Portland, OR, Feb. 27, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global forklift battery market was estimated at $4.32 billion in 2018 and is expected to hit $7.41 billion by 2026, registering a CAGR of 7.04% from 2019 to 2026. The report provides a detailed analysis of the top winning strategies, top investment pockets, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.

Increase in the use of fuel cell forklifts as a substitute to electric forklifts, and development in warehouse spaces drive the growth of the forklift battery market. However, high cost associated with lithium ion battery hampers the growth of the global forklift battery market. On the contrary, the growing penetration of concepts like green logistics is expected to create lucrative opportunities in the near future.

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The lead acid segment to lead the trail by 2026-

Based on type, the lead acid segment accounted for more than three-fourths of the total market share in 2018, and is expected to dominate throughout the forecast period. Simultaneously, the li-ion segment is projected to grow at the fastest CAGR of 7.05% from 2019 to 2026.

The manufacturing segment to rule the roost-

Based on application, the manufacturing segment contributed to more than one-fourth of the global market revenue in 2018, and is anticipated to retain its top status till 2026. The warehouses segment, on the other hand, is anticipated to showcase the fastest CAGR of 7.50% during the study period. The segments of construction and retail & wholesale stores are also analyzed in the market report.

Asia-Pacific to retain its dominance in terms of revenue-

Based on geography, the region across Asia-Pacific garnered the major share in 2018, generating nearly two-fifths of global market. At the same time, Europe is projected to showcase the fastest CAGR of 7.40% during the estimated period. The other two regions assessed in the report include North America and LAMEA.

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Leading market players-

The key market players analyzed in the global forklift battery market report include Southwest Battery Company, EnerSys, Microtex Energy Private Limited, East Penn Manufacturing Company, Hoppecke, Crown Equipment Corporation, Saft, EXIDE INDUSTRIES LTD., Navitas Systems, and SBS Storage Battery Systems, LLC. These market players have incorporated an array of strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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