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.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 177.25 Million |
| Market Size by 2028 | US$ 255.27 Million |
| CAGR (2021 - 2028) | 5.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South America Forklift Battery Market is valued at US$ 177.25 Million in 2021, it is projected to reach US$ 255.27 Million by 2028.
As per our report South America Forklift Battery Market, the market size is valued at US$ 177.25 Million in 2021, projecting it to reach US$ 255.27 Million by 2028. This translates to a CAGR of approximately 5.3% during the forecast period.
The South America Forklift Battery Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South America Forklift Battery Market report:
The South America Forklift Battery Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Forklift Battery Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Forklift Battery Market value chain can benefit from the information contained in a comprehensive market report.
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