LONDON, Jan. 08, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s forklift battery global market report 2024, the forklift battery market has witnessed robust growth, reaching $23.76 billion in 2023. This upward trajectory is expected to continue, with a forecasted forklift battery market size of $25.67 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.0%. Key factors contributing to this forklift battery market growth include industrial expansion, the rise of e-commerce, heightened adoption of alternative energies, and an increasing demand for lithium-ion forklift batteries.
Prospects for Substantial Growth in the Forecast Period (2023-2028)
Looking ahead, the forklift battery market is poised for even more substantial growth, reaching $33.45 billion by 2028 at a CAGR of 6.8%. This anticipated surge can be attributed to a rising demand for electric forklifts, a growing emphasis on green initiatives, government support, an increased need for material handling, and a rising demand for fuel cell forklifts.
Learn More In-Depth On The Forklift Battery Market
https://www.thebusinessresearchcompany.com/report/forklift-battery-global-market-report
Key Trends Shaping the Forklift Battery Market
The forecast period is expected to witness major trends, including advancements in battery technology, integration of automation and robotics, smart battery management, a shift towards lithium-ion technology, wireless charging advancements, and innovations in battery testing and diagnostics. These trends collectively underscore the industry's commitment to delivering energy-efficient material handling solutions.
Strategic Moves by Major Players
Leading companies such as Tailift Co. Ltd., Crown Equipment Corporation, and EnerSys are strategically focusing on the introduction of lithium-ion batteries to gain a competitive edge. These batteries, known for being virtually maintenance-free, emission-free, and offering exceptional charging flexibility, are becoming increasingly popular in the forklift battery market.
Case in Point: Flux Power Holdings Inc.'s Lithium-Ion Breakthrough
In March 2022, Flux Power Holdings Inc. unveiled a cutting-edge lithium-ion battery pack designed for 3-wheel forklifts. This innovation addresses operational performance challenges and delivers superior performance, dependability, and efficiency compared to conventional lead-acid batteries.
Regional Dynamics
While North America emerged as the largest region in the forklift battery market in 2023, Asia-Pacific is anticipated to be the fastest-growing region in the forklift battery market in the forecast period, reflecting the global shift in economic activities and manufacturing hubs.
Segmentation for Comprehensive Analysis
The forklift battery market, covered in this report, is segmented based on:
- Type: Lithium-Ion Battery, Lead-Acid Battery, Nickel-Cadmium Battery, Other Types
- Voltage: 24 Volt, 36 Volt, 48 Volt, 72 Volt, Other Voltages
- Application: Warehouses, Manufacturing, Construction, Retail and Wholesale Stores, Other Applications
Get A Free Sample Of The Global Forklift Battery Market Report
https://www.thebusinessresearchcompany.com/sample_request?id=12889&type=smp
In conclusion, the Forklift Battery Global Market Report 2023 presents a comprehensive analysis of the market dynamics, growth drivers, and key trends shaping the industry. Businesses in the forklift battery sector can leverage this report to gain insights into emerging opportunities, stay ahead of market trends, and make informed decisions to fuel their growth in the competitive landscape. As the forklift battery market evolves, strategic adoption of lithium-ion technology and staying attuned to regional dynamics will be crucial for companies aspiring to thrive in this dynamic environment.
Forklift Battery Global Market Report 2024 by The Business Research Company provides insights on the forklift battery market size, forklift battery market segments, forklift battery market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Check Out Similar Market Intelligence Reports By The Business Research Company:
Battery Separators Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/battery-separators-global-market-report
Drone Battery Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/drone-battery-global-market-report
Residential Battery Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/residential-battery-global-market-report
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
