Forklift Battery Market to Reach US$ 6.5 Billion by 2028 According to the latest research report, the global forklift battery market size reached US$ 4.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.
Global Forklift Battery Market Trends and Drivers:
The increasing demand for efficient warehouse management systems and material handling equipment in various industries, such as automotive, e-commerce, food & beverages (F&B), and construction, is driving the demand for forklift batteries. Significant advancements in battery technology and the emphasis on sustainability have fueled the adoption of electric and hybrid forklifts, which rely on batteries for operation, creating a positive outlook for market expansion. Additionally, the rising popularity of battery technologies, such as lithium-ion, due to their long life cycle, high energy density, and fast charging capability, is further propelling the market. Moreover, the implementation of increasingly stringent environmental regulations is encouraging the shift from internal combustion engine forklifts to electric forklifts, further bolstering the demand for forklift batteries. The rise in automation and the advent of Industry 4.0 have facilitated the need for more efficient, durable, and fast-charging power solutions, contributing to the market's growth. Concurrent with this, ongoing technological advancements, such as the integration of the Internet of Things (IoT) and artificial intelligence (AI) in forklifts to increase operational efficiency, are creating a surge in the forklift battery market.
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On the basis of the type, the market has been divided into lithium-ion battery, lead–acid battery, and others.
Based on the sales channel, the market is bifurcated into OEM and aftermarket.
On the basis of the application, the market has been segregated into warehouses, manufacturing, construction, retail and wholesale stores, and others.