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Global Forklift Battery Charger Market Report 2018, & 2019-2023 - ResearchAndMarkets.com

November 5, 2019 GMT

DUBLIN--(BUSINESS WIRE)--Nov 5, 2019--

The “Global Forklift Battery Charger Market, 2018 - 2023” report has been added to ResearchAndMarkets.com’s offering.

Global forklift truck sales are expected to grow 4.7% from 2018 to 2023 due to sustained growth in the top truck markets of North America, Europe, and the Asia Pacific.

The creation of new infrastructure along with increasing penetration of e-commerce bolsters the growth of forklifts in the freight and logistics sector.

Stricter emission regulations and increasing focus on energy efficiency have resulted in forklift manufacturers developing battery-powered electric forklifts. The adoption of Euro Stage V emission norms from 2019 across the European Union will require diesel forklifts fitted with advanced DPF after-treatment systems. Electric forklifts in North America, Europe, and the Asia Pacific are estimated to grow at a 5.1% CAGR during 2018-2023.

Lead Acid is expected to be the predominant battery chemistry with more than 90% penetration across the forecast period due to affordable pricing, long lifecycle, safe chemistry, and low operational cost. Lithium-ion batteries are an emerging market for material handling equipment with a few product lines launched by each of the major material-handling companies. Improvement in operational efficiencies and reduction of energy consumption are driving innovation in battery chemistry.

Forklifts based on class are segmented into class 1, class 2, class 3, and class 4 /5 trucks. Class 3 is likely to witness a high growth rate of 4.9% CAGR due to high demand in the warehouse and material handling departments. Distributors are expected to propel the demand for forklifts in wholesale and retail distribution segments for transportation activities across different regions and for surplus goods stocking. There is a trend toward large end-users looking to purchase directly as they consolidate margin dollars, while OEMs in the lift truck markets are looking to expand their verticals in areas such as chargers, lithium batteries, and battery services.

Operational savings and increasing productivity and safety have increased penetration of fast charging globally. The higher charging rate and frequent charging eliminates the need for additional batteries and improves driver productivity as they do not spend time on changing batteries on two/ three shifts.

However, major challenges exist in the form of lower battery life and higher operating temperature. Fast charging has seen stronger penetration in the NA region while the Asia Pacific is more inclined towards opportunity charging. Globally, fast charging is expected to constitute 27% of the total charging market in 2023.

Major participants are establishing their dominance by enhancing their product portfolios in order to cater to varying end-user applications.

Some of the companies featured in this study are Enersys, GNB Exide, Fronius, Hoppecke, Rege Associates, Sirius Controls, Midac, Youngenergy, Ametek Prestolite, and Advanced Charging Technologies (ACT).

Key Topics Covered:

1. Executive Summary

2. Research Scope, Objectives, Background, and Methodology

3. Definitions and Segmentation

4. Market Overview

5. North American Forklift Market

6. European Forklift Market

7. Asia-Pacific Forklift Market

8. Global Forklift Battery Charging Company Profiles

9. Growth Opportunities and Companies to Action

10. Conclusions and Future Outlook

For more information about this report visit https://www.researchandmarkets.com/r/ukcuky

View source version on businesswire.com:https://www.businesswire.com/news/home/20191105005622/en/

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SOURCE: Research and Markets

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PUB: 11/05/2019 07:24 AM/DISC: 11/05/2019 07:24 AM