Development Trends: What Makes Forklift Battery Market Outperforming Its Substitutes?
Pune, New York, USA, November 17 2020 (Wiredrelease) Research Dive –:Like millions of industries, the global market of forklift battery has experienced a massive downfall during the pandemic. Hopefully, the market will restore its growth by the third or fourth quarter of 2022. The complete restriction of the supply chain across the national and international borders has stopped the manufacturing processes resulting in the drastic slowdown of the market. The industry will revive its growth after the manufacturing process resumes post the pandemic.
The most recent research report on the global forklift battery market published by Research Dive reveals the influence of COVID-19 pandemic on the market. This is an inclusive research framed by market specialists by evaluating the major driving factors, market situations across regions, opportunities, future scope, trends and developments in the market during and post the COVID-19 crisis.
In recent years, the global forklift battery market has witnessed a significant growth owing to the demand of different end-user. The rise of the COVID-19 pandemic earlier this year has impacted the market in an adverse way.
As per the report, the market is estimated to generate a revenue of $6,831.2 million by 2026, growing at a CAGR of 6.2% from 2018 to 2026. According to the market analysts, the market is forecasted to recover from the downfall and losses and will regain its position considerably by the third or fourth quarter of 2022.
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Factors behind the Downfall of the Market
Governments across the world had to impose complete shutdown in their nations in order to curb the spread of the virus. A complete lockdown during which Li-ion, the lead-acid battery manufacturing industry has faced a slowdown both in demand and supply.
The huge disruption in the supply chain for Li-ion batteries has adversely impacted the electric vehicles and energy storage market. Governments are taking various initiatives and creating special incentives packages for energy storage, electric vehicles and renewable energy sector in order to fight this situation. However, the market is predicted to record a substantial rise once the COVID-19 pandemic ends.
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Current Scenario of the Market
As per India Energy Storage Alliance (IESA), the lead-acid manufacturing units in China which are the main suppliers of batteries in India, were partially shut down during the outbreak. Because of that, the domestic production and employment processes came to a halt. The same goes for other Asia-Pacific countries. In order to get out of this situation, governments are investing well in newer schemes and packages with an aim to accelerate the demand for renewable energy for electric vehicles.
Post-Pandemic Market Insights
The leading players of the forklift battery market are focusing on developing various business strategies to come out successful through this critical time of pandemic.
Some of these players include Navitas System, East Penn Manufacturing Company, Microtex Energy Private Limited, LLC Corporate, Crown Equipment Corporation, ENERSYS, Saft, Southwest Battery Company, EXIDE INDUSTRIES LTD., and Storage Battery Systems LLC and many others.
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