Manufacturing Segment to Dominate Europe Forklift Battery Market during 2018–2028

According to a new market research study on “Europe Forklift Battery Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 2,027.54 million by 2028 from US$ 1,326.58 million in 2021. The market is estimated to grow at a CAGR of 6.2% from 2021 to 2028. Rising logistics and warehouses is the major factor driving the growth of the Europe forklift battery market. However, electric pallet stacker as an alternate of forklift trucks may hinder the growth of Europe forklift battery market. The report provides trends prevailing in the Europe forklift battery market along with the drivers and restraints pertaining to the market growth.

The impact of the COVID-19 pandemic differed in every country across Europe as selected countries witnessed an increase in the number of cases and subsequently attracted strict as well as longer lockdown periods or social isolation. Western European countries such as Germany, France, Russia, and the UK experienced a comparatively modest decrease in their growth activities in 2020 because of their strong healthcare systems. Moreover, European governments made tremendous investments in incorporating technologies in their healthcare systems for the efficient diagnosis of the disease. The UK has a widely spread logistics and transportation sector that handles significantly huge volumes of food and beverages, pharmaceuticals, and chemicals. As a result, the demand for forklift trucks has been high to move higher volumes of pharmaceuticals and consumer goods from the production units to warehouses. As Germany, Denmark, the Netherlands, Switzerland, and Italy are the prominent exporters of medicines and drugs, the deployment of forklift batteries in pharma businesses in these countries is expected to rise in the coming years. Despite the disrupted the supply chains of forklift batteries in the initial phases of the COVID-19 pandemic, the market has recovered with time.

The Europe forklift battery market is segmented into type, application, and country. Based on the type, the Europe 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 Europe forklift battery market. Based on application, the Europe 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 France, Germany, UK, Italy, Russia, and rest of Europe. Germany 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 Europe 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 2020, Crown launched its own V-Force branded solutions for customers who were seeking to improve forklift performance by using lithium-ion technology. Crown’s V-Force Energy Storage Systems (ESS) consists of lithium-ion batteries and chargers.

Europe Forklift Battery Market, By Country, 2020 and 2028 (%)

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com