Canada Forklift Battery Market to be dominated by Manufacturing industry through 2027
High demand from
transportation & logistics industry and increasing demand for connected
forklift truck is expected to drive the demand of Canada forklift battery
market in the forecast period, 2023-2027.
According to TechSci Research
report, “Canada Forklift Battery Market By Type (Curled on Forklift Battery and Pressed on Forklift Battery), By
Demand Category (OEM, Replacement), By Vehicle Type (Forklifts, Lawn Mowers,
Golf Carts, Baby Carriages, Wheelbarrows, Others), By Application (Mining
Vehicle, Construction Vehicle, Others), By Region, Competition Forecast &
Opportunities, 2027”, the Canada forklift battery
market is anticipated to witness a growth of steady CAGR in the forecast
period, 2023-2027. The surge in the use of forklift batteries in the automobile
sector and the changing consumer preference for greener options are the key
factors driving the growth of the Canada forklift battery market. The
government and other organizations have implemented strict regulations and
policies to monitor and check the carbon discharge are fueling the adoption of
electric forklifts across the country.
Market players offering
forklift batteries are continuously working on upgrading the existing
infrastructure and finding innovative solutions to increase the battery
capacity and quick charging time. The high demand for the high-density power
source for forklift machines to support the bulk carrying load capacity of
forklift trucks is expected to create substantial growth opportunities for the
Canada forklift market in the forecast period.
The forklift is an industrial
vehicle with two front power-operated prongs that can be used by moving under
heavy loads in warehouses, shipping depots, and the manufacturing sector to
move and stack materials. Many forklifts are used to transport materials and
products throughout various industries. Batteries that provide power supply to
forklift trucks are known as forklift batteries. They need high energy and
power density. Generally, lithium-ion and lead acid batteries are used as
forklift batteries according to their requirements of material handling.
Lithium-ion batteries are waterless, which makes them maintenance-free, while
the lead acid battery consists of a mixture of electrolyte, sulfuric acid, and
water.
However, the high cost of
lithium-ion battery may restrain the Canada forklift battery market growth for
the forecast period.
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Forklift Battery Market"
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The Canada Forklift
Battery market is segmented into type, application, company, and regional
distribution.
Based on type,
the market is divided into lithium ion, lead acid, and others. The lithium-ion
battery has dominated the market in 2021 and is expected to maintain its
dominance throughout the forecast period. Lithium-ion batteries offer several
advantages over their counterparts, including low charging time, recyclable,
compact and lightweight, and need low maintenance. These batteries have a lower
level of toxic heavy metals than the other types of batteries and boast high
energy density and low discharge rate.
Based on
application, the market is divided into warehouses, construction,
manufacturing, retail & wholesale stores, and others. The manufacturing
industry is expected to capture the largest market share in the forecast
period. The manufacturing industry has a massive need for equipment for
material handling for loading and unloading needs which is the major reason for
the high demand for forklift trucks. Companies in the manufacturing industry
are actively adopting automation technologies to improve their production
capacity. Forklifts reduce the need to invest in manual labor, as they aid the
manufacturers to transfer several products from warehouses to the assembly line
with higher accuracy and speed.
Major market
players operating in the Canada forklift battery market are:
·
Accumulatorenwerke
HOPPECKE Carl Zoellner & Sohn GmbH
·
Crown
Equipment Corporation
·
East
Penn Manufacturing Company
·
Enersys
·
Exide
Industries Limited
·
Microtex
Energy Private Limited
·
NITCO
·
Storage
Battery Systems, LLC
·
Systems
Sunlight S.A.
·
TOTAL
SA
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“The emergence of fuel cell
forklifts as an alternative to an electric forklift is a major trend in the
Canada forklift battery market. Market players are looking for sustainable and
more effective alternatives over the existing forklift battery versions to stay
ahead. High-density and advanced forklift batteries boost the productivity of
forklift trucks. The launch of novel forklift trucks in the market along with
the ongoing construction and infrastructure development activities are expected
to propel the Canada forklift battery market growth till 2027” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Canada Forklift Battery
Market By Type (Lithium ion, Lead Acid, and Others), By Application
(Warehouses, Construction, Manufacturing, Retail & Wholesale Stores, and
Others), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future
growth potential of Canada forklift battery market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Canada forklift battery market.
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