
The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section.
A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability. The Market report answers the following questions:
Following are the questions answered by the Market report:
What are the goals of the report?
This market report shows the projected market size for the Forklift Battery Market at the end of the forecast period. The report also examines the historical and current market sizes.
On the basis of various indicators, the charts present the year-over-year growth (%) and compound annual growth rate (CAGR) for the given forecast period.
The report includes an overview of the market, its geographical scope, its segmentation, and the financial performance of key players.
The report examines the current state of the industry and the potential growth opportunities in North America, Asia Pacific, Europe, Latin America, and the Middle East, and Africa.
The research report includes various factors contributing to the market’s growth.
The report analyzes the growth rate, market size, and market valuation for the forecast period.
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This report covers aspects of the regional analysis market.
The report includes data about North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
This report analyzes current and future market trends by region, providing information on product usage and consumption.
Reports on the market include the growth rate of every region, based on their countries over the forecast period.
What factors are taken into consideration when assessing the key market players?
The report analyzes companies across the globe in detail.
The report provides an overview of major vendors in the market, including key players.
Reports include information about each manufacturer, such as profiles, revenue, product pricing, and other pertinent information about the manufactured products.
This report includes a comparison of market competitors and a discussion of the standpoints of the major players.
Market reports provide information regarding recent developments, mergers, and acquisitions involving key players.
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What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
Combined with Porter’s Five Forces analysis, it serves as SWOT analysis and competitive landscape analysis.
It provides an in-depth analysis of the market, highlighting its growth rates and opportunities for growth.
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