Saudi Arabia Forklift Battery Market

Saudi Arabia Forklift Battery Market

The Saudi Arabia Forklift Battery Market is anticipated to project a rapid CAGR in the upcoming years. The forklift battery market is growing because of the rapid pace of industrialization in the country. Moreover, government support for the manufacturing sector and low operating costs are attracting businesses to set up large manufacturing bases in many parts of the country.

Also, with the high disposable income of the consumers, there is a need for the raw materials to be transported to retail stores and warehouses for smooth day-to-day operations. Thus, industries are generating the demand for forklift trucks.

Recent Developments

Enersys, a global leader in energy solutions, will extend its manufacturer representative agreement with Industrial Battery & Charger, Inc. (IBCI) in January 2021. IBCI is now in charge of all EnerSys motive power sales and servicing in Alabama. Electric forklift trucks and other industrial electric vehicles employ motive power batteries.

OneCharge Lithium Batteries announced the establishment of its corporate headquarters and new manufacturing facility in Garden Grove, California, in 2021. The new location is three times larger than the previous location. This action is being taken in response to rising market demand for various OneCharge lithium batteries.

At Dammam 3rd Industrial City, SABIC's Nusaned Investment unit has formed a joint venture with SCHMID Group to design and produce vanadium redox flow batteries. The battery plant, which will have a capacity of 3 GWh per year and is scheduled to open in 2021. This battery plant will be a significant step forward for Saudi Arabia in its efforts to localize manufacturing for developing battery technologies. The Saudi Arabia Government's goal is to install 57.5 GW of renewable energy by 2030, which reflects the government's intentions to diversify away from oil. , Additionally, it has increased the demand for new battery storage facilities.

Rising Adoption in Warehouse and Manufacturing Sector

The e-Commerce business has experienced a significant rise in recent years, particularly following the COVID-19 pandemic, which has resulted in a significant increase in warehousing activities around the world. The growing number of warehouses being built in various areas to improve logistics has resulted in increased demand for material-handling equipment, such as forklifts in Saudi Arabia. Demand for batteries to power the forklift has expanded because the demand for a forklift for operation purposes in the industrial and e-Commerce sector is increased, which is why sales of forklift batteries for warehousing applications are on the rise.

In Feb 2021, Mahindra Logistics engaged in logistics and transportation services for COVID-19 vaccinations, thereby increasing the demand for forklift trucks to maintain efficient material handling operations at warehouses. Thus, contributing to the growth of the forklift battery market.

Increasing Demand for Electric Forklifts

Due to technological innovations and the rising environmental concerns to reduce carbon emissions, electric forklift trucks are being used, which has resulted in less downtime in the operations and a low cost of maintenance as compared to fossil fuel-powered forklifts. Additionally, with the high demand for electric forklifts in industrial organizations and warehouse operations, Thus the demand for forklift batteries has also increased.

High Initial Cost

One of the key concerns for data center operators is the significantly higher beginning prices of lithium-ion batteries. Li-ion batteries are typically 1.3 to 2 times the price of lead-acid batteries. The daily price fluctuation of lead is one of the major reasons impeding the growth of the forklift battery industry. Furthermore, replacements such as gasoline or propane forklifts are expected to limit market demand.

Market Segmentation

The Saudi Arabia Forklift Battery Market is segmented by battery type, application type, regional distribution, and competitive landscape. Based on battery type, the market is segmented into lead-acid batteries and lithium-ion.. based on application type; the market is segmented into construction, warehouse, retail & wholesale store, and manufacturing.

Company Profiles

EnerSys Limited, Exide Industries Limited, C&D Technologies Inc. FIAMM Energy Technologies S.P.A, Wisdom Industrial Power Technology Co., Ltd. Crown Battery, Foxtron Power Solutions, East Penn Manufacturing Company, SBS Storage Battery Systems, LLC, Onecharge Solutions Limited are the key players developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.

Report Scope:

In this report, Saudi Arabia Forklift Battery Market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:

• Saudi Arabia Forklift Battery Market, By Battery Type:
• Lead-Acid
• Lithium – Ion
• Saudi Arabia Forklift Battery Market, By Application Type:
• Construction
• Warehouse
• Retail & Wholesale Store
• Manufacturing
• Saudi Arabia Forklift Battery Market, By Region:
• Northern & Central
• Western
• Eastern
• Southern

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Saudi Arabia Forklift Battery Market.

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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