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Technavio, an international market research institution, recently released a report that the global forklift battery market is expected to grow by $1.
8 billion during 2020-2024, with a compound annual growth rate of about 7%.
Europe was the world's largest regional market
for forklift batteries in 2019.
35% of the market growth is expected to come from the European region during the forecast period, with Germany and France being the major markets
in the region.
The growing demand for forklifts in the automotive industry and warehouses will significantly drive the growth
of the forklift battery market in the region during the forecast period.
However, in terms of market growth, the European region will be slower than the growth
of the Asia-Pacific and North American markets.
Overall, the increase in the number of warehouses has led to an increase in forklift sales, thereby stimulating a modest increase
in demand for forklift batteries.
Nevertheless, replacing electric forklifts with fuel cell forklifts will challenge the growth of
market players.
To take full advantage of these opportunities, market vendors should focus more on growth prospects in fast-growing areas while maintaining their position in
slow-growing areas.
Industries such as paper printing, automotive, food and beverage, and logistics have increased the use
of electric or battery-powered forklifts due to their low greenhouse gas emissions and low noise.
In addition, the cost of propelling an electric forklift is 50% lower than the cost of propelling an internal combustion engine, helping end users significantly reduce their logistics costs
.
Moreover, longer service life, high elasticity, and low maintenance costs are other major factors driving the further adoption of electric forklifts, ultimately driving the demand
for industrial forklift batteries.
On the other hand, increasing environmental concerns have led some forklift battery manufacturers to focus on adopting battery recycling programs
.
The European Union has imposed strict restrictions
on battery recycling.
Increasing initiatives regarding battery recycling to prevent lead contamination and soil contamination will promote the growth of
green or environmentally friendly battery recycling technologies.
Increasing legislative support for battery recycling will be one of
the key trends that will receive increasing attention in the battery market during the forecast period.
Technavio, an international market research institution, recently released a report that the global forklift battery market is expected to grow by $1.
8 billion during 2020-2024, with a compound annual growth rate of about 7%.
Europe was the world's largest regional market
for forklift batteries in 2019.
35% of the market growth is expected to come from the European region during the forecast period, with Germany and France being the major markets
in the region.
The growing demand for forklifts in the automotive industry and warehouses will significantly drive the growth
of the forklift battery market in the region during the forecast period.
However, in terms of market growth, the European region will be slower than the growth
of the Asia-Pacific and North American markets.
Overall, the increase in the number of warehouses has led to an increase in forklift sales, thereby stimulating a modest increase
in demand for forklift batteries.
Nevertheless, replacing electric forklifts with fuel cell forklifts will challenge the growth of
market players.
To take full advantage of these opportunities, market vendors should focus more on growth prospects in fast-growing areas while maintaining their position in
slow-growing areas.
Industries such as paper printing, automotive, food and beverage, and logistics have increased the use
of electric or battery-powered forklifts due to their low greenhouse gas emissions and low noise.
In addition, the cost of propelling an electric forklift is 50% lower than the cost of propelling an internal combustion engine, helping end users significantly reduce their logistics costs
.
Moreover, longer service life, high elasticity, and low maintenance costs are other major factors driving the further adoption of electric forklifts, ultimately driving the demand
for industrial forklift batteries.
On the other hand, increasing environmental concerns have led some forklift battery manufacturers to focus on adopting battery recycling programs
.
The European Union has imposed strict restrictions
on battery recycling.
Increasing initiatives regarding battery recycling to prevent lead contamination and soil contamination will promote the growth of
green or environmentally friendly battery recycling technologies.
Increasing legislative support for battery recycling will be one of
the key trends that will receive increasing attention in the battery market during the forecast period.
