South 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) 

South 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 South America is expected to grow from US$ 177.25 million in 2021 to US$ 255.27 million by 2028; it is estimated to grow at a CAGR of 5.3% 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.

In South America, Brazil has reported the highest number of COVID-19 cases, followed by Ecuador, Peru, Chile, and Argentina. The continuous growth in the number of patients compelled governments to put a bar on the transportation of humans and goods in 2020. The manufacturing sector witnessed severe losses due to temporary factory shutdowns and low production volumes, which hindered the growth of retail, e-commerce, manufacturing, and logistics sectors. Additionally, the social or physical distancing measures put limitations on the operations of logistics and other service providers. This disruption resulted in a decline in material handling jobs. Due to the disruption of the supply chains of major manufacturing industries, the need for goods handling at plants and warehouses also decreased. On the contrary, due to the continued operations of essential goods such as food & beverages, pharmaceuticals, and healthcare equipment, the demand for material stacking and inter-logistics handling work continued to spur, which contributed to the persistent adoption of forklift trucks, thereby contributing to the forklift battery market growth in South America. Moreover, irrespective of disruptions caused by the COVID-19 pandemic, many businesses resumed their operations in late 2020, which is further likely to boost the demand for forklift trucks and forklift batteries in this region in the coming years.

Based on application, the South America 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 South 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 South 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 South 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, and Saft Groupe SA are among a few players operating in the South America forklift battery market.

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