Global Forklift Battery Market Predicted to Witness Decline in Market Growth Due to Closure of Manufacturing Plants – Exclusive Report [150 Pages] By Research Dive
11 August 2021
New York, USA, Aug. 11, 2021 (GLOBE NEWSWIRE) -- A recently published report by Research Dive states that the global forklift battery market is predicted to garner a revenue of $6,831.2 million by 2026, rising from $4,231.0 in 2018 at a steady CAGR of 6.2% from 2019-2026.
The in-depth report contains a brief overview of the current scenario of the market, including other aspects such as growth and restraining factors, dynamics of the market, challenges, and opportunities during the forecast period. The report also provides an estimate of the market figures, which makes it easier and simplifies the process for the new participants to understand the real-time scenario of the market.
For More Detail Insights, Download Free Sample Copy of the Report at: https://www.researchdive.com/download-sample/249
The rising awareness among people about the benefits of renewable energy along with its commercialization led to the growth of the global forklift battery market. According to the report, the process of electrification will gain prominence in India due to the release of e-autos, e-two wheelers and more. Also, the presence of a majority of middle class who prefer travelling via buses or 2 wheelers that run on battery is expected to add to the growth of the market in the analysis period
Initially, the batteries and other products connected to forklifts and other electric vehicles were sourced from China, where the prevailing pandic led to closure of several manufacturing plants. This negatively affected the market, but soon after was able to recover owing to efforts by governments. For instance, the Government of India launched an initiative known as Niti Ayog which encouraged the sustainable growth of industries. This is further expected to provide the market with an opportunity to grow post-pandemic.
Factors Affecting the CAGR Figures Pre and Post the Pandemic
The report provides a current update of the CAGR that was witnessed by the market during the pandemic. It states that the global forklift market noticed the CAGR decreasing to 6.6% in the post-pandemic analysis, while in the pre-COVID timeframe it stood at 6.2%.
Factors Causing Change in Market Size Pre and Post Covid-19
As per the report, the market revenue also reduced drastically. The analysis stated that before the pandemic, the revenue was estimated to be over $4,784.7 million in 2020, but as a result of the coronavirus, the revenue is anticipated to drop to $2,870.8 million. The initial lockdown guidelines, closure of borders as well as industries being shut down permanently resulted in the slowdown in the growth of the market. The market is expected to recover by the 3rd or 4th quarter of 2022.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/249
Key Players of the Market
The report also provides a list of key players whose various initiatives have been contributing to the growth of the global forklift battery market. These include -
- Crown Equipment Corporation
- Microtex Energy Private Limited
- Storage Battery Systems, LLC
- East Penn Manufacturing Company
- Exide Industries Ltd
- Navitas System, LLC Corporate
- Southwest Battery Company
- Johnson Controls
For instance, in August 2020 Crown Equipment Corporation, launched a brand new portfolio of products meant for forklifts. It contains upgraded versions of the lithium-ion batteries along with chargers. By opting for the portfolio, people can also avail services from skilled technicians at their desired locations to ensure that the products are functioning efficiently.
Post- COVID 19 Predictions
The report provides an estimation that the global forklift battery market is expected to witness a decline in the post-COVID period. Many industry experts are trying to work on mergers & acquisitions, and various other measures to help the industry recover in the upcoming years.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments
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