Global Motive Lead-Acid Battery Market - Increasing Demand for Electric Forklifts is a Major Driver | Technavio

Technavio has published a new market research report on the global motive lead-acid battery market from 2018-2022. (Graphic: Business Wire)

LONDON--()--The latest market research report by Technavio on the global motive lead-acid battery market predicts a CAGR of close to 10% during the period 2018-2022.

The report segments the global motive lead-acid battery market by battery type, including VRLA battery and FLA battery and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global motive lead-acid battery market, according to Technavio energy researchers:

  • Increasing demand for electric forklifts: a major market driver
  • Legislative support for battery recycling: emerging market trend
  • The Americas dominated the global motive lead-acid battery market with 46% share in 2017

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Increasing demand for electric forklifts: a major market driver

Globally, the demand for forklifts is increasing due to the increase in the e-commerce market. Electric forklifts and internal combustion engine (ICE) forklifts are the two types of forklifts. Mechanical, automotive, food and beverage, logistics, chemical, timber and paper printing, and retail and wholesale companies are the major end-users of electric powered forklifts. Most of the end-users prefer electric forklifts due to their low emissions and noise levels. Along with the environmental benefits, electric forklifts can eliminate fuel costs. Additionally, electric forklifts also have a longer lifespan when compared with the ICE-powered forklifts.

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Legislative support for battery recycling: emerging market trend

The European Union (EU) has strict legislation for alkaline batteries. All battery manufacturers are obliged to meet the regulated recycling levels. In countries such as the US and Canada, a corporation has been set up to support battery recycling for future use. Such regulations are implemented to create an environment-friendly and economically sustainable business models and ensure recycling efficiency. Thus, effective recycling can also bring about sustainable agriculture ecologically.

According to a senior analyst at Technavio for research on energy storage, “Several players in the market produce and recycle lead-acid batteries. For example, Exide Technologies has ten battery recycler facilities worldwide and has one of the largest secondary lead recycling facilities across the globe. Legislative support will lead to higher rates of lead-acid battery recycling, which coupled with the growth of end-user segments such as the automotive industry and motive industry.”

Global market opportunities

In terms of regional dominance, the Americas led the global motive lead-acid battery market, followed by APAC and EMEA in 2017. This was dues to an increase in the use of forklifts, stackers, and floor cleaners. The Americas is expected to continue dominating the market during the forecast period. In APAC, there is an increase in motive battery demand in developing countries such as China and India. A major contributor to the market is the low battery price offered by local manufacturers compared with leading players in the market.

 
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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

The latest market research report by Technavio on the global motive lead-acid battery market predicts a CAGR of close to 10% during 2018-2022.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com