Report : South 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)
Manufacturing Segment to Dominate South America Forklift Battery Market during 2018–2028
According to a new market research study on “South America Forklift Battery Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 255.27 million by 2028 from US$ 177.25 million in 2021. The market is estimated to grow at a CAGR of 5.3% from 2021 to 2028. Technological innovations and features such as quick charging is the major factor driving the growth of the South America forklift battery market. However, electric pallet stacker as an alternate of forklift trucks may hinder the growth of South America forklift battery market. The report provides trends prevailing in the South America forklift battery market along with the drivers and restraints pertaining to the market growth.
In South America, Brazil has reported the highest number of COVID-19 cases, followed by Ecuador, Peru, Chile, and Argentina. The continuous growth in the number of patients compelled governments to put a bar on the transportation of humans and goods in 2020. The manufacturing sector witnessed severe losses due to temporary factory shutdowns and low production volumes, which hindered the growth of retail, e-commerce, manufacturing, and logistics sectors. Additionally, the social or physical distancing measures put limitations on the operations of logistics and other service providers. This disruption resulted in a decline in material handling jobs. Due to the disruption of the supply chains of major manufacturing industries, the need for goods handling at plants and warehouses also decreased. On the contrary, due to the continued operations of essential goods such as food & beverages, pharmaceuticals, and healthcare equipment, the demand for material stacking and inter-logistics handling work continued to spur, which contributed to the persistent adoption of forklift trucks, thereby contributing to the forklift battery market growth in South America. Moreover, irrespective of disruptions caused by the COVID-19 pandemic, many businesses resumed their operations in late 2020, which is further likely to boost the demand for forklift trucks and forklift batteries in this region in the coming years.
The South America forklift battery market is segmented into type, application, and country. Based on the type, the South 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 South America forklift battery market. Based on application, the South 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 Brazil, Argentina, and rest of South America. Brazil 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 South 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 2019, East Penn Manufacturing Company announced the release of its new Deka Ready Power Li-ion forklift battery. The Deka Ready Power features power on demand with a safe yet high-powered Li-ion technology which offers high energy density, long cycle life and rapid recharge.
South America Forklift Battery Market, By Country, 2020 and 2028 (%)
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