Report : Asia Pacific Forklift Battery Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Lithium-Ion, Lead Acid, and Others) and Application (Warehouses, Construction, Manufacturing, Retail and Wholesale Stores, and Others)
Manufacturing Segment to Dominate Asia-Pacific Forklift Battery Market during 2018–2028
According to a new market research study on “Asia-Pacific Forklift Battery Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 3,390.66 million by 2028 from US$ 1,969.78 million in 2021. The market is estimated to grow at a CAGR of 8.1% from 2021 to 2028. Technological innovations and features such as quick charging is the major factor driving the growth of the Asia-Pacific forklift battery market. However, electric pallet stacker as an alternate of forklift trucks may hinder the growth of Asia-Pacific forklift battery market. The report provides trends prevailing in the Asia-Pacific forklift battery market along with the drivers and restraints pertaining to the market growth.
Because of a massive number of COVID-19 cases in China and India, Asia-Pacific experienced massive impact of the COVID-19 pandemic. According to the Organization for Economic Co-operation and Development (OECD), the pandemic also affected other major economies outside China, such as South Korea, Australia, and Japan. China is one of the leading manufacturing countries in the region, and initially, it was the most affected country in Asia-Pacific. Owing to this, manufacturing facilities witnessed severe conditions and reported low production volumes in 2020. The limited workforce allowed in each of the production facilities resulted in the deceleration of operational activities, which limited the use of forklift trucks in plants and warehouses. Nevertheless, since May 2020, the Chinese manufacturing facilities started operating with a larger workforce, Japan and India are the other two critical countries in the forklift battery market. As China, Japan, Taiwan, and South Korea are known for a strong base of manufacturing units, the adoption of forklift batteries decreased due to the temporary discontinuation of manufacturing plants. However, with businesses resuming their operations, the demand for forklift trucks, and hence, forklift batteries is surging gradually.
The Asia-Pacific forklift battery market is segmented into type, application, and country. Based on the type, the Asia-Pacific forklift battery market is segmented into lithium ion, lead-acid, and others. The lead-acid battery segment holds the largest market share in 2020 and lithium ion is the fastest growing segment in the Asia-Pacific forklift battery market. Based on application, the Asia-Pacific forklift battery market is segmented into warehouses, construction, manufacturing, retail and wholesale stores, and others. The manufacturing segment holds the largest market share in 2020, and warehouse segment is anticipated to grow at the highest CAGR during the forecast period. Similarly, based on country, the market is segmented into China, Japan, India, South Korea, Australia, and rest of Asia-Pacific. China contributed a substantial share in 2020.
Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Crown Equipment Corporation, East Penn Manufacturing Company, EnerSys, Exide Industries Limited, ForeverPure Corporation, Microtex Energy Private Limited, and Saft Groupe SA are among the leading companies in the Asia-Pacific forklift battery market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2018, Exide Industries and Leclanché has announced the launch of a joint venture to build lithium-ion batteries and energy storage solutions for powering the growth of India's electric vehicle market.
Asia-Pacific Forklift Battery Market, By Country, 2020 and 2028 (%)
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