September 14, 2022 12:30 ET | Source: Transparency Market Research Transparency Market Research
Albany, New York, UNITED STATES
Wilmington, Delaware, United States, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - A comprehensive assessment of insights on the forklift battery market over the years indicate that lithium-ion batteries and lead-acid batteries have been widely adopted in powering forklifts in various operations. Urge of manufacturing sector worldwide to reduce carbon footprint has led to electrification of forklifts, thus fueling the sales of forklift battery market. The market is projected to expand at CAGR of 6.8% from 2022 to 2031, the forecast period.
Rise in warehouse and logistics center together with shift toward electric forklifts has augmented the market value of forklift battery. An ebullient e-commerce sector globally has spurred the expansion of the warehousing and logistics sector, which has reinforced the prospects of forklift battery market. The warehouses segment held a major market share for forklift battery amounting to 30.1% in 2021.
Ongoing R&D on novel battery technologies such as sodium-sulfur battery will open up new frontiers for firms in forklift battery market. Of the various capacities, 36 Volts battery is widely used. Rise in demand for 3-wheel and 4-wheel forklifts will reinforce the prospects.
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Key Findings of Forklift Battery Market Study
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Forklift Battery Market: Key Drivers
Forklift Battery Market: Regional Growth Dynamics
Forklift Battery Market: Key Players
The competition landscape is consolidated with relatively few vendors accounting for a majority of control over demand and supply in the market. Some of the key players are Crown Equipment Corporation, Iberdrola, Electrovaya, OneCharge, Trojan Battery Company, LLC, Narada Power Source Co. Ltd., GS Yuasa International Ltd., Flux Power Holdings Inc., ENERSYS, Amara Raja Batteries Ltd., and Exide Industries Ltd.
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