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Report
Saudi Arabia Forklift Battery Market By Battery Type (Lead- Acid, Lithium-Ion), By Application Type (Construction, Warehouse, Retail & Wholesale Store, Manufacturing), By region, Competition Forecast & Opportunities, 2018- 2028F
Industry Report I 2023-06-01 I 77 Pages I TechSci Research
The Saudi Arabia Forklift Battery Market is anticipated to project a rapid CAGR in the upcoming years. The forklift battery market is growing because of the rapid pace of industrialization in the country. Moreover, government support for the manufacturing sector and low operating costs are attracting businesses to set up large manufacturing bases in many parts of the country.
Also, with the high disposable income of the consumers, there is a need for the raw materials to be transported to retail stores and warehouses for smooth day-to-day operations. Thus, industries are generating the demand for forklift trucks.
Recent Developments
Enersys, a global leader in energy solutions, will extend its manufacturer representative agreement with Industrial Battery & Charger, Inc. (IBCI) in January 2021. IBCI is now in charge of all EnerSys motive power sales and servicing in Alabama. Electric forklift trucks and other industrial electric vehicles employ motive power batteries.
OneCharge Lithium Batteries announced the establishment of its corporate headquarters and new manufacturing facility in Garden Grove, California, in 2021. The new location is three times larger than the previous location. This action is being taken in response to rising market demand for various OneCharge lithium batteries.
At Dammam 3rd Industrial City, SABIC's Nusaned Investment unit has formed a joint venture with SCHMID Group to design and produce vanadium redox flow batteries. The battery plant, which will have a capacity of 3 GWh per year and is scheduled to open in 2021. This battery plant will be a significant step forward for Saudi Arabia in its efforts to localize manufacturing for developing battery technologies. The Saudi Arabia Government's goal is to install 57.5 GW of renewable energy by 2030, which reflects the government's intentions to diversify away from oil. , Additionally, it has increased the demand for new battery storage facilities.
Rising Adoption in Warehouse and Manufacturing Sector
The e-Commerce business has experienced a significant rise in recent years, particularly following the COVID-19 pandemic, which has resulted in a significant increase in warehousing activities around the world. The growing number of warehouses being built in various areas to improve logistics has resulted in increased demand for material-handling equipment, such as forklifts in Saudi Arabia. Demand for batteries to power the forklift has expanded because the demand for a forklift for operation purposes in the industrial and e-Commerce sector is increased, which is why sales of forklift batteries for warehousing applications are on the rise.
In Feb 2021, Mahindra Logistics engaged in logistics and transportation services for COVID-19 vaccinations, thereby increasing the demand for forklift trucks to maintain efficient material handling operations at warehouses. Thus, contributing to the growth of the forklift battery market.
Increasing Demand for Electric Forklifts
Due to technological innovations and the rising environmental concerns to reduce carbon emissions, electric forklift trucks are being used, which has resulted in less downtime in the operations and a low cost of maintenance as compared to fossil fuel-powered forklifts. Additionally, with the high demand for electric forklifts in industrial organizations and warehouse operations, Thus the demand for forklift batteries has also increased.
High Initial Cost
One of the key concerns for data center operators is the significantly higher beginning prices of lithium-ion batteries. Li-ion batteries are typically 1.3 to 2 times the price of lead-acid batteries. The daily price fluctuation of lead is one of the major reasons impeding the growth of the forklift battery industry. Furthermore, replacements such as gasoline or propane forklifts are expected to limit market demand.
Market Segmentation
The Saudi Arabia Forklift Battery Market is segmented by battery type, application type, regional distribution, and competitive landscape. Based on battery type, the market is segmented into lead-acid batteries and lithium-ion.. based on application type; the market is segmented into construction, warehouse, retail & wholesale store, and manufacturing.
Company Profiles
EnerSys Limited, Exide Industries Limited, C&D Technologies Inc. FIAMM Energy Technologies S.P.A, Wisdom Industrial Power Technology Co., Ltd. Crown Battery, Foxtron Power Solutions, East Penn Manufacturing Company, SBS Storage Battery Systems, LLC, Onecharge Solutions Limited are the key players developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.
Report Scope:
In this report, Saudi Arabia Forklift Battery Market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
- Saudi Arabia Forklift Battery Market, By Battery Type:
o Lead-Acid
o Lithium - Ion
- Saudi Arabia Forklift Battery Market, By Application Type:
o Construction
o Warehouse
o Retail & Wholesale Store
o Manufacturing
- Saudi Arabia Forklift Battery Market, By Region:
- Northern & Central
- Western
- Eastern
- Southern
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Saudi Arabia Forklift Battery Market.
