China Forklift Battery Market Analysis and Forecast (2021-2027) by Type, and Application.

China Forklift Battery Market is expected to reach US$ 811.26 Mn. by 2027 at a CAGR of 6.87 during the forecast period.
China Forklift Battery Market Overview:
Forklift is a major industrial vehicle with 2 front power-operated spikes which can be moved under heavy loads & then elevated in warehouses, shipping yards among others for moving & loading materials. Forklifts are mainly powered by electricity, diesel or CNG. Many forklifts permit operators to sit while the machine is driving & operating, while others need the operator to stand. It is extensively used for the shipping of materials & products throughout many industries. A forklift battery is also used to deliver a mass counterbalance, which supports in forklift’s lifting capacity.

Forklift battery includes of battery case, battery cell, battery bars & battery cables. The most common forklift battery is lead acid & lithium ion.

The forklift battery market is expected to raise on account of extraordinary demand for forklifts by some end user industries which in turn rises the necessity for battery to run the forklift. Growing revolutions in batteries, like high storage capacity & long battery life which improves battery effectiveness is further endorsing the demand for forklift batteries among the end use applications. Due to the development of retail industry & the rising need for forklifts in warehouse & distribution hubs, the market for forklift battery is expected to raise steadily during the forecast period.

The China forklift market is expected to record a CAGR of about 5.87% during the forecast period. The market is classified by type into lead acid, lithium ion & others, out of which, the lead acid sector is expected to hold the major market share in the forklift battery market on account of its wide usage in most end-use businesses. The lead-acid battery delivers an efficient & highly better combination of power & counterbalance.
Increasing Demand for Forklifts Supported By Growing Industrial Output:
According to the MMR study report, the exported value of forklift trucks has doubled during the last decade growing from USD 16,410,267 thousand in the year 2014 to USD 20,341,315 thousand in the year 2019. Since the usage of smartphone is on the rise during the past few years, online shopping is playing a major role in the e-commerce market. On account of the global development of e-commerce & retail industry, a maximum number of warehouses is being recognized which desires forklift in order to adjust their goods. The increasing demand for forklifts in the end use applications is expected to lift the forklift battery market.
Global Export of Forklift trucks:


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Growing Acceptance of Electric Powered Forklifts:
Latest improvement of technologies like fleet management, connected vehicles & IoT- enabled devices in forklifts has managed to a huge number of businesses to accept electrical forklifts. These are power-driven by electric motor as a replacement for of an internal combustion engine using whichever rechargeable forklift batteries or grid power. Electrically functioned forklifts do not release CO2 or any NOx toxins, which is driving the acceptance of electric forklifts by end use industry & in turn fuel the development of forklift battery market.
Price fluctuation In Lead & High Price Range of Lithium Batteries:
One of the major factors hindering the development of the forklift battery market is the changing price of raw materials required in the manufacturing of the batteries. As an effect, these hinders the productivity of the makers operating in the worldwide forklift battery market. In addition, the high cost of Li-Ion batteries & the risk of alternatives like gasoline & propane are expected to pose a serious threat to the forklift batteries market.

1,493,271 forklifts were sold globally in the year 2019, up 0.25 percent YoY, with 647,229 ones or 43.3 percent sold in APAC. As the major manufacturer & seller of forklifts about the globe, China-made forklift sales touched 608,341 units in the year 2019 of which 74.9 percent were distributed in the country (China). China's forklift sales are projected to drop to 573,172 units as an effect of the Corona Virus pandemic in the year 2020, but it will improve through 2021-2026 & rise to 743,924 units in the year 2026.

Currently, internal combustion forklifts sell is maximum in China & the sales of this type reported 309,704 units in the year 2019, accounting for 20.9 percent of forklift sales, even as electric forklifts appreciated a faster sales progress rate than internal combustion category, with the sales CAGR of 21.2 percent in China between the year 2010-2019. It is estimated that electric forklift sales will retain a progress rate of seven percent or so from 2021 to 2026 together with the ever stricter ecofriendly necessities. Lithium battery forklift sales grew & filed by 185.5 percent on a yearly basis to 74,737 units in China in the year 2019, as a % of electric forklifts from 9.31 percent in the year 2018 to 25.03 percent in the year 2019.

It is worth stating that the industrial vehicle market will be increasing in the awaken of economic reform in China, and medium- & high-end internal combustion forklifts, electric & new energy forklifts, and mobile internet skills, will catch inclusive application. The aftermarket value-added facilities such as operating lease, financial leasing, fittings & remanufacturing will spring up. It is believable that the originalities which are capable enough for innovation-oriented advanced manufacturing, value-added actions & international actions will grip sustainability in future.

2020 is considered as a base year to forecast the market from 2021 to 2027. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years trends are considered while forecasting the market through 2027. 2020 is a year of exception and analyzed specially with the impact of lockdown by region.

The objective of the report is to present a comprehensive analysis of the China Forklift Battery Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the China Forklift Battery Market dynamics, structure by analyzing the market segments and project the China Forklift Battery Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the China Forklift Battery Market make the report investor’s guide.
China Forklift Battery Market Scope: Inquire before buying

China Forklift Battery Market key player
• EnerSys
• Hoppecke
• East Penn Manufacturing
• Exide Technologies
• Hitachi Chemical
• GS Yuasa
• Systems Sunlight
• Saft
• Electrovaya
• FAAM
• LEOCH
• Tianneng Battery Group
• Zibo Torch Energy
• Shandong Sacred Sun Power Sources
• Camel Group
• Yingde Aokly Power Co
• BSLBATT
• Yantai Goldentide Unikodi Battery Co
• Jiangsu Frey New Energy Co
Frequently Asked Questions:
1) What was the market size of China Forklift Battery Market markets in 2020?
Ans - China Forklift Battery Market was worth US $ 932.30 Mn in 2020.

2) What is the market segment of China Forklift Battery Market markets?
Ans -The market segments are based on Type, Application.

3) What is forecast period consider for China Forklift Battery Market?
Ans -The forecast period for China Forklift Battery Market is 2021 to 2027.

4) Which are the worldwide major key players covered for China Forklift Battery Market report?
Ans – EnerSys. Hoppecke, East Penn Manufacturing, Exide Technologies, Hitachi Chemical
GS Yuasa, Systems Sunlight, Saft, Electrovaya, FAAM, LEOCH, Tianneng Battery Group, Zibo Torch Energy, Shandong Sacred Sun Power Sources, Camel Group, Yingde Aokly Power Co
BSLBATT, Yantai Goldentide Unikodi Battery Co, Jiangsu Frey New Energy Co.

5) What are the market opportunities Forklift Battery Market?
Ans -Technological modernization in forklift trucks & improved the total operational efficiency at warehouses.