Global Forklift Battery Market 2018-2022
About Forklift Battery
Forklift batteries require high power and energy density. Lead-acid batteries were commonly used in forklifts. However, Li-ion batteries are also now being used in forklifts.
Technavio’s analysts forecast the global forklift battery market to grow at a CAGR of 8.86% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global forklift battery market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Forklift Battery Market 2018-2022
Technavio recognizes the following companies as the key players in the global forklift battery market: East Penn Manufacturing, EnerSys, Exide Technologies, HOPPECKE Batterien, and Saft.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is legislative support for battery recycling. Several forklift battery manufacturers in the US are collaborating with each other to establish the Corporation for Battery Recycling (CBR) to support battery recycling for future use. Similarly, the European Union has imposed stringent restrictions for battery recycling.”
According to the report, one driver in the market is increasing demand for electric forklift applications. Owing to their low GHG emissions and noise levels, various end-user industries including paper printing, automotive, food and beverages, logistics, and others have increased the use of electric or battery-powered forklifts.
Further, the report states that one challenge in the market is replacement of electric forklifts with fuel cell forklifts. Forklift batteries are used in warehouses, which operate three to four shifts every day. These batteries must be replaced or charged more than once a day, which causes delays in the operations of warehouses.
East Penn Manufacturing