The latest market report published by Credence Research, Inc. “Global Lithium-lon Forklift Batteries Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Lithium-lon Forklift Batteries Market generated revenue of around USD 1,971.53 million in 2021 and is anticipated to grow a CAGR of over 7.00% during the forecast period from 2021 to 2028 to reach around USD 3,254.61 million in 2028. While, cumulative growth opportunity presented by the global Lithium-lon Forklift Batteries is around USD 18.75 billion during 2022 to 2028.
Global Lithium-lon Forklift Batteries Market, 2021 – 2028 (USD Million)
The lithium-ion batteries market will undergo a high expansion rate over the coming years. This will be due to several factors. One key factor is the consistent improvement in battery technology. Advanced lithium metal batteries have been developed that could add to the benefits of these kinds of rechargeable batteries.
Lithium metal batteries have several advantages over conventional lithium-ion batteries. They can, for instance, store more charge and charge up much more quickly. The low energy storage capacity and the long charging times are key drawbacks of batteries. Lithium metal batteries look set to mitigate these drawbacks. Research and development have been going on for decades to make these solid-state batteries viable. The key drawback has been the poor stability of these batteries.
24V and 36V Lithium-lon Forklift Batteries to Grow at Rapid Pace
12V, 24V, 36V, 48V, 80V and Others are some of the important types of Lithium-lon Forklift Batteries used across different industries. However, 24V and 36V Lithium-lon Forklift Batteries are growing in demand with increasing usage across various industries. 80V Lithium-lon Forklift Batteries are expected to exhibit sluggish growth rate. 24V and 36V Lithium-lon Forklift Batteries held over 40% in 2021.
Warehouse Application to Grow at Rapid Pace
Warehouses, Factories, Distribution Centers, Construction, Retail & wholesale stores and Others are major application for the global Lithium-lon Forklift Batteries industry. Lithium-lon Forklift Batteries demand is dominated by warehouse, distribution centers, retail & wholesalers’ industry. Collectively these segments held over 50% share in 2021. While, construction and manufacturing also occupy significant share in 2021.
Europe is Leading Lithium-lon Forklift Batteries Demand
Europe is leading the luxury sleepwear industry with over 30% share in 2021. While. Asia Pacific is growing at a rapid pace. North America is holding second largest market share in 2021. Latin America and Middle East & Africa are smaller market and also expected to have less impact on movement of global Lithium-lon Forklift Batteries market.
Major players operating in the Lithium-lon Forklift Batteries industry include but not limited to BSLBATT, Crown Battery, East Penn Manufacturing, Electrovaya, EnerSys, Exide Technologies, Flux Power Holdings, Inc, GS Yuasa, Hitachi Chemical, Hoppecke, MIDAC, Saft, SYSTEMS SUNLIGHT and Triathlon Batterien GmbH. Global Lithium-lon Forklift Batteries market is characterized by the presence of large number of manufacturers across the world. Increasing production capacity in order to achieve economies of scale and growing in market share is primary focus of the industry participants.
Global Lithium-lon Forklift Batteries Market by Type, 2016 – 2028
Global Lithium-lon Forklift Batteries Market by Distribution Channel, 2016 – 2028
- Distribution Centers
- Retail & wholesale stores
Global Lithium-lon Forklift Batteries Market by Company, 2016 – 2028
- Crown Battery
- East Penn Manufacturing
- Exide Technologies
- Flux Power Holdings, Inc
- GS Yuasa
- Hitachi Chemical
- SYSTEMS SUNLIGHT
- Triathlon Batterien GmbH