Westford,USA, Dec. 16, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the forklift battery market size will attain a value of USD 7.93 billion by 2031, with a CAGR of 5.50% over the forecast period (2024-2031). Growing emphasis on sustainability and increasing electrification of material handling equipment are slated to bolster forklift battery market growth. Advancements in battery technologies are also expected to boost sales of forklift batteries in the future.
Forklift Battery Market Overview:
| Report Coverage |
Details |
| Market Revenue in 2023 |
$ 5.17 Billion |
| Estimated Value by 2031 |
$ 7.93 Billion |
| Growth Rate |
Poised to grow at a CAGR of 5.5% |
| Forecast Period |
2024–2031 |
| Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Battery Type, Application, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights |
Growing emphasis on the electrification of vehicles |
| Key Market Opportunities |
Use of lithium-ion batteries for their high energy density |
| Key Market Drivers |
Advancements in battery technologies |
Reasonable Pricing of Lead-acid Battery Allows it to Dominate Global Market
Lead-acid batteries are quite simple to use and easy to maintain, which not only makes them highly affordable to purchase but also maintain. High reliability of lead-acid batteries is another factor that is projected to help this segment maintain its high forklift battery market share going forward. Easy recyclability of lead-acid batteries is another benefit that is expected to help them stay popular in the global market landscape.
Surge in Construction Activity Makes it an Attractive Application for Providers
Rapidly increasing investments in infrastructure development around the world has resulted in high construction activity. Growing emphasis on worker safety and improving productivity in construction are slated to be key trends that are slated to promote the adoption of electric forklifts, which in turn, is also estimated to boost forklift battery market outlook.
Forklift Battery Market Insights:
Drivers
- Rising electrification of vehicles and material handling equipment
- Growing emphasis on sustainability
- Increasing acceptance and adoption of electric forklifts
Restraints
- Limited operation time due to low energy density
- Longer charging times for batteries
- High costs of advanced batteries
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