Adoption of Li-ion Forklift Batteries Enhancing Dependability
and Efficiency of Material Handling
ROCKVILLE, Md., June 26,
2024 /PRNewswire/ -- According to a recently updated
industry report by Fact.MR, worldwide revenue from Forklift
Battery Market is set to reach US$ 25.67
billion in 2024 and further rise at 6.6% CAGR from 2024 to
2034. Lithium-ion (Li-ion) batteries and other advancements in
battery technology are transforming forklift operations by
contributing to increased energy efficiency.
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Compared to conventional lead-acid batteries, Li-ion batteries
have higher energy efficiency, a longer lifespan, and faster
charging speeds. By lowering maintenance requirements and downtime,
these advances help manufacturers maximize forklift operations,
which boosts overall productivity and lowers costs. As a result,
the transition to Li-ion batteries is picking up speed quickly and
is significantly increasing the dependability and efficiency of
material handling procedures.
Demand for forklift batteries is increasing in Germany because of the rapid shift to electric
forklifts, which is being pushed by pollution regulations and
environmental concerns. As electric forklifts are believed to be
more cost-effective and ecologically benign over the long run, the
need for forklift batteries is growing. Due to advancements in
battery technology, forklift batteries now operate more effectively
and last longer, which is appealing to businesses looking to
replace their equipment in the country.
Key Takeaways from Market Study
- The global forklift battery market is projected to reach
US$ 48.65 billion by the end of
2034.
- North America is analyzed to
account for 26.7% of the global market share by 2034.
- Sales of lead-acid batteries are evaluated to reach
US$ 28.51 billion by the end of
2034.
- The United States is estimated
to account for 81.4% market share in North America in 2024.
- The France market is
forecasted to expand at a CAGR of 6.8% from 2024 to 2034.
- Revenue from the sales of forklift batteries in the
United Kingdom is forecasted to
ascend to US$ 1.59 billion by the end
of 2034.
- The market in Western Europe
is set to reach a valuation of US$ 5.47
billion in 2024.
"Adoption of battery-operated forklifts is being driven by
an increasing focus on sustainability and lowering emissions from
fossil fuels; this trend is projected to support demand for
forklift batteries through 2034," says a Fact.MR
analyst.
Key Companies Profiled: OneCharge, Electrovaya, Flux Power
Holdings Inc., Exide Industries Ltd., Amara Raja Batteries Ltd.,
EnerSys, Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH,
East Penn Manufacturing Industry Company, Narada Power Source Co.
Ltd., Trojan Battery Company LLC, Iberdrola, GS Yuasa International
Ltd., Crown Equipment Corporation.
Cost-effectiveness of Lead-acid Batteries Driving Their Use
in Forklifts
Lead-acid batteries for forklifts are in great demand because
they are more dependable and long-lasting than other battery types.
These batteries are the best option for a variety of applications
as they have the lowest self-discharge rate of any battery type on
the market. During the projection period, the lead-acid battery
category will hold a significant worldwide market share. The
cost-effectiveness and energy efficiency of these batteries are
driving their demand.
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Recent Developments:
Key competitors in the forklift battery market are focusing on
expanding their business by increasing manufacturing capacity and
introducing new products that combine modern technology.
In January 2024, Hyster announced
Power Cellect, an optional package for 27 Hyster electric forklift
models that enables easy switching between low-maintenance battery
alternatives.
BSL New Energy Technology Company introduced a 24-volt lithium-ion
pallet jack battery and charger with a 20-year lifespan in
November 2023.
Kion Group AG extended its lithium-ion battery production
facility in Karlstein am Main, Germany, in April
2022 as part of a collaboration with BMZ Holding GmbH.
In December 2021, Eternity
Technologies introduced QUASAR, Carbon Nano Motive batteries,
developed for material handling applications like as forklifts,
with a four-hour full charge and 50% more power.
Explore More Related Studies Published by Fact.MR
Research:
Market for lead acid batteries is valued at US$ 57.1 billion, with projections estimating it
will reach US$ 96.5 billion by the
end of 2033.
Forklift truck market is projected to be valued at US$ 62,252.2 million in 2024. With a compound
annual growth rate (CAGR) of 7.5% expected through 2034, the market
is anticipated to reach a valuation of US$
128,303.7 million by the end of 2034.
Lithium-ion Battery Cathode Market Analysis by Cylindrical,
Prismatic, and Polymer Cell Lithium-ion Battery Cathodes from 2023
to 2033
Lithium-ion battery pack market size is estimated
at US$ 63.32
Billion in 2023, and is projected to
reach US$ 88.46
Billion by 2033.
Lead Acid Battery Market Analysis by Flooded, Gel, and AGM for
Transportation, Motive Industrial, Stationary Industrial,
Commercial, Residential, and Grid Storage from 2023 to 2033
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of
the forklift battery market, presenting historical demand data
(2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on
type (lithium-ion batteries, lead-acid batteries, nickel-cadmium
batteries), voltage (24 volts, 36 volts, 48 volts, 72 volts), and
end user (warehouses, wholesale stores, construction sites,
manufacturing industry), across seven major regions of the
world (North America, Western Europe, Eastern Europe, East
Asia, Latin America,
South Asia & Pacific, and
MEA).
About Fact.MR:
Fact.MR is a distinguished market research company renowned
for its comprehensive market reports and invaluable business
insights. As a prominent player in business intelligence, we
deliver deep analysis, uncovering market trends, growth paths, and
competitive landscapes. Renowned for its commitment to accuracy and
reliability, we empower businesses with crucial data and strategic
recommendations, facilitating informed decision-making and
enhancing market positioning. With its unwavering dedication to
providing reliable market intelligence, FACT.MR continues to assist
companies in navigating dynamic market challenges with confidence
and achieving long-term success. With a global presence and a team
of experienced analysts, FACT.MR ensures its clients receive
actionable insights to capitalize on emerging opportunities and
stay ahead in the competitive landscape.
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SOURCE Fact.MR