Asia Pacific Forklift Battery Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Lithium-Ion, Lead-Acid, and Others) and Application (Warehouses, Construction, Manufacturing, Retail and Wholesale Stores, and Others) 

Asia Pacific Forklift Battery Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Lithium-Ion, Lead-Acid, and Others) and Application (Warehouses, Construction, Manufacturing, Retail and Wholesale Stores, and Others) 

The forklift battery market in Asia-Pacific is expected to grow from US$ 1,969.78 million in 2021 to US$ 3,390.66 million by 2028; it is estimated to grow at a CAGR of 8.1% from 2021 to 2028. The forklift battery market is growing significantly in several countries due to the rising industrialization and urbanization. The fast-paced industrialization in Asia Pacific countries can be attributed to government support for the proliferation of manufacturing industries, and low operating costs in the region due to cheap labor wages. For instance, the Government of India launched the Make in India campaign to encourage companies to set their manufacturing units in India and boost the domestic manufacturing industry; to implement this campaign successfully, the government is providing subsidies to investors. Similarly, the Chinese government has launched “Made in China 2025” plan to increase investments in its manufacturing industry for becoming a global high-tech manufacturing giant. Further, the growing middle-class population and their disposable incomes are boosting the demand for consumer goods, which is attracting more manufacturing companies to set up their businesses in developing economies. These developments pertaining to industrialization in developing economies are expected to boost infrastructure and manufacturing industries, which is generating a huge demand for forklift trucks for performing their daily operations smoothly. Thus, the escalated demand for forklift trucks is driving the Asia-Pacific forklift battery market growth.

Because of a massive number of COVID-19 cases in China and India, Asia-Pacific experienced massive impact of the COVID-19 pandemic. According to the Organization for Economic Co-operation and Development (OECD), the pandemic also affected other major economies outside China, such as South Korea, Australia, and Japan. China is one of the leading manufacturing countries in the region, and initially, it was the most affected country in Asia-Pacific. Owing to this, manufacturing facilities witnessed severe conditions and reported low production volumes in 2020. The limited workforce allowed in each of the production facilities resulted in the deceleration of operational activities, which limited the use of forklift trucks in plants and warehouses. Nevertheless, since May 2020, the Chinese manufacturing facilities started operating with a larger workforce, Japan and India are the other two critical countries in the forklift battery market. As China, Japan, Taiwan, and South Korea are known for a strong base of manufacturing units, the adoption of forklift batteries decreased due to the temporary discontinuation of manufacturing plants. However, with businesses resuming their operations, the demand for forklift trucks, and hence, forklift batteries is surging gradually.

Based on application, the Asia-Pacific forklift battery market is segmented into warehouses, construction, manufacturing, retail and wholesale stores, and others. The manufacturing segment accounted for the largest market share in 2020. The manufacturing sector has a diverse set of material handling as well as loading and unloading needs, which makes it a major adopter of forklift batteries. The segment is likely be the largest shareholder in forklift battery the market during the forecast period. In manufacturing industries, forklift trucks are regularly used in material loading and unloading activities as the produced material or products need to be transported to warehouses or other storing places.

The Asia-Pacific forklift battery market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast of the Asia-Pacific forklift battery market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. The participants of this process include industry expert such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—including valuation experts, research analysts, and key opinion leaders—specializing in the Asia-Pacific forklift battery market. Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Crown Equipment Corporation, East Penn Manufacturing Company, EnerSys, Exide Industries Limited, ForeverPure Corporation, Microtex Energy Private Limited, and Saft Groupe SA are among a few players operating in the Asia-Pacific forklift battery market.

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