U.S. Forklift Battery Market Outlook - 2030
The U.S. forklift battery market size was valued at $810.5 million in 2020, and is projected to reach $1,785.3 million by 2030, growing at a CAGR of 8.5% from 2021 to 2030. Batteries that provide power supply to forklift trucks or used in forklift trucks are usually known as forklift batteries. They need high power and energy density. Generally, lead-acid and lithium-ion batteries are used in the forklift trucks as per convenience during material handling operations. Lead-acid batteries come with a mixture of electrolyte, water, and sulphuric acid; on the other hand, lithium-ion batteries are waterless that makes them maintenance-free.
The growth of the U.S. forklift battery market is driven by emergence of fuel cell forklifts as an alternative to the electric forklift. In addition, expansion of warehouse spaces & manufacturing industry is projected to fuel the U.S. forklift battery market growth. However, high cost associates with the lithium-ion battery is the key factor restraining the market growth in the upcoming years. On the contrary, rise in penetration of green logistics is expected to create lucrative opportunity for the key players in the forklift battery market.
For the purpose of analysis, the U.S. forklift battery market is segmented into type, capacity, and application. The study highlights various types of forklift batteries available in the market such as lithium-ion battery, lead acid battery, fuel cell battery, and others. The fuel cell segment is further segmented into Proton Exchange Membrane Fuel Cell (PEMFC) and Direct-Methanol Fuel Cell (DMFC). the basis of battery capacity, the report includes revenue generated through forklift battery capacities with different ranges, including 0-600 Ahr, 600-1200 Ahr, and above 1,200 Ahr. The applications covered in the study include warehouses, manufacturing, construction, retail & wholesale stores, and others.
These key players are adopting various strategies such as product launch, acquisition, partnership, products launch, and agreement to stay competitive in the forklift battery market.
For instance, Exide Technologies (A battery manufacturer) launched new lithium material handling battery named GNB Sonnenschein. It is used to reduce the total cost of ownership in material handling applications. This has enhanced the product portfolio of the company.
Other players operating in the U.S. forklift battery market are NITCO, American Battery Company, Power Battery Company, Inc., Dyno Battery, Inc., Union Battery Corporation, and others.
The U.S. forklift battery market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021-2030. The report includes the study of the U.S. forklift battery market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Forklift battery market, by type
By type, the lead acid battery segment held the largest market share in 2020. This is attributed to rise in demand for material handling equipment from manufacturing process, warehouses, construction, retail & wholesale, and others. Characteristics of lead acid batteries such as high load bearing capacity and high discharge rate are acting as the drivers in the growth of the U.S. forklift battery market.
By Type
Lead Acid Battery is projected as the most lucrative segment.
Forklift battery market, by capacity
On the basis of capacity, the 0-600 Ahr segment dominated the U.S. forklift battery market in 2020, in terms of share, owing to increase in demand for light weight forklifts from various applications such as retail, wholesale, and other light load applications.
By Capacity
0-600 Ahr is projected as the most lucrative segment.
Forklift battery market, by application
By application, the warehouses segment dominated the highest share in the U.S. forklift battery market in 2020, and is expected to maintain the same during the forecast period. This is attributed to increase in demand for material handling equipment from warehouses for loading, unloading, and handling of materials or products in various industries.
By Application
Warehouses holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
COVID-19 impact on the market
Lockdown imposed due to the outbreak of the COVID-19 pandemic has resulted in temporary ban on the import and export; thereby, disrupting the supply chain and hampering the forklift battery market growth in the second, third, and fourth quarter of 2020. However, the market is expected to recover in the late year or by the first quarter of 2021 as the production of electric vehicles and other batteries restarts.
Key benefits for stakeholders
- The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2030.
- A comprehensive analysis of the factors that drive and restrict the growth of the U.S. forklift battery market is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Estimations and forecast are based on factors impacting the U.S. forklift battery market growth, in terms of value.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current U.S. forklift battery market trends and future estimations from 2021 to 2030, which helps identify the prevailing market opportunities.
U.S. Forklift Battery Market Report Highlights
| Aspects | Details |
 By Type |
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 By CAPACITY |
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 By APPLICATION |
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 Key Market Players | ONECHARGE, FOREVERPURE CORPORATION, BULLDOG BATTERY CORPORATION, TOTAL SE, STORAGE BATTERY SYSTEMS LLC, EXIDE TECHNOLOGIES, CROWN EQUIPMENT CORPORATION, EAST PENN MANUFACTURING COMPANY, FLUX POWER HOLDINGS INC., ENERSYS, GREEN CUBES TECHNOLOGY, ELECTROVAYA INC |
Analyst Review
The U.S. forklift battery market is witnessing a significant growth in response to significant material lifting and handling needs across the country. Conventional forklifts have been replaced by modern forklifts to build a sustainable eco-system and is mainly driving the demand for hydrogen-based forklift batteries across the nation. The introduction of technologically equipped solutions such as robotics assistance and autonomous forklifts in the material handling application is further setting a growth trajectory of the market for the upcoming years. Since, forklift batteries are used in overall manufacturing and material movement applications where productivity and efficiency along with cost are the keys to success.
Emergence of fuel cell forklifts as an alternative to the electric forklift is the key factor in driving the growth of the U.S, forklift battery market in the upcoming years. In addition, expanding warehouse spaces & the manufacturing industry is projected to fuel the growth of the forklift battery market in the U.S. However, high initial cost associated with lithium ion battery is expected to hamper the growth of the U.S. forklift battery market in the upcoming years. Conversely, growth in penetration of green logistics is the key factor expected to create opportunity in the U.S. forklift battery market from 2021 to 2030.
Renowned market leaders such as East Penn Manufacturing Company, Flux Power Holdings, Exide Technologies, and Crown Equipment Corporation are adopting various key growth strategies to strengthen their market position. Furthermore, these companies are focused on product launch, acquisition, and partnership to cater to the increasing demand for forklift batteries.
In terms of revenue growth, the CAGR of the U.S. forklift battery market is 8.5% by 2030.
The potential customers of the U.S. forklift battery market are warehouses, manufacturing, construction, retail & wholesale stores, and others.
To get latest version of U.S. forklift battery market report can be obtained on demand from the website.
On the basis of type, lead acid battery segment will drive the U.S. forklift battery market growth during the forecast period. By capacity, 0-600 Ahr will fuel the U.S. forklift battery market growth. On the basis of application, warehouses segment will drive the growth of the U.S. forklift battery market.
The applications of the U.S. forklift battery market are in manufacturing, energy storage systems, e-mobility and others.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
The key players operating in the U.S. forklift battery market are Bulldog Battery Corporation, Crown Equipment Corporation, East Penn Manufacturing Company, Electrovaya, Enersys, Exide Technologies, Flux Power Holdings Inc., Foreverpure Corporation, Green Cubes Technology, OneCharge, Storage Battery Systems LLC, and Total SE.
Emergence of fuel cell forklifts as an alternative to the electric forklift along with increase in investment toward public and private sectors to maintain the lead in hydrogen economy are expected to be the key trends in the U.S. forklift battery market.
The U.S. forklift battery market size was valued at $810.5 million in 2020, and is projected to reach $1,785.3 million by 2030, growing at a CAGR of 8.5% from 2021 to 2030.
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