Middle East and Africa 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) 

Middle East and Africa 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 Middle East & Africa is expected to grow from US$ 248.20 million in 2021 to US$ 367.21 million by 2028; it is estimated to grow at a CAGR of 5.8% 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.

Oil & gas production and export are the major contributors to the economic growth of Middle Eastern countries. The impact of COVID-19 pandemic on most regions in the world has led to drop in oil demand. As a result, numerous oil production stations in the Middle East were shut down or reduced their production levels. On the other hand, these countries are thriving to diversify their economies. The COVID-19 pandemic has disturbed the economic progress in many of these countries. Energy, aviation, food & beverages, chemicals, retail and e-commerce, and travel and tourism are among the major non-oil industries in the Middle East that have experienced severe effects of the pandemic. Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are among the countries that have witnessed the ill effects of the outbreak. The region registered a slight decline in raw material supply from various manufacturers across North America, Europe, and Asia Pacific in 2020, as these regions suspended their production and trade activities. The economy regained its pace in 2021 after the resumption of demand- and supply-sides operations.

Based on the type, the Middle East & Africa forklift battery market is segmented into lithium ion, lead-acid, and others. The lead-acid battery segment held the largest market share in 2020. A lead-acid battery is used as a system for energy storage and is deployed across various applications as a power source. These batteries consist of a sulfuric acid solution electrolyte with lead dioxide cathode and sponge metallic lead anode, making these units rechargeable. Large electrolyte reserves, resistance to corrosion and low discharge rate are a few of the key features of lead acid battery units that propel their demand. Moreover, economical pricing compared to other batteries, lower maintenance and replacement costs, and easy availability contribute to the growth of the market for lead-acid batteries. The segment is expected to dominate the market in terms of revenue during the forecast period.

The Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa forklift battery market.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Middle East & Africa Forklift Battery Market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the Middle East & Africa Forklift Battery Market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth Middle East & Africa market trends and outlook coupled with the factors driving the Forklift Battery Market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution