Forklift Lead-Acid Batteries Market

Market Overview

The Global Forklift Lead-Acid Batteries Market Size is projected to register a CAGR of 7% during the forecast period 2023-2031.

Rechargeable forklift lead-acid batteries are popular because of their cheaper price and good power-to-weight ratio. They are referred to as motive batteries, or the vehicle's motor. A forklift battery may weigh anywhere from 800 to 4,000 lbs, compared to the typical vehicle battery's weight of around 40 lbs. A forklift typically weights 9,000 lbs in total. That is the same as 5 buffaloes of ordinary size.

For material handling and transportation needs, forklifts are widely utilized in a variety of sectors, including manufacturing, logistics, and construction.

Forklifts often employ lead-acid batteries because of their high level of dependability, durability, and affordability. These batteries are intended to power electric forklifts, which are becoming more and more popular due to their efficiency and environmental friendliness.

Due to the rising demand for electric forklifts across a range of sectors, the growing emphasis on sustainability, and the requirement to adhere to environmental standards, the forklift lead-acid batteries market share is anticipated to expand considerably over the next few years.

Market Dynamics

Market Drivers

• Fuel Cell Forklifts As an Electric Forklift Substitute

The market for lead acid batteries used in forklifts may be impacted by the development of fuel cell forklifts as an electric forklift substitute. The most used battery type for electric forklifts right now is lead acid, but as fuel cell forklift adoption increases, lead acid battery use may be on the decline.

Compared to electric forklifts, fuel cell forklifts offer the benefit of longer running times and shorter refilling times, which may make them more desirable to firms with high throughput operations. As a result, over time, there could be less of a need for the lead acid batteries used in electric forklifts.

Overall, the market for lead acid batteries used in forklifts may be impacted by the development of fuel cell forklifts.

• The Growth of Manufacturing and Warehousing Areas

The market for forklift lead acid batteries is driven by the growth of manufacturing and warehousing areas. Forklifts are an essential component of material handling activities in various sectors, and lead acid battery-powered electric forklifts are frequently utilized since they have less noise, pollution, and running expenses than internal combustion engine forklifts.

In addition, as automation technologies frequently rely on electric forklifts for material handling activities, the trend towards automation in these industries may further increase demand for electric forklifts and lead acid batteries. The market for forklift lead acid batteries is anticipated to be primarily driven by the growth of manufacturing and warehouse space.

Market Restraints

The market for forklift lead acid batteries is severely constrained by the short battery life of lead acid batteries. These batteries can only be charged and discharged a certain number of times before their capacity and performance starts to deteriorate, resulting in a shorter runtime and less efficient material handling activities. High ambient temperatures, overcharging or undercharging, and deep discharge can all hasten this degrading process. Since the forklift operators must buy new batteries and dispose of the old ones, the routine replacement of lead acid batteries can raise their overall cost of ownership. Moreover, battery replacement downtime can reduce production and raise personnel expenses.

Lead acid batteries can also have their lifespan extended by performing routine maintenance and using the right battery charging techniques. These practices include checking battery water levels, avoiding overcharging and deep discharging, and performing periodic equalization charging to balance cell voltages. Overall, the market for forklift lead acid batteries faces significant challenges due to the limited battery life of lead acid batteries.

Market Opportunities

• Product Development Due to Technological Advancements

Several of the challenges that the market for forklift lead acid batteries is now encountering, such as short battery life and lengthy charging periods, may be solved by advancements in battery technology, opening up chances for more dependable and affordable solutions.

The creation of improved lead acid batteries is one of the key areas of battery technology improvement. To enhance performance and lengthen battery life, these batteries make use of novel materials including nano-particles and carbon additions. For instance, nano-materials can enhance the surface area of the active material, boosting charge absorption and cutting down on charge time, while carbon additions can lower sulfation, which is a typical reason for battery failure.

In general, improvements in battery technology offer chances for the market for forklift lead acid batteries to offer more dependable and affordable options. By addressing market challenges including short battery lives and lengthy charge periods, these developments can help make material handling operations more productive and sustainable.

Market Scope

Segmental Analysis

Segment By Type

• VRLA Batteries

The positive grid of a valve-regulated lead acid battery (VRLA) is made of the proprietary MFX alloy, which has outstanding deep discharge characteristics. For the negative grid, it also features a lead calcium alloy that is generally praised for being maintenance-free.

• Flooded Lead Acid Batteries

When the electrodes or plates are submerged in the electrolyte, the cell is said to be flooded. Distilled water must be periodically supplied to replenish the electrolyte because gases produced while charging are released to the atmosphere.

Segment By Application

• Warehouses

Warehouses are one of the major applications of forklift lead-acid batteries. These batteries are extensively used in warehouses to power electric forklifts. The increasing demand for electric forklifts in warehouses is expected to drive the growth of the forklift lead-acid batteries in this segment. Additionally, the adoption of automation in warehouses is also contributing to the growth of this segment.

• Factories

Factories are another significant application area for forklift lead-acid batteries. In factories, electric forklifts powered by lead-acid batteries are widely used for material handling and movement. The increasing emphasis on safety and efficiency in factories is expected to drive the growth of this segment.

• Distribution Centers

Distribution centers are also a major application area for forklift lead-acid batteries. These batteries are extensively used in electric forklifts for the movement of goods and materials in distribution centers. The increasing demand for electric forklifts in distribution centers is expected to drive the growth of the forklift lead-acid batteries in this segment.

Regional Analysis

The Global Forklift Lead-Acid Batteries Market is segmented by region as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Asia Pacific

A number of nations are seeing rapid growth in the forklift lead-acid batteries as a result of expanding industrialization and urbanization. Government encouragement of the expansion of manufacturing businesses and low operating expenses in the area as a result of low labour costs are two factors that have contributed to the rapid industrialization of the Asia Pacific region. With its "Made in India 2.0" effort, India serves as a particularly good illustration of industrial strategy that is led by the government. To boost domestic output, the government has implemented a Performance Linked Incentive (PLI) program. The government has also been compelled to promote electronics production and work towards achieving self-sufficiency in semiconductor manufacture by geopolitical realities and severe supply chain shortages.

Parallel to this, China's government has unveiled the "Made in China 2025" plan to boost investments in the country's manufacturing sector in order to become a worldwide leader in high-tech manufacturing. Also, the expanding middle class and their increased discretionary incomes are increasing consumer demand, which is encouraging more manufacturing enterprises to locate their operations in developing nations. These industrialization-related advances in emerging nations are anticipated to strengthen the infrastructure and manufacturing sectors, which is creating a significant need for forklift trucks to carry out their everyday tasks efficiently. As a result, the expansion of the Asia-Pacific forklift lead-acid batteries market analysis is being driven by the increased demand for forklift trucks.

Key Players

1. EnerSys
2. Hoppecke
3. Hitachi Chemical
4. GS Yuasa
5. FAAM (Seri Industrial)
6. Zibo Torch Energy
7. Goldentide Unikodi Battery
8. LEOCH
9. Xunqi Storage Battery
10. SYSTEMS SUNLIGHT
11. Exide Technologies
12. BAE Batterien
13. Eternity Technologies
14. TAB
15. Amara Raja Batteries
16. Sebang
17. Triathlon Batterien GmbH
18. East Penn Manufacturing
19. Tianneng Battery Group
20. Crown Battery
21. Microtex
22. Banner Batteries
23. MIDAC
24. SBS Battery
25. Yingde Aokly Power