Forklift Battery Charger Market - Introduction
- Forklift battery chargers, as the name suggest, are used to recharge electrically powered forklifts. Forklifts are utilized handle and transport material and equipment from one location to another.
- Demand for forklifts is rising globally due to their high weight carrying capacities, high weight lifting capacities, and fast movement in compact spaces owing to high torque that generate high speed. These forklifts contain various types of batteries and consequently, require different type of chargers.
Key drivers of global forklift battery charger market
- Recent technologies such as fleet management, connected vehicles, and IoT-enabled devices in vehicles have increased the demand for electrically powered vehicles, and forklifts are no exception. Electric forklifts help reduce noise pollution, air pollution, and hence, keep the environment clean. This is driving the demand for electric forklifts.
- E-commerce giants such as Amazon, Flipkart, and Myntra have their own warehouses for storage of goods. Industrial vehicles such as forklifts are used to handle goods in these warehouses. Electrically operated forklifts comply with environmental policies since they do not emit CO2 or any NOX pollutants, thereby driving the adoption of electrical forklifts. These forklifts are charged by forklift chargers at charging stations that are built at company sites. This is boosting the demand for fast chargers and consequently, reducing overall charging time for battery charging in forklifts.
- Use of forklifts, also known as lift trucks, to handle material over a short distance is a key advantage driving their adoption in manufacturing, automotive, construction, and shipping industries. Moreover, increase in demand for safety has fueled the utilization of forklifts in the industrial sector in order to avoid accidents and casualties.
- In an automated manufacturing plant, the floors are smooth and have areas designated for operation of forklifts and other autonomous vehicles. Class 1 type forklifts, which use cushion tires and are electrically driven and have counter weight balance mechanism, are commonly employed on smooth floors in an automated manufacturing plant.
- Technological advancements that are aimed to produce more energy-efficient, durable batteries is another factor driving developments in forklift battery chargers. For instance, IoT enabled charging technology is able to monitor temperature, charging time, operating time, and predicts overall lifecycle of batteries.
- These factors are projected to boost the demand for forklift battery chargers and thereby propel the forklift battery charger market
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High initial cost to hamper forklift battery charger market
- Digital revolution and technological advancements, in order to increase battery life and reduce charging time, have led to the introduction of newer technologies such as Ferroresonant battery charger and high frequency battery charger. These chargers enable rapid charging of forklifts; however, the initial cost of these chargers is very high. Consequently, consumers who cannot afford them use traditional chargers, which may decrease battery performance and battery life. This high initial cost of is likely to hamper the adoption rate of forklift battery chargers and thereby, restrain the forklift battery charger market.
Asia Pacific to dominate global forklift battery charger market
- Presence of large number of manufacturing and production units, high rate of economic growth, and increase in rate of adoption of technologies in Asia Pacific are key factors driving the adoption of forklifts in the region
- China, followed by India, being the largest regional market for production and sale of automotive and electronics, witness heavy logistic activities owing to rising trend of e-commerce in these countries, which in turn is driving the need for forklifts
- Demand for forklifts is boosting the demand for forklift battery charger and consequently, propelling the market in the region
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Key players operating in global forklift battery charger market
The global forklift battery charger market is highly concentrated with top manufacturers. A few of the key players operating in the global forklift battery charger market are:
- Crown Equipment Corporation
- Raymond Handling Concepts Corporation
- Douglas Battery
- GS Yuasa International Ltd.
- AMETEK, Inc
- Hitachi Ltd.
- SEVCON (BorgWarner Inc.)
- Storage Battery Systems, LLC
- Lester Electrical
Global Forklift Battery Charger Market: Research Scope
Global Forklift Battery Charger Market, by Battery Type
- Sealed Lead Acid (SLA) Battery
- Nickel-Cadmium Battery
- Lithium Ion Battery
- Planté Battery
Global Forklift Battery Charger Market, by Technology
- High Frequency
- Silicon Controlled Rectifier (SCR)
Global Forklift Battery Charger Market, by Alternating Current (AC) Circuit
- Single Phase
- Three Phase
Global Forklift Battery Charger Market, by Battery Rated Voltage Ratings
- Above 110V
Global Forklift Battery Charger Market, by Output Charging Current Rating
- Above 100A
Global Forklift Battery Charger Market, by Power Rating
- Up to 5 KW
- 5-10 KW
- 10-15 KW
- >15 KW
Global Forklift Battery Charger Market, by Sales Channel
Global Forklift Battery Charger Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.