In 2022, the global forklift battery market will be 23.5 billion dollars, and the market valuation is expected to reach 44.7 billion dollars by the end of 2032. The significant growth of the market scale is due to the forecast that the global sales of forklift batteries will grow at a high value compound annual growth rate of 6.6% in the next decade.
Main contents of market research
1. By 2032, the global forklift battery market is expected to reach 44.7 billion dollars
2. Asia currently accounts for 30% of the market share
3. Lead acid battery will lead the global market with 60% share by the end of 2022
4. Europe's leading market share of about 45% of the global market
5. The increasing popularity of electric forklift in storage and manufacturing applications and the technological progress of forklift battery are the outstanding factors driving market growth
What are the most widely used battery types in forklift trucks?
-"Low self discharge characteristics make lead-acid battery the first choice"
-The global forklift battery market is divided into lithium ion battery, lead acid battery, nickel cadmium battery, etc. by type.
-The market demand for lead-acid batteries will be high in the future. Compared with other battery types, the high demand for forklift lead-acid batteries can be attributed to their durable and reliable characteristics.
These batteries also have the lowest self discharge rate among all types of batteries on the market, which makes them the first choice for various applications. Therefore, it is not surprising that this market segment currently accounts for 60% of the global market.
However, due to the cost-effectiveness and energy efficiency of forklift lithium batteries, it is expected that the demand for forklift lithium batteries will grow at a faster rate in the future. Faster charging time, higher charging efficiency of more than 98% and no cooling period are other outstanding factors conducive to the sales growth of lithium-ion forklift batteries in the next few years.
Competition pattern
Forklift battery manufacturers are committed to expanding their business scope by increasing production capacity and introducing new products with advanced technology.
In April 2022, the German logistics equipment supplier Kion Group AG announced the expansion of its lithium-ion battery manufacturing plant located in Karlstein on the Maine River in Germany. The plant was opened in 2022 after cooperation with BMZ Holding GmbH.
In December 2021, Eternity Technologies, a leading manufacturer of industrial batteries, launched a new battery series QUASAR carbon nano power battery specially designed for forklift and other material handling applications. The battery can be fully charged in four hours and can maintain 50% more power.
