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. In addition, advanced lithium metal batteries have been developed that could add to the benefits of these 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. However, batteries' low energy storage capacity and long charging times are vital drawbacks. 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 critical drawback has been the poor stability of these batteries.
The global Lithium-lon Forklift Batteries market is expected to witness a CAGR of 7% during the forecast period. The global Lithium-lon Forklift Batteries market in 2021 was over USD 1,971.53 million and is 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 batteries usually have an average of a thousand charge cycles
The 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, the actual ownership cost is meager
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 Harvard research team 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 charge more quickly. Based on voltage, 12V, 24V, 36V, 48V, 80V, and Others are significant 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 forklifts more feasible. With a battery of this kind of lifespan, an average electric forklift can last ten to fifteen years. The battery can last 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 shows that solid-state batteries have superior performance 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. In addition, they were a significant development for people with pacemakers since they could last around ten years instead of the two years that previous batteries could last. In the 90s, lithium-ion batteries progressed further 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 crucial consideration for new solid-state lithium metal batteries. 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 five years. However, the lithium metal battery developed by the Harvard team has around ten times better performance. These developments will 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
Likewise other industries, COVID 19 also taken a toll on Lithium-lon Forklift Batteries market with around 10.81% decline in its revenue in 2020 as compare to 2019
Europe is the largest regional market with highest share in the total volume of Lithium-lon Forklift Batteries consumed in 2021
Fuel Cell Based forklifts are growing in adoption as against electric forklifts coupled with mounting demand from Europe and North America
24V and 36V segments dominated the Lithium-lon Forklift Batteries market in 2021 with over 40% share
Warehouse, Distribution Centres and Retail & wholesale stores was the largest application of Lithium-lon Forklift Batteries in 2021 with over 50% share
