Global Industrial Battery Market for Material Handling Equipment 2017-2021
About Industrial Battery for Material Handling Equipment
An industrial battery is specifically designed for use in material handling equipment that requires both high energy density and power. Lead-acid batteries are the main battery type used in material handling equipment. Material handling equipment refers to a range of products that aid in the transportation and storage of materials. Such equipment enhances and streamlines supply chain distribution channels, increases the operational efficiency and the workflow in manufacturing, and manages warehouse operations for optimum utilization.
Technavio’s analysts forecast the global industrial battery market for material handling equipment to grow at a CAGR of 8.84% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial battery market for material handling equipment for 2017-2021. 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 Industrial Battery Market for Material Handling Equipment 2017-2021
Technavio recognizes the following companies as the key players in the global industrial battery market for material handling equipment: East Penn Manufacturing, EnerSys, Exide Technologies, Trojan Battery, and Valence Technology.
Other Prominent Vendors in the market are: Chloride Exide, Crown Battery, EverExceed, Exide Industries, HOPPECKE, MIDAC Batteries, and Navitas System.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is declining Li-ion battery prices. Li-ion batteries offer higher energy densities than lead-acid or nickel-metal hydride batteries. Having a high energy density means that the battery can store more electricity in the same size cell. This is what makes the Li-ion batteries suitable for use in electric vehicles (EVs).”
According to the report, one driver in the market is growth in global e-commerce. The global e-commerce market is anticipated to grow steadily and post an impressive CAGR of more than 12% by 2021. One of the crucial factors contributing to the development of the e-commerce market is the diverse portfolio in several product segments such as apparel, books, electronic gadgets, and cosmetics. E-commerce websites regularly update these categories, which not only attracts new customers but also retains customer loyalty.
Further, the report states that one challenge in the market is high initial investment and maintenance cost for material handling equipment. Material handling equipment require constant technical support and maintenance for smooth and effective operation. The maintenance cost of industrial trucks such as pallet trucks and forklifts can be particularly high in the manufacturing and construction sectors where they are exposed to hazardous conditions continuously, which accelerate the wear and tear and can lead to severe damage. This has made many end-users reluctant to use forklift trucks.
East Penn Manufacturing, EnerSys, Exide Technologies, Trojan Battery, Valence Technology, Chloride Exide, Crown Battery, EverExceed, Exide Industries, HOPPECKE, MIDAC Batteries, and Navitas System.