Growing environmental concerns and carbon emissions have created an urgent need for adopting sustainable energy sources. Several economies across the globe are aiming to achieve net zero carbon emissions by limiting the usage of fossil fuels in favour of electric solutions. This is resulting in the growing employment of electric forklifts across many industries including food and beverage, retail, warehousing manufacturing, logistics, and e-commerce. Paced replacement of diesel power forklifts with electric forklifts is becoming the primary source of growth in the global forklift battery market. Growing battery tech advancements are leading to the introduction of more effective electric forklifts with longer runtimes, faster charging, easier usability, and maintenance among others. Moreover, modern electric forklifts powered by lead-acid, and Li-ion batteries are enhancing the application pool of these machines. Modern electric forklifts are also utilizing sophisticated AI, and automation technologies to boost their effectiveness.
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Growing Focus on Electrification to Bode Well for Electric Forklift Adoption, in Turn Favoring Forklift Battery Market
With increasing scrutiny of carbon emissions and advancements in electric technologies, the manufacturing and warehousing industry is readily adopting electric forklifts. Along with lower emissions, other benefits of employing electric forklifts include lesser noise pollution, reduced heat dissipation, and a reduction in overall cost. As electric forklifts produce lesser heat and have fewer moving parts, these pieces of machinery are easier to maintain, furthering their cost-effectiveness. The global forklift battery market is poised to flourish in such a business landscape. In addition, the development of technologies such as autonomous forklifts is expected to unlock newer opportunities in the market in the years to come.
Increasing Usage of Lead-acid Batteries to Unlock Novel Opportunities for Forklift Battery Market
In recent years, battery technologies have undergone tremendous advancements. These advancements have had a positive impact on the overall forklift battery market. Lead-acid batteries have emerged as one of the most promising types of batteries used in forklifts. Their high reliability, favourable power-to-weight ratio, and superior power backup make them easy to use. They are also highly cost-effective, maintain good energy density and have lower discharge rates. Such a wide array of benefits is fuelling the usage of Lead-acid batteries in electric forklifts. This is enhancing the usability of electric forklifts, thereby propelling the global forklift battery market to greater heights.
Asia Pacific to Lead Forklift Battery Market Amidst Thriving Battery Production, and Co-dependent Industries
Many regional economies in Asia Pacific are becoming a base of battery production due to the presence of mature electronics, semiconductors, and chemical industries in the region. In addition, the adoption of sustainable energy sources such as electric batteries is being promoted throughout the region. Such factors are facilitating the regional forklift battery market to showcase significant growth prospects in the forecast period. Besides, thriving regional industries such as manufacturing, food and beverage, warehousing, and construction are also providing impetus to the regional market growth.
Leading Market Entities
Some of the most notable players competing in the global forklift battery market include Exide Industries Ltd., East Penn Manufacturing Industry Company, Amara Raja Batteries Ltd., Crown Equipment Corporation, ENERSYS, Narada Power Source Co. Ltd., and Trojan Battery Company.
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