What Is The Current and Historic Market Size Analysis Of The Forklift Battery Charger Market?
The forklift battery charger market has seen considerable growth due to a variety of factors.
• The market for forklift battery chargers has seen substantial growth in the past few years. The market value, which stood at $1.88 billion in 2024, is projected to increase to $2.06 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.5%.
The historic growth has been driven by factors such as enhanced operational efficiency, supportive government schemes, a surge in the utilization of lithium-ion batteries, higher investments in research and development, and improved cost-saving abilities.
What Is The Forecast For The Forklift Battery Charger Market Size?
The forklift battery charger market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the forklift battery charger market is projected to exhibit significant expansion, reaching a value of $2.93 billion in 2029 at a compound annual growth rate (CAGR) of 9.2%.
This projected growth within the forecast period is linked to the rising utilization of electric forklifts, heightened awareness of environmental sustainability, the transitioning from fuel-based to electric forklifts, growing needs for reliable and efficient forklift battery chargers, and an amplified demand for energy-efficient solutions. Emerging trends for this period comprise advancements in battery control systems, modernizations in warehouse management systems, the integration of IoT and smart surveillance, development of energy-efficient charging infrastructures, and the adoption of sustainable energy sources.
What Are The Essential Drivers Behind The Growth Of The Forklift Battery Charger Market?
The increasing embrace of automation is anticipated to propel the forklift battery charger market's expansion. Automated systems and robots are used in material handling automation to enhance the transportation, storage, and supervision of goods in warehouses and industrial sectors. The escalating preference for automation stems from the desire for greater efficiency, lower labor expenses, increased safety, and better precision in warehousing and industrial processes. Forklift battery chargers in automation facilitate efficient, unmonitored charging, bolstering fleet uptime and minimizing manual interference in warehouse and industrial operations. For example, by October 2024, the International Federation of Robotics, a non-profit organization based in Germany, reported that the global count of operational industrial robots in factories had exceeded 4.2 million units in 2023, marking a 10% rise from the prior year. Annual installations of fresh industrial robots were maintained at a record high for the third successive year, reaching 541,302 units in 2023. This growth exemplifies persistent automation demands. Therefore, the rising acceptance of automation is fueling the expansion of the forklift battery charger market.
How Is The Global Forklift Battery Charger Market Divided Into Key Segments?
The forklift battery charger market covered in this report is segmented –
1) By Battery Type: Sealed Lead Acid (SLA) Battery, Nickel-Cadmium Battery, Lithium Ion Battery, Other Battery Types
2) By Forklift Type: Counterbalance, Rough Terrain, Reach Trucks, Other Forklift Types
3) By Output Charging Current Rating: 50A-150A, 151A-250A, Above 251A, Below 50A
4) By Application: Lead-Acid Battery, Lithium Polymer Battery, Other Applications
5) By End-User Industry: Manufacturing, Warehousing, Logistics, Retail, Other End-User Industries
Subsegments:
1) Sealed Lead Acid (SLA) Battery: Absorbent Glass Mat (AGM) Batteries, Gel Cell Batteries
2) Nickel-Cadmium Battery: Sintered Plate Ni-Cd Batteries, Pocket Plate Ni-Cd Batteries
3) Lithium-Ion Battery: Lithium Iron Phosphate (LiFePO4) Batteries, Lithium Nickel Manganese Cobalt Oxide (NMC) Batteries
4) Other Battery Types: Nickel-Metal Hydride (NiMH) Batteries, Solid-State Batteries
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What Trends Are Reshaping The Future Of The Forklift Battery Charger Market?
Major companies operating in the forklift battery charger market are focusing on technological advancements such as high-frequency smart charging technology, to boost efficiency, save energy, and add smart features such as remote monitoring and adaptive charging. High-frequency smart charging technology uses high-frequency power and intelligent algorithms for fast, efficient, and adaptive battery charging. For instance, in March 2023, Mitsubishi Logisnext Americas Inc., a US-based machinery manufacturing company, launched triathlon lithium-ion battery and charger solutions for the unicarriers product line. This enhances forklift performance, efficiency, and sustainability through advanced lithium-ion technology. These solutions provide benefits such as rapid charging, longer operational durations, and minimal maintenance requirements, addressing the growing need for eco-friendly and energy-efficient material handling equipment. This innovation aligns with market trends prioritizing sustainable operations and improved productivity in warehouse and industrial settings.
Who Are the Key Players In The Forklift Battery Charger Market?
Major companies operating in the forklift battery charger market are:
• Shanghai Sange Electric S&T Co.Ltd
• Jungheinrich AG
• Crown Equipment Corporation
• Exide Technologies
• Fronius International GmbH
• Hawker Powersource
• Micropower
• Power Designers Sibex
• Delta-Q Technologies
• Eagle Eye Power Solutions
• ElCon Chargers
• PosiCharge
• Advanced Charging Technologies (ACT)
• PBM SRL
• Applied Energy Solutions (AES)
• ATIB Elettronica S.r.l.
• Microtex
• EFFIC
• Rhyl Co. Ltd
• Guangzhou Evaisun Industrial Co. Ltd.
What Are The Regional Insights Into The Forklift Battery Charger Market?
North America was the largest region in the forklift battery charger market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the forklift battery charger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
