Forklift Battery Market Share

On the basis of regional analysis, the forklift battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Europe industry is anticipated to hold largest revenue share by 2037, on account of increasing number of construction projects in the region. In addition, availability of highly developed production and inventory storage facilities are further anticipated to drive the market growth in Europe. The Asia-Pacific industry will also grow significantly over the forecast period. Huge growth in renewable energy generation capacity, declining battery prices and tremendous growth in logistics operations are expected to dramatically fuel the growth of the forklift battery in countries such as China, Japan and India among others. The market for forklifts is also growing in Asian countries on account of rapid growth in urbanization attributed to rising demand for construction along with the need for quick and productive logistics operations.