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Global Electric Forklift Battery Chargers to Reach 900,000 Units in 2023 with Strong Demand from Europe and Asia-Pacific
16-Oct-2019
North America
Market Research
K3A2-01-00-00-00
AU01896-GL-MR_23583
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 Asia Pacific. The creation of new infrastructure along with increasing penetration of e-commerce bolsters growth of forklifts in 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 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 warehouse and material handling departments. Distributors are expected to propel 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 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).
Author: Saideep Sudhakar
Key Takeaways
Key Trends in Global Forklift Market
Global Emission Regulations for Forklift
Forklift Powertrain Breakdown—Region wise
Global Forklift Battery Charger Market Growth—Regional Snapshot
Executive Summary—Key Findings and Future Outlook
Research Scope
Research Aims and Objectives
Key Questions this Study will Answer
Research Background
Research Methodology
Types of Forklifts
Forklift Market Growth—2018 and 2023
Global Forklift Class-wise Split
Global Forklift Battery Chemistry Split
Forklift Battery Charging Methodology—Region wise
Battery Charger Method Comparison
Conventional vs Fast Charging Cost Comparison
Battery Charger Topology—By Region
Battery Charger Technology Comparison
Forklift Battery Charger Volumes—Region wise
Regional Battery Charger Pricing Analysis—2018
Forklift Battery Charger Market Size in Dollars—Region wise
TCO of LPG/Diesel Forklift Truck vs DC Electric Forklift Truck
NA Forklift—Unit Shipment Forecast
NA Forklift—Percent Unit Shipment Forecast by Class
NA Forklift—Unit Shipment Forecast by Class and Powertrain
NA Forklift—Percent Unit Shipment by Battery Chemistry
NA Forklift—Percent Unit Shipment by Charging Methodology
NA Forklift Battery Charger—Percent Unit Shipment by Topology
NA Forklift Battery Charger Market Unit Shipment Forecast
NA Forklift Battery Charger Market Share 2018
Europe Forklift—Unit Shipment Forecast
Europe Forklift—Percent Unit Shipment Forecast by Class
Europe Forklift—Unit Shipment Forecast by Class and Powertrain
Europe Forklift—Percent Unit Shipment by Battery Chemistry
Europe Battery Charger—Percent Unit Shipment by Charging Methodology
Europe Forklift Battery Charger—Percent Unit Shipment by Topology
EU Forklift Battery Charger Market Unit Shipment Forecast
EU Forklift Battery Charger Market Share 2018
APAC Forklift—Unit Shipment Forecast
APAC Forklift—Percent Unit Shipment Forecast by Class
APAC Forklift—Unit Shipment Forecast by Class and Powertrain
APAC Forklift—Percent Unit Shipment by Battery Chemistry
APAC Forklift Battery Charger—Percent Unit Shipment by Charging Methodology
APAC Forklift Battery Charger—Percent Unit Shipment by Topology
APAC Forklift Battery Charger Market—Unit Shipment Forecast
APAC Forklift Battery Charger Market Share 2018
Advanced Charging Technologies—Company Profile
Ametek Prestolite—Company Profile
Bassi s.r.l (SEVCON Group)—Company Profile
GNB Exide—Company Profile
Hoppecke—Company Profile
Enersys—Company Profile
Fronius—Company Profile
Midac S.P.A—Company Profile
Rege Associates—Company Profile
Sirius Controls—Company Profile
Youngenergy—Company Profile
Growth Opportunity—Global Forklift Market
Strategic Imperatives for Success and Growth
Key Conclusions
The Last Word—3 Big Predictions
Legal Disclaimer
Market Engineering Methodology
Partial List of Abbreviations/Expansions Used
List of Exhibits
List of Exhibits (continued)
List of Exhibits (continued)
List of Exhibits (continued)
List of Exhibits (continued)
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| Deliverable Type | Market Research |
|---|---|
| No Index | No |
| Podcast | No |
| Author | Saideep Sudhakar |
| Industries | Automotive |
| WIP Number | K3A2-01-00-00-00 |
| Is Prebook | No |
| GPS Codes | 9673-A6,9800-A6,9807-A6,9813-A6,9B01-A6,9963-A6,9674-A6,9694,9968-A6,9882-A6,9AF6-A6 |
Global Forklift Battery Charger Market, 2018–2023
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