Available Customizations:
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
1. Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
4. Impact of COVID-19 on Saudi Arabia Forklift Battery Market
4.1. Key Segments Impacted
4.2. Key Countries Impacted
5. Voice of Customer Analysis
5.1. Factors Influencing Purchase Decision
5.2. Brand Awareness
5.3. Brand Satisfaction Level
6. Saudi Arabia Forklift Battery Market Outlook
6.1. Market Size & Forecast
6.1.1. By Volume
6.1.2. By Value
6.2. Market Share & Forecast
6.2.1. By Battery Type Market Share Analysis (Lead-Acid, Lithium-Ion)
6.2.2. By Application Type Market Share Analysis (Construction, Warehouse, Retail & Wholesale store, Manufacturing)
6.2.3. By Regional Market Share Analysis
6.2.3.1. Northern & Central Market Share Analysis
6.2.3.2. Southern Market Share Analysis
6.2.3.3. Western Market Share Analysis
6.2.3.4. Eastern Market Share Analysis
6.2.4. By Company Market Share Analysis (By Value, 2022)
6.3. Saudi Arabia Forklift Battery Market Mapping & Opportunity Assessment
6.3.1. By Battery Type Market Mapping & Opportunity Assessment
6.3.2. By Application Mapping & Opportunity Assessment
6.3.3. By Regional Market Mapping & Opportunity Assessment
7. Northern & Central Forklift Battery Market Outlook
7.1. Market Size & Forecast
7.1.1. By Volume
7.1.2. By Value
7.2. Market Share & Forecast
7.2.1. By Battery Type Market Share Analysis
7.2.2. By Application Type Market Share Analysis
8. Southern Forklift Battery Market Outlook
8.1. Market Size & Forecast
8.1.1. By Volume
8.1.2. By Value
8.2. Market Share & Forecast
8.2.1. By Battery Type Market Share Analysis
8.2.2. By Application Type Market Share Analysis
9. Western Forklift Battery Market Outlook
9.1. Market Size & Forecast
9.1.1. By Volume
9.1.2. By Value
9.2. Market Share & Forecast
9.2.1. By Battery Type Market Share Analysis
9.2.2. By Application Type Market Share Analysis
10. Eastern Forklift Battery Market Outlook
10.1. Market Size & Forecast
10.1.1. By Volume
10.1.2. By Value
10.2. Market Share & Forecast
10.2.1. By Battery Type Market Share Analysis
10.2.2. By Application Type Market Share Analysis
11. Market Dynamics
11.1. Market Drivers
11.1.1. Rising Adoption in Warehouse and Manufacturing Sector
11.1.2. Increasing Demand forof Electric Forklifts
11.2. Market Challenges
11.2.1. High Initial Cost
12. Market Trends and Developments
13. Porter's Five Forces Model
13.1. Competitive Rivalry
13.2. Bargaining Powers of Suppliers
13.3. Bargaining Powers of Buyers
13.4. Threat of New Entrants
13.5. Threat of Substitutes
14. SWOT Analysis
14.1. Strength
14.2. Weakness
14.3. Opportunities
14.4. Threats
15. Policy & Regulatory Landscape
16. Saudi Arabia Economic Profile
17. Competitive Landscape
17.1. Company Profiles (Up to Top 10 Leading Players)
17.1.1. EnerSys Limited
17.1.1.1. Company Details
17.1.1.2. Products & Services
17.1.1.3. Recent Development
17.1.1.4. Key Management Personnel
17.1.2. Exide Industries Limited
17.1.2.1. Company Details
17.1.2.2. Products & Services
17.1.2.3. Recent Development
17.1.2.4. Key Management Personnel
17.1.3. C&D Technologies Inc.
17.1.3.1. Company Details
17.1.3.2. Products & Services
17.1.3.3. Recent Development
17.1.3.4. Key Management Personnel
17.1.4. FIAMM Energy Technologies S.P.A
17.1.4.1. Company Details
17.1.4.2. Products & Services
17.1.4.3. Recent Development
17.1.4.4. Key Management Personnel
17.1.5. Wisdom Industrial Power Technology Co., Ltd.
17.1.5.1. Company Details
17.1.5.2. Products & Services
17.1.5.3. Recent Development
17.1.5.4. Key Management Personnel
17.1.6. Crown Battery
17.1.6.1. Company Details
17.1.6.2. Products & Services
17.1.6.3. Recent Development
17.1.6.4. Key Management Personnel
17.1.7. Foxtron Power Solutions
17.1.7.1. Company Details
17.1.7.2. Products & Services
17.1.7.3. Recent Development
17.1.7.4. Key Management Personnel
17.1.7.5. Key Management Personnel
17.1.8. East Penn Manufacturing Company
17.1.8.1. Company Details
17.1.8.2. Products & Services
17.1.8.3. Recent Development
17.1.8.4. Key Management Personnel
17.1.9. SBS Storage Battery Systems, LLC
17.1.9.1. Company Details
17.1.9.2. Products & Services
17.1.9.3. Recent Development
17.1.9.4. Key Management Personnel
17.1.10. Onecharge solutions Limited
17.1.10.1. Company Details
17.1.10.2. Products & Services
17.1.10.3. Recent Development
17.1.10.4. Key Management Personnel
18. Strategic Recommendations
18.1. Key Focus Areas
18.2. Target Regions & Countries
18.3. Target Battery Type
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