Lithium-lon Forklift Batteries Market Analysis

The lithium-ion batteries market will undergo a high expansion rate over the coming years. This will be due to several factors. One key factor is the consistent improvement in battery technology. Advanced lithium metal batteries have been developed that could add to the benefits of these kinds of rechargeable batteries.

Lithium metal batteries have several advantages over conventional lithium-ion batteries. They can, for instance, store more charge and charge up much more quickly. The low energy storage capacity and the long charging times are key drawbacks of batteries. Lithium metal batteries look set to mitigate these drawbacks. Research and development have been going on for decades to make these solid-state batteries viable. The key drawback has been the poor stability of these batteries.

Global Lithium-lon Forklift Batteries market is expected to witness CAGR of 7% during the forecast period. The revenue generated by the global Lithium-lon Forklift Batteries market in 2021 was over USD 1,971.53 million and expected to generate revenue worth USD 3,254.61 million in 2028. The incremental growth opportunity offered by the global Lithium-lon Forklift Batteries is estimated to be USD 18.75 billion between 2022 and 2028.

Interesting Facts about Lithium-lon Forklift Batteries Industry

• Lithium-ion battery usually have an average of a thousand charge cycles
• Weight of Lithium-ion batteries is one-third the weight of lead acid batteries
• Lithium-ion batteries maintain their voltage throughout the entire discharge cycle
• Lithium-ion batteries are a much cleaner technology and are safer for the environment
• Despite of high up-front cost, actual ownership cost is very low

Solid-state batteries aim to research and development efforts in battery chemistry. That is because these batteries have superior energy density and charge storage capacity. However, these batteries have the problem of poor stability, due to which they are not commercially viable.

A team of researchers at Harvard has developed a kind of lithium metal battery that does not have this drawback. According to the team, this battery can undergo 10,000 charging/recharging cycles before it degrades substantially. This is far greater than previous results. Also, since this new battery can charge at a high current, it can also charge more quickly. Based on voltage, 12V, 24V, 36V, 48V, 80V and Others are major types of Lithium-lon Forklift Batteries. 24V and 36V segments dominated the demand for Lithium-lon Forklift Batteries with over 40% share in 2021.

The development of this and other battery technologies may one day make electric forklift s more feasible. With a battery of this kind of lifespan, an average electric forklift will be able to last for ten to fifteen years. The battery can last for a decade or more before it degrades substantially and needs replacement. Due to the high amount of current that these new batteries can draw, they can recharge in as little as 20 minutes.

This research endeavour shows that solid-state batteries have superior performance when compared to liquid electrolyte batteries. It now appears that stability problems in solid-state lithium batteries will soon be overcome. Once that happens, electric forklifts will become a more pragmatic option. This technology works with the help of two different electrolytes.

The lithium-ion batteries that the new technology will replace had won their inventors a Nobel Prize in the 70s. They were remarkable at that time for their exceptional energy capacity. They were a great development for people with pacemakers since they could last around 10 years instead of the 2 years that previous batteries could last. In the 90s, lithium-ion batteries underwent further progress to be used commercially for portable electronics.

Wearhouse to Dominate Lithium-lon Forklift Batteries

Warehouses, Factories, Distribution Centres, Construction, Retail & wholesale stores and Others are major application markets for Lithium-lon Forklift Batteries. Warehouses held the largest share of over 20% share in 2021. Rechargeability is a key consideration for new solid-state lithium metal batteries. Currently, lithium batteries can undergo around one thousand recharging cycles before they degrade substantially. Hence, when these batteries are charged 4 to 5 times a week, they can last around 5 years. However, the lithium metal battery developed by the Harvard team has around 10 times better performance. These developments will prove to be a boon for the lithium-ion forklift battery market.

Key players operating in the global Lithium-lon Forklift Batteries market include, BSLBATT, Crown Battery, East Penn Manufacturing, Electrovaya, EnerSys, Exide Technologies, Flux Power Holdings, Inc, GS Yuasa, Hitachi Chemical, Hoppecke, MIDAC, Saft, SYSTEMS SUNLIGHT and Triathlon Batterien GmbH.

Frequently asked questions about global Lithium-lon Forklift Batteries industry