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.
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- 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
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.
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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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