Electricity plays a crucial role in modern life. Forklift battery possess a broad range of applications. Historically, the term ‘battery’ was used to refer to a device composed of multiple cells, but the usage of batteries has evolved substantially to include devices composed of a single cell. Demand for electricity is increasing exponentially around the world. Governments in various countries are undertaking modernization and development of their power generation infrastructure. Both developed and developing countries are undertaking efforts to develop new power generation, transmission, distribution infrastructure and revamp existing infrastructure.
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The forklift battery market can be segmented based on type, application, and region. Based on type, the forklift battery market can be classified into lead-acid battery, nickel-cadmium battery, and sodium-sulfur battery. Lead-acid batteries power most of the electric forklifts manufactured globally. These batteries are cost-effective and offer benefits such as high resilience in difficult environmental conditions involving dirt, chemicals, and vibrations. The maintenance costs of lead-acid batteries could be monitored and improved with inexpensive technology to reduce the total cost of ownership. Advanced charging technologies can bring up the efficiency to 90%, with power factors approaching 99%. It helps in keeping utility costs economical. In terms of application, the forklift battery market can be categorized into warehouse, manufacturing, construction, and others.
Electric forklifts are being replaced by fuel cell forklifts. Technical innovations such as fast and opportunity charging during operator downtime add to the cost efficiency of lead-acid batteries. Rise in demand for green products is a major trend in the forklift battery market. Manufacturers of forklift batteries are increasingly focusing on developing efficient quality batteries with less detrimental impact on the environment. The tensile strength and fatigue strength of the forklift battery joint are low. These are some of the restraints of the forklift battery market. Technological advancements are emerging in order to reduce forklift battery manufacturing cost with an aim to provide environmentally friendly and safe electrical solutions.
In terms of region, countries in Asia Pacific such as India, China, and Japan are investing significantly in development of forklift batteries with environmentally friendly and halogen-free insulation. Several end-users are replacing their old equipment such as transmission and distribution transformers, power cables, circuit breakers, and switchgears with technically advanced transmission and distribution equipment to revamp their existing transmission networks. It is widely used to store electricity. North America offers high potential for the forklift battery market. The usage of forklift batteries is expected to increase in North America, as the U.S. government plans to refurbish infrastructure and produce eco-friendly energy distribution and transmission control systems. This is driving demand for forklift batteries.
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Countries in Europe such as Germany, France, Sweden, and the U.K. are increasing their focus on infrastructure investments for the development and improvement of renewable energy projects. This is anticipated to create the need to connect renewable energy sources to the grid network, thereby augmenting the usage of forklift batteries due to their properties such as low transmission loss. The forklift battery market in Middle East & Africa is anticipated to expand in the near future. Countries such as Saudi Arabia, Kuwait, Bahrain, and Qatar have invested significantly in forklift batteries for development of infrastructure.
Key players operating in the forklift battery market include Exide Industries, East Penn Manufacturing, Navitas System, Chloride Batteries, and Johnson Controls.
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