U.S. Forklift Battery Market to Grow from $810.5M in 2020 to $1,785.3M by 2030, Achieving 8.5% CAGR

WILMINGTON, DE , UNITED STATES, July 10, 2024 /EINPresswire.com/ -- The U.S. forklift battery market size was valued at $810.5 million in 2020, and is projected to reach $1,785.3 million by 2030, growing at a CAGR of 8.5% from 2021 to 2030.

𝐅𝐨𝐫 𝐌𝐨𝐫𝐞 𝐃𝐞𝐭𝐚𝐢𝐥𝐬- https://www.alliedmarketresearch.com/us-forklift-battery-market-A07523

Forklift battery is used to power the electric forklifts for proper material handling in various applications, including warehouses, manufacturing, construction, and others. Forklift batteries are classified on the basis of type, including lithium-ion, lead-acid, fuel cell, absorbed glass mat, and others. In the above-mentioned industries, there is need of material handling equipment for loading and unloading of materials & products, which is fulfilled with the help of electric forklifts.

Emergence of fuel cell forklifts as an alternative to the electric forklift is the key factor driving the growth of the U.S. forklift battery market in the upcoming years. In addition, expanding warehouse spaces & the manufacturing industry is projected to fuel the growth of the forklift battery market in the U.S.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: https://www.alliedmarketresearch.com/request-sample/A07523

However, high initial cost associated with lithium ion battery is expected to hamper the growth of the U.S. forklift battery market in the upcoming years. Conversely, growth in penetration of green logistics is the key factor expected to create opportunity in the U.S. forklift battery market from 2021 to 2030.

Depending on type, lead acid battery segment held the highest market share of around 77.7% in 2020, and is expected to maintain its dominance during the forecast period. This is owing to rise in demand for material handling equipment from manufacturing process, warehouses, construction, retail & wholesale, and others. Moreover, lead acid batteries possess high load bearing capacity and high discharge rate, which in turn acts as the driving factors in the growth of the lead acid forklift battery market in the U.S.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐎𝐧 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/c93646de709e76f19aa6d6313fe4ce4f

On the basis of battery capacity, the 0-600 Ahr segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to increase in demand for light weight forklifts from various applications such as retail, wholesale, and other light load applications is expected to drive the growth of the U.S. forklift battery market during the forecast period. In addition, there is rise in use of electric motor rider trucks, narrow aisle trucks, hand trucks, and other light capacity forklifts, which in turn increases the demand for forklift batteries with capacity ranging from 0 to 600 Ahr.

On the basis of application, the warehouses segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 9.1%. This is owing to increase in demand for material handling equipment from warehouses for loading, unloading, and handling of materials or products in various industries. Technological advancements and their incorporation in the warehouse material management is another factor that fuels the growth of this segment.

The U.S. forklift battery market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Bulldog Battery Corporation, Crown Equipment Corporation, East Penn Manufacturing Company, Electrovaya, Enersys, Exide Technologies, Flux Power Holdings Inc., Foreverpure Corporation, Green Cubes Technology, OneCharge, Storage Battery Systems LLC, and Total SE.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/A07523

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

In 2020, the lead acid battery segment accounted for majority of the share of the U.S. forklift battery market, and is expected to maintain its lead throughout the forecast period.
In 2020, the lead acid battery segment accounted for around 77.71% of the share in the U.S. forklift battery market, and is expected to maintain its dominance till the end of the forecast period.
In 2020, the 0-600 Ahr battery capacity segment is accounted for 62.96% market share in 2020, and is anticipated to grow at a rate of 64.02% in terms of revenue, increasing its share in the U.S. forklift battery market.
Warehouses is the fastest-growing segment in the U.S. forklift battery market, expected to grow at a CAGR of 9.1% during 2021-2030.
In 2020, warehouses dominated the U.S. forklift battery market with more than 29.36% of the share, in terms of revenue

David Correa
Allied Market Research
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