Report : North America 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)
Lead–Acid Segment to Dominate North America Forklift Battery Market during 2018–2028
According to a new market research study on “North America Forklift Battery Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 1,719.26 million by 2028 from US$ 1,094.73 million in 2021. The market is estimated to grow at a CAGR of 6.7% from 2021 to 2028. Technological innovations and features such as quick charging is the major factor driving the growth of the North America forklift battery market. However, electric pallet stacker as an alternate of forklift trucks may hinder the growth of North America forklift battery market. The report provides trends prevailing in the North America forklift battery market along with the drivers and restraints pertaining to the market growth.
Owing to favorable government initiatives to boost innovations and reinforce infrastructure capabilities, North America has the highest acceptance for emerging technologies. Any impact on industries in the region hampers the region's economic development. The US is the world's worst-affected country due to the COVID-19 pandemic. The country is home to a large number of industrial and forklift battery players, and the outbreak has severely affected the production performance of each of them due to disturbances in the supply chain of battery components. In addition, the region witnessed a slowdown in manufacturing industries during the first two quarters of 2020, and this factor has reduced the operations in factor and warehouses. The underperformance of forklift battery market players in North America is also attributed to limited human movement and shuttering of manufacturing units during the first half on 2020.
The North America forklift battery market is segmented into type, application, and country. Based on the type, the North America 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 North America forklift battery market. Based on application, the North America 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 the US, Canada, and Mexico. The US 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; OneCharge; Saft Groupe SA; and Storage Battery Systems, LLC are among the leading companies in the North America 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 2021, OneCharge Lithium Batteries announced the opening of its company headquarters and new manufacturing facility in Garden Grove, CA. The new site is three times the size of the earlier company premises. This move is a response to the increasing market demand for various OneCharge lithium batteries.
North America Forklift Battery Market, By Country, 2020 and 2028 (%)
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