24 Nov
2021
Forklift batteries provide power supply to forklift trucks. These batteries need to serve various others purposes in addition to powering the unit. Some industrial forklifts may use multiple batteries.
Most of the time, lead acid batteries are used in the forklift trucks. They are much heavier and bigger than normal batteries. They come with a mixture of electrolyte, sulfuric acid, and water. However, the companies around the world have transitioned to alternative energy solutions. The advancements of battery technology has given way to invent lithium ion batteries that have captured the global market, owing to an array of benefits such as increased productivity, free maintenance, fast charging, and so on.
Moreover, lead acid batteries have 1000 to 1500 cycles, whereas, lithium ion batteries have 2000 to 3000 cycles. Lithium ion batteries are waterless, maintenance free and need to be replaced less frequently, thereby, is more expensive than traditional lead acid batteries. Owners and operators still prefer lithium ion batteries because, in the long term, they offer a higher return on initial investment.
There are further types of lithium ion and lead acid batteries:-
Forklift battery sizes are chosen on the basis of how large the vehicle is. Following are the four voltage options:
According to a report published by Allied Market Research, the global forklift battery market size is estimated to register a significant CAGR from 2019-2026. Asia-Pacific region is currently holding the highest market share, due to the presence of major contributors like China, India, Japan, and Australia.
Lead acid batteries are preferable because it offers an efficient combination of power and counterbalance, while lithium ion batteries offer low charging time, greater convenience, recyclable and others. With a significant growth in demand for both the types of forklift batteries, the warehouses are expanding across the world. This in turn, is projected to offer growth to the global forklift batteries market in more than one way
Alex Hillsberg
Chief editor of review team at FinancesOnline
Chief editor of review team at FinancesOnline Alex Hillsberg is an expert in the area of B2B and SaaS related products. He has worked for several B2B startups in the past and gathered a lot of first hand knowledge about the industry during that time.
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