Saudi Arabia Forklift Battery Market stood at USD 3089.21 million in 2023 and is forecast to reach USD 7543.36 million by 2029 with a CAGR of 15.87% over the forecast period.
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Saudi Arabia Battery Market includes the industry that deals with the production, distribution, and consumption of batteries for various applications in Saudi Arabia such as automotive, consumer electronics, industrial, and energy storage systems. This sector is anticipated to see substantial development fueled by a number of the most important factors. The increase in demand for energy storage solutions is one of the primary drivers since Saudi Arabia invests considerable amounts in renewable energy initiatives and strives to maximize energy efficiency. Batteries are central to the storage of energy from renewable sources like solar and wind power, allowing for a stable and dependable energy supply. Secondly, innovations in battery technologies such as lithium-ion and solid-state batteries are improving performance, cutting costs, and allowing batteries to be used for a wide range of applications. Growth in the use of electric vehicles, driven by government policies to encourage environmentally friendly transportation and lower carbon emissions, also propels market growth. The Vision 2030 Saudi government plan puts a focus on economic diversification and investment in green technology, providing a conducive market environment for growth in the battery market. In addition, the expanding utilization of batteries across consumer devices and industrial usage, combined with mounting emphasis on energy infrastructure and reliability improvement, facilitates the positive direction of the market. As advances in technology remain ongoing and government support grows stronger, the Saudi Arabia Battery Market will continue to increase, furthering the national ambitions of energy sustainability and diversification of the economy.
The Saudi Arabia Forklift Battery Market is anticipated to project a rapid CAGR in the upcoming years. The forklift battery market is growing because of the rapid pace in industrialization in the country. Moreover, the government support to the manufacturing sector and low operating costs are attracting businesses to setup the large manufacturing base in many parts of the country.
Also, with the high disposable income of the consumers there is a need for the raw materials to be transported to retail retailers and warehouse for smooth day to day operations. Thus, industries are generating the demand for forklift trucks.
Recent Developments
Enersys, a global leader in energy solutions, will extend its manufacturer representative agreement with Industrial Battery & Charger, Inc. (IBCI) in January 2021. IBCI is now in charge of all EnerSys motive power sales and servicing in Alabama. Electric
OneCharge Lithium Batteries announced the establishment of its corporate headquarters and new manufacturing facility in Garden Grove, California, in 2021. The new location is three times larger than the previouslocation. This action is being taken in response to rising market demand for various OneCharge lithium batteries.
At Dammam 3rd Industrial City, SABIC's Nusaned Investment unit has formed a joint venture with SCHMID Group to design and produce vanadium redox flow batteries. The battery plant, which will have a capacity of 3 GWh per year and is scheduled to open in 2021. This battery plant will be a significant step forward for Saudi Arabia in its efforts to localize manufacture for developing battery technologies. The Saudi Arabia Government goal is to install57.5 GW of renewable energy by 2030, which reflects the governments intentions to diversify away from oil. , Additionally, it has increased the demand for new battery storage facilities..
Rising Adoption in Warehouse and Manufacturing Sector
The e-Commerce business has experienced a significant rise in recent years, particularly following the COVID-19 pandemic, which has resulted in a significant increase in warehousing activities around the world. The growing number of warehouses being built in various areas to improve logistics has resulted in increased demand for material handling equipment such as forklifts in Saudi Arabia. Demand for
In Feb 2021, Mahindra Logistics engaged in logistics and transportation services for COVID-19 vaccinations, thereby increasing the demand for forklift trucks to maintain efficient material handling operations at warehouses. Thus, contributing to the growth of the forklift battery market
Increasing Demand for Electric Forklifts
Due to technological innovations and the rising environmental concerns to reduce the carbon emissions electric forklift trucks are being used, which has resulted in less downtime in the operations and low cost of maintenance as compared to the fossil fuel powered forklift..
High Initial Cost
One of the key concerns for data center operators is the significantly higher beginning prices of lithium-ion batteries. Li-ion batteries are typically 1.3 to 2 times the price of lead-acid batteries. The daily price fluctuation of lead is one of the major reasons impeding the growth of the forklift battery industry. Furthermore, replacements such as gasoline or propane forklifts are expected to limit market demand.
Market Segmentation
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The Saudi Arabia Forklift Battery Market is divided by battery type, application type, regional distribution, and competition landscape. According to battery type, the market is divided into lead-acid batteries and lithium-ion. according to application type; the market is divided into construction, warehouse, retail & wholesale store, and manufacturing.
Key Market Players
- Middle East Battery Company
- GENERAL MOTORS COMPANY
- Battery Systems Inc
- Exide Technologies S.A.S
- KORE Power, Inc
- Samsung Sdi Co., Ltd
- Panasonic Holdings Corporation
- BYD Company Ltd
- Northvolt AB
- AESC Group Ltd
Company Profiles
EnerSys Limited, Exide Industries Limited, C&D Technologies Inc. FIAMM Energy Technologies S.P.A, ,
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Attribute |
Details |
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Base Year |
2022 |
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Historical Years |
2018 – 2021 |
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Estimated Year |
2023 |
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Forecast Period |
2024 – 2028 |
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Quantitative Units |
Revenue in USD Billion, Volume in Units, and CAGR for 2018-2022 and 2023-2028 |
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Report Coverage |
Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends |
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Segments Covered |
By Battery Type By Application Type Region |
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Regional Scope |
Northern and Central , Western , Eastern and Southern. |
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Key Companies Profiled |
EnerSys Limited, Exide Industries Limited, C&D Technologies Inc. FIAMM Energy Technologies S.P.A Microtex Energy Private Limited, Saft Groupe SA, Wisdom Industrial Power Technology Co., Ltd.,Wisdom Industrial Power Technology Co., Ltd. Crown Battery, Foxtron Power Solutions, East Penn Manufacturing Company, SBS Storage Battery Systems, LLC, Onecharge Ssolutions Limited. |
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Customization Scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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