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

India Forklift Battery Market was worth US$ 587.30 Mn in 2020 and total revenue is expected to grow at a rate of 6.6% CAGR from 2021 to 2027, reaching almost US $ 918.67Mn in 2027.



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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.
India Forklift Battery Market Overview:
A rise in the usage of forklift batteries in the auto segment, along with developing automotive businesses, is expected to drive the development of the forklift battery market. Also, increasing disposable incomes together with development and progress are credited to pouring demand for Forklift Battery market. In addition, the current trends towards lightweight & highly efficient batteries at lesser cost will increase the forklift battery penetration.

On the other hand, Fluctuation in costs of lead is anticipated to drop the forklift battery market development. Forklift batteries can be mainly used as scooter batteries, RV batteries & motorcycle batteries. Forklift batteries also can be superior for household electrical storage requirements. Some home storage requirements contain off-grid energy solutions & solar power storage. Forklift batteries can be measured as a green, maintainable solution since lead-acid battery is around 98 percent recyclable. Forklift batteries can sustain a home application for several years at a short cost with a solar battery system; these factors are anticipated to create lucrative opportunities for the forklift battery market during the forecast period.
Very High Demand from Construction industry to Support Development in India:
The Indian market for MHE, accounting for about 13 % market share of the nation’s construction equipment industry has seen a major development in past few years. This development is mainly being motivated by growing investment in infrastructure expansion, rising penetration of innovative technologies, increasing demand for improved automation, & safe operational practices in the manufacturing sector. The market is anticipated to develop at a CAGR of 10 % from 2018 through 2022.

The MHE can be categorized into 4 key groups: storage, engineered systems, industrial trucks, & bulk materials handling. Cranes & forklifts lead the Indian material handling equipment industry. While pick and carry cranes are the main subdivision with a 27 % market share, forklifts have a 12 % share. Slew cranes, crawler cranes & tower cranes together hold for 24 %, while the left over 37 % is filled in by other materials handling equipment.

Now, there are around 50 units in the structured segment for manufacturing material handling equipment in India, & some units exist in the small-scale segment as well. Some of the key local companies operating in the material handling equipment market space are Action Construction Equipment, Elecon Engineering Company, Escorts Construction Equipment, Godrej & Boyce Manufacturing Company, etc. . Many of these firms have while introducing new products in the material handling equipment sectors have also expanded manufacturing capabilities, & made strategic alliances in the hope of a robust business the environment in the future.
The growth in infrastructure schemes will only see a surge in demand for MHE:
Last few years ago, human worker were the major mover of materials. Gradually, realizing the heavyweight that individuals were being made to carry, it became essential to organize MHE. Today, MHE are a common vision at airports, Metros, warehouses, workplaces any place which necessities transportation of goods regularly will have MHE present. They have become a permeating part of life. Of course, MHE would vary in terms of dimensions & types. But consider this: MHE market size was worth at $140 Bn worldwide in the year 2018 & is expected to grow at about 6.34 % CAGR between the years 2019 to 2025.

The increasing penetration of progressive technologies like RFID, IoT in 3PL, food, and retail, & e-commerce industries is pouring development of Material Handling Equipment. The combination of these technologies will support in saving time & costs in industrial processes, leading to improved accuracy & enhanced consumer fulfillment. Firms operating in the market are frequently accepting these technologies to keep their position & to increase a competitive edge. Prominently, equipment has been made safer too.
India Forklift Segment Overview:
Lithium-Ion segment will make a revenue of $xx Mn in the year 2026, with a CAGR 6.87 percent; this is primarily owing to key advantages of lithium ion battery like efficient charging, longer life span & safer operations. In adding, this battery offers affected cost savings. Lithium-Ion segment has prominent share in global forklift battery market; this segment will make a revenue of $XX Mn by the year 2026, at a CAGR of 6.42 percent. This segment has enormous chances owing to the recent invention in the lead acid battery & subsequent advances. Key companies are functioning on new developments which have a mixture of fresh technology with the old ones.

Manufacturing sector has the maximum market share & is expected to register a revenue of $XX Mn during the estimated period, rising at a CAGR of 6.34 percent; this development is because of developments in manufacturing businesses in emerging & established nations. Moreover, Forklift’s multipurpose features in manufacturing like accurate & proper planning, right forklift operation & work environment consciousness is expected to drive the demand for forklifts & finally impel the development of the forklift battery market.

The warehouse sector is the fastest moving sector & is anticipated to generate revenue of $XX Mn by the end of 2026, rising at a CAGR of 6.98 percent, meaningfully due to the huge demand for warehousing forklifts & newly designed forklift batteries, growing the efficiency of logistics. Also, rise in the number of warehousing actions globally, due to the continuous growth of the retail segment is expected to boost the development of forklift battery market.

APAC's share for this market is expected to grow at a CAGR of 6.53 percent by making a revenue of $2,704.2 Mn by the year 2026. APAC region is expected to see a major market share due to extensive development in infrastructure spending, rising number of government projects like airports, renewable energy & sudden flow in warehouses mostly in economies like India & China.

The objective of the report is to present a comprehensive analysis of the India 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 India Forklift Battery Market dynamics, structure by analyzing the market segments and project the India 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 India Forklift Battery Market make the report investor’s guide.
India Forklift Battery Market Scope: Inquire before buying
India Forklift Battery Market key player
• Exide
• Amara Raja Batteries Limited
• Microtex
• UNIK
• Jackvolt
• Micronix
• Eternity
• Amaron Brute
• Others
Frequently Asked Questions:
1) What was the market size of India Forklift Battery Market markets in 2020?
Ans - India Forklift Battery Market was worth US $ 587.30 Mn in 2020.

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

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

4) Which are the worldwide major key players covered for India Forklift Battery Market report?
Ans – Exide, Amara Raja Batteries Limited, Microtex, UNIK, Jackvolt, Micronix, Eternity
Amaron Brute, Others.

5) Which region is dominated in India Forklift Battery Market?
Ans -In 2020, North India region dominated the India Forklift Battery Market