Global Motive Lead-Acid Battery Market – Increasing Demand for Electric Forklifts is a Major Driver | Technavio
LONDON–(BUSINESS WIRE)–#Energy–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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