The market for forklift battery stands is being driven by the explosive growth in e-commerce operations, which has significantly increased demand for warehouse automation. Furthermore, operators may now swap out forklift batteries more quickly and easily thanks to technological improvements in this field. The growing emphasis on lowering operating costs and increasing efficiency, together with the expansion of the automotive industry, are other drivers propelling the forklift battery stands market.
Forklift battery stands are in higher demand as warehouses, manufacturers, and distribution centres employ material-handling equipment more frequently. In these locations, forklift and other material handling equipment batteries are charged and kept in battery stands. By doing this, productivity is raised and the amount of time lost at work due to battery changes is reduced. The battery stands also simplify the task of finding and replacing batteries for operators. Steel or aluminium forklift battery supports are available in a variety of sizes and designs to match any application. They are also made to be dependable, strong, and safe for users. Additionally, battery stands can be altered to fit particular requirements and demands. A safe and secure solution to store and charge forklift batteries may also be found with the aid of forklift battery stands. This can decrease the likelihood of accidents and improve worker safety.
Forklift Battery Stands to provide a quick and safe way to charge and maintain batteries, enabling the most effective use of forklift batteries. These stands may be used in warehouses, distribution centres, and factories, to name a few locations. Forklift battery stands are offered in both robust and -adjustable varieties. The stable stands are designed to hold heavier weights and offer better stability, whereas the adjustable stands are utilised to manage various battery types. Using forklift battery stands, workers may quickly swap out depleted batteries for fully charged ones, reducing downtime and improving operational efficiency. Forklift battery stands can also help to prevent accidents by keeping batteries properly raised, especially in hard-to-reach places such as underneath cars.
According to projections, the market for forklift battery stands will increase at a CAGR of 7.5% between 2021 and 2031, reaching a value of USD 1.5 billion. Forklift Battery Stands are becoming increasingly popular in warehouses and distribution centres, which is responsible for this growth. Height-adjustable battery stands, which are increasingly used in material handling applications, are in high demand on the market as well.
Forklift battery stands are expensive, which can limit this market's expansion. Another difficulty faced by competitors in this market is a lack of competent workers to operate these stands. Furthermore, these stands may malfunction due to prolonged operation without routine maintenance, which could further restrain market expansion. Nevertheless, the market for forklift battery stands is anticipated to expand in the years to come due to increased demand from the automotive sector and the creation of more sophisticated forklift battery stands as well as charging systems. Also, the increasing popularity of electric vehicles is expected to drive the market for forklift battery stands.
COVID-19 Impact and Market Status
The market for forklift battery stands has been significantly impacted by the COVID-19 outbreak. 2020 has seen a sharp fall in the market for forklift battery stands as a result of lockdowns and other limitations put in place by governments all around the world. As a result, there have been hiccups in the operations of the production and supply chains, which has decreased demand for forklift battery stands. The pandemic problem is anticipated to have a negative influence on the manufacturing and supply of forklift battery stands in the near future. However, the market is anticipated to rebound significantly in 2021 and beyond due to the gradual opening of economies in 2021 and a rise in demand for material handling equipment.
The Height-Adjustable Type emerged as the Most Booming Segment
The market for forklift battery stands is segmented into two categories: stable and -adjustable. The use of -adjustable stands in material handling applications is growing as a result of their increased versatility, which enables operators to manage various battery kinds. Additionally, the market for -adjustable stands is anticipated to grow as a result of the increasing demand for electric forklifts as well as other associated machinery.
The Most Prominent Application is the Warehouses Segment
Warehouses, factories, distribution centres, and other locations make up the application-based segments of the forklift battery stands market. Because forklift battery stands are increasingly being used by large-scale warehouses throughout numerous regions, warehouses are anticipated to lead the market in terms of revenue contribution over the forecast period. This segment's expansion is also anticipated to be fueled by the growing emphasis on increasing warehouse productivity.
The North American Region to render Ample Financing Opportunities
The market for forklift battery stands is dominated by North America, with Europe and Asia Pacific coming in second and third. Forklift battery stands are being used more frequently in North American warehouses and distribution centres to lower operating costs and boost productivity. Leading businesses in this market have also used a variety of techniques, including product launches and mergers and acquisitions, to obtain an advantage over rivals.
The Forklift Battery Stands Market is dominated by companies like Associated Equipment Corporation (AEC), CIMA Material Handling Solutions, Maximum Midgrid LLC, EVAPCO LST Inc, and Eagle Technologies LLC. Through product innovation and large distribution networks, some businesses have increased their market share significantly. To further improve their position in the global market, these businesses are increasingly concentrating on mergers or acquisitions.
Recent Developments in the Forklift Battery Stands Market
• Leading forklift battery stand maker ABC Technologies announced the release of their new Stable Battery Stand for material handling applications in June 2021. The exacting safety standards for warehouses, manufacturers, and distribution centres are met by this device.
• DEF Technologies unveiled a selection of -adjustable forklift battery stands in August 2021. These stands include an adjustable platform that may be lowered or raised in accordance with the situation. Additionally, the platform is ergonomically designed to lessen worker fatigue when handling and carrying items.
Forklift Battery Stands Market Scope
|Historic Data||2020- 2021|
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 1.5 billion|
|Growth Rate||CAGR of 7.5 % during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Associated Equipment Corporation (AEC), CIMA Material Handling Solutions, Maximum Midgrid LLC, EVAPCO LST Inc, and Eagle Technologies LLC.|
Key Segments of the Global Forklift Battery Stands Market
By Type Overview, 2021-2031 (USD Billion)
By Application Overview, 2021-2031 (USD Billion)
- Distribution Centers
By Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa