Navigant Research is projecting a significant rise in US and Canadian sales of alternative electric technologies for forklifts by 2020, tipping sales worth USD556 million in 2020 - up from USD121 million during 2013.
In a new research brief, the Boulder-based clean-technology research service recognises the market entrenchment and staying power of lead-acid batteries and envisions growth in the use of polymer electrolyte membrane fuel cells, direct methanol fuel cells, lithium ion batteries, fast chargers and ultracapacitors.
"These revenue numbers are fairly high compared to the actual marketshare of each technology because these technologies are higher cost," says Lisa Jerram, senior research analyst.
The 17-page brief is entitled "Advanced Electric Forklift Technologies in North America" and follows work on a market analysis for an unidentified client.
The alternative electric technologies can offset lead-acid battery limitations relating to the length of charge time, runtime and low cycle life, the need for spare lead-acid batteries and warehouse space and labour for charging and battery management.
"Distribution centres run by companies such as Walmart and Sysco, as well as companies with plants requiring indoor forklifts, are adopting new technology for forklifts," according to the report's executive summary.
The report profiles key players, including AeroVironment Inc of Monrovia, California; Aker Wade Power Technologies LLC of Charlottesville, Virginia; Crown Equipment Corp of New Bremen, Ohio; Nuvera Fuel Cells Inc of Billerica, Massachusetts and San Donato Milanese, Italy; Oorja Protonics Inc of Fremont, California; Plug Power Inc of Latham, New York; Raymond Corp of Greene, New York; and Toyota Material Handling USA of Columbus, Indiana.
"Advanced electric technologies offer solid benefits, such as reduced downtime, better performance and longer life, but they still must compete on cost," Jerram says. "Where productivity benefits accrue quickly, more expensive electric technologies can provide a good return on investment and can compete with less expensive lead -acid batteries and conventional charging."
The report relates Jerram's understanding of the state of the market through mid-2013. "However, I have tracked these technologies back as far as 2008," she says.
Publicly traded parent company Navigant Consulting Inc of Chicago acquired Pike Research LLC of Boulder in July 2012 and Summit Blue Consulting LLC of Boulder in January 2010.