Robust of growth of Electric Forklift in industrialisation raised the demand forklift battery in Saudi Arabia
Rising Demand of forklift
battery in industrialisation and warehouse facilities, low operating cost and Advancement
in Battery Technology, is increasing the demand of Saudi Arabia Forklift
Battery Market.
According to the TechSci Research report, "Saudi Arabia Forklift
Battery Market-
By Region, Competition Forecast & Opportunities, 2018-2028F,” the Saudi Arabia Forklift
Battery Market is anticipated to register a rapid CAGR in the upcoming years. Industrialization has
expanded significantly in the last decade, resulting in increased demand for
material handling equipment across industry verticals. The growing emphasis on
sustainability and decreasing fossil fuel emissions has fuelled the adoption of
battery-powered forklifts, which is projected to boost total demand for
forklift batteries in the future years. Because of the increasing adoption of Industry
4.0 standards and expanding digitization, automation in industries has become
commonplace around the world. This trend is increasing the need for
self-driving forklifts and other automated material handling equipment to
improve industrial workflow and productivity.
Also, electric forklifts are
less expensive to operate and significantly minimize downtime for
manufacturers, therefore they have seen increased adoption around the world,
which is predicted to drive exports of electric forklift batteries. Forklift
truck battery demand is to be driven by supportive measures and subsidies
promoting the usage of electric forklift trucks. Furthermore, rising
warehousing operations around the world including in Saudi Arabia are predicted
to be a driving force in the expansion of the forklift battery market over the
next decade. On the other hand, the high cost of lithium-ion batteries is
expected to have some restraint on the
market.
Browse more thanXX
market data Figures spread through 70 Pages and an in-depth TOC on "Saudi Arabia Forklift Battery Market"
Exide Industries Ltd. signed
a multi-year technical partnership agreement with SVOLT Energy Technology Co.
Ltd (SVOLT) for lithium-ion cell technology and manufacturing in March 2022.
The
Saudi Arabia Forklift Battery market can be segmented based on Battery type, Application type, regional distribution and
competitive landscape. By battery type the market is divide into lead-acid and lithium-ion..
Due to its wide application in most industries, the lead-acid battery category
accounted for the biggest forklift battery market share by battery type.
Lead-acid batteries are incredibly cost-effective and have a strong brand image
in the market, which drives their high demand. Despite the growing popularity
of lithium-ion technology, the lead-acid battery class remains the market
leader due to its efficient mix of power and necessary counterbalance. By
application type, the market is segmented into construction, warehouse, retail
& wholesale store, and manufacturing. Among them manufacturing has the
biggest market share.. The manufacturing industry has a wide range of material
handling, loading, and unloading requirements. As a result, the manufacturing
industry has emerged as the leading contributor to forklift batteries. Forklift
trucks are frequently used in material loading and unloading activities in
manufacturing businesses since the generated material or goods must be
transferred to warehouses or other storage locations. As a result, a growth in
industrial output is the primary driver driving up demand for forklift
batteries throughout the country.
Some of the major players operating in the
Saudi Arabia Forklift Battery Market include:
- EnerSys Limited
- Exide Industries Limited
- C&D Technologies Inc.
- FIAMM Energy Technologies S.P.A
- Wisdom Industrial Power Technology Co.,
Ltd.
- Crown Battery
- Foxtron Power Solutions
- East Penn Manufacturing Company
- SBS Storage Battery Systems, LLC
- Onecharge solutions Limited
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“Battery technology is always improving, and some important advances in recent
years have helped new market participants emerge into top names in the forklift
battery business in Saudi Arabia. Therefore, many forklift battery cell
manufacturers are investing in the research and development of new technology
and solutions for forklifts and their batteries to optimize workflow and boost
productivity. "said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Saudi Arabia Forklift Battery Market By Battery Type (Lead- Acid, Lithium-Ion), By
Application Type (Construction, Warehouse, Retail & Wholesale Store,
Manufacturing) , By region, Competition Forecast & Opportunities, 2018- 2028F,
has
evaluated the future growth potential of Saudi Arabia 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 the Saudi Arabia Forklift Battery Market.
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