Canada Forklift Battery Market By Type (Lithium ion, Lead Acid, and Others), By Application (Warehouses, Construction, Manufacturing, Retail & Wholesale Stores, and Others), By Region, Competition Forecast & Opportunities, 2027

Canada forklift battery market is expected to grow at a rate of steady CAGR for the forecast period, 2023-2027. Increased demand for the forklift truck for various industrial purposes is accelerating the demand for forklift batteries, and ongoing advancements in battery technology are the primary factors driving the growth of the Canada forklift battery market. Also, the growing retail industry and the opening of new warehouses, and high demand for warehouse owing to the high popularity of e-commerce channels among consumers is expected to create lucrative growth opportunities for the Canada forklift battery market in the forecast period.

High Demand for Forklift Drives the Market Growth

The availability of high-speed internet connection and the proliferation of smart devices is playing a major role in boosting the demand of the e-commerce industry among consumers. The increased expenditure capacity of consumers and rise in the number of online market players are making the e-commerce market players develop an efficient supply chain and distribution network. Market players are opening warehouses to fulfill the needs of the growing e-commerce and retail industry. These warehouse owners require a forklift to move and organize their goods in proper places. High demand for forklifts in end-user industries and the introduction of advanced versions of the forklift into the market by the forklift manufacturers are expected to accelerate the demand of the Canada forklift market in the forecast period.

Launch of Electric

Forklift manufacturers are introducing an electric forklift version to reduce greenhouse emissions released in the environment and promote zero-emission vehicles. The government of Canada is taking strict steps to shift vehicles towards cleaner fuels and has released strict mandates to achieve zero-emission targets by 2035. Leading authorities have allocated considerable funds to bolster the adoption of electric vehicles among consumers. Electric motor power electric forklifts in place of an internal combustion engine using either grid power or rechargeable forklift batteries; therefore, it is required to start the forklift truck. They do not emit any harmful pollutants into the environment.

Market players are making high-end investments for research activities. They are adopting advanced technologies such as the internet of things, connected devices, and fleet management in the existing forklift versions, which is expected to push the sales of forklifts in industries for different work purposes.

Ongoing Infrastructure Development Projects Supports the Market Growth

Canada boasts of one of the best infrastructures in the world as it is as par as the standards set up by high-tech business and international trade. The government of Canada is making efforts and investments to boost infrastructural development in the country to improve the quality of life. The Canadian government has lined up several infrastructure developments projects like GO Expansion – On Corridor, Bruce Power Refurbishment, Darlington Nuclear Refurbishment, Site C Clean Energy Project, and many more as a part of their infrastructure development plan. Forklift trucks are used to transfer bulky materials, which enhances efficiency and lowers operational costs. A large number of several infrastructure development projects, and the surging need to optimize operational costs during construction activities are expected to accelerate the Canada forklift battery market growth in the forecast period.

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Market Segmentation

The Canada forklift battery market is segmented into type, application, company, and regional distribution.

Market Players

Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, Exide Industries Limited, Microtex Energy Private Limited, NITCO, Storage Battery Systems, LLC, Systems Sunlight S.A., and TOTAL SA are the major market players operating in the Canada forklift battery market.