Europe 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) 

Europe 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 Europe is expected to grow from US$ 1,326.58 million in 2021 to US$ 2,027.54 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2021 to 2028. Technological innovations in forklift trucks, such as quick battery charging capabilities, may reduce the downtime of forklift trucks and improve the overall operational efficiencies of material-handling and warehouse operations. The fast charging technology enables the material-handling center operators to charge batteries at the desired levels during the break, so that forklift trucks can operate with no downtime and can be reused immediately. However, conventional battery charging gives the forklift operators 8 hours of run-time, it then requires 8 hours of charging time and another 8 hours of a cooling period before it is used again. Hence, additional batteries must be purchased for each shift to avoid downtimes in operations. Thus, the fast-changing technology can help warehouses and material-handling centers to save costs by avoiding spending on additional batteries. Moreover, the technology can reduce downtime and increase work efficiency.

The impact of the COVID-19 pandemic differed in every country across Europe as selected countries witnessed an increase in the number of cases and subsequently attracted strict as well as longer lockdown periods or social isolation. Western European countries such as Germany, France, Russia, and the UK experienced a comparatively modest decrease in their growth activities in 2020 because of their strong healthcare systems. Moreover, European governments made tremendous investments in incorporating technologies in their healthcare systems for the efficient diagnosis of the disease. The UK has a widely spread logistics and transportation sector that handles significantly huge volumes of food and beverages, pharmaceuticals, and chemicals. As a result, the demand for forklift trucks has been high to move higher volumes of pharmaceuticals and consumer goods from the production units to warehouses. As Germany, Denmark, the Netherlands, Switzerland, and Italy are the prominent exporters of medicines and drugs, the deployment of forklift batteries in pharma businesses in these countries is expected to rise in the coming years. Despite the disrupted the supply chains of forklift batteries in the initial phases of the COVID-19 pandemic, the market has recovered with time.

Based on application, the Europe 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 Europe 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 Europe 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 Europe 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 Europe forklift battery market.

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