North America 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) 

North America 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 North America is expected to grow from US$ 1,094.73 million in 2021 to US$ 1,719.26 million by 2028; it is estimated to grow at a CAGR of 6.7% from 2021 to 2028. With the flourishing e-commerce business and rising digital literacy among consumers, the logistics industry has grown rapidly in recent years, and this trend has increased the demand for forklift trucks. In addition, factors such as rising disposable incomes, dual-income households, and constant urbanization have encouraged consumers across both developed and emerging economies to adopt the trend of doing online shopping. This has further resulted in the rapid development of retail channels requiring efficient inventory management and warehousing solutions to ensure timely product delivery to customers. Hence the emergence of the consumer retail sector is positively impacting the forklift battery market as the retail business development is bolstering the demand for forklift trucks. Also, in recent times, pharmaceutical companies have witnessed a sudden spike in demand for medicine and healthcare equipment due to the active COVID-19 pandemic. Hence, to ensure the uninterrupted supply of medicines and equipment on time, swift logistics operations came into the picture, and subsequently, various companies, including pharmaceutical and consumer goods, have started engaging with logistics service providers for catering to the customized demands of their clients.

Owing to favorable government initiatives to boost innovations and reinforce infrastructure capabilities, North America has the highest acceptance for emerging technologies. Any impact on industries in the region hampers the region's economic development. The US is the world's worst-affected country due to the COVID-19 pandemic. The country is home to a large number of industrial and forklift battery players, and the outbreak has severely affected the production performance of each of them due to disturbances in the supply chain of battery components. In addition, the region witnessed a slowdown in manufacturing industries during the first two quarters of 2020, and this factor has reduced the operations in factor and warehouses. The underperformance of forklift battery market players in North America is also attributed to limited human movement and shuttering of manufacturing units during the first half on 2020.

Based on type, the North America 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 North America 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 North America 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 North America 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; OneCharge; Saft Groupe SA; and Storage Battery Systems, LLC are among a few players operating in the North America forklift battery market.

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