If you’ve noticed the recent buzz around lithium-ion batteries, there’s a reason for it. The small rechargeable batteries are in everyday consumer products and popular electric vehicles. If you have questions about lithium-ion batteries, we’ve got answers.  

Why are lithium-ion batteries so popular?

Lithium-ion batteries are growing in popularity because of their unique ability to store a large amount of energy in a small area.  

How large is the market for lithium-ion batteries?

The demand for lithium-ion batteries is growing every day. According to a recent report by Markets And Markets, the overall lithium-ion battery market size will grow 16.2%, from $37.4 billion in 2018 to $92.2 billion by 2024.  

How long have lithium-ion batteries been around?

Lithium-ion batteries came to the market in 1990, but high costs stalled early adoption efforts.  

Are lithium-ion battery prices getting lower?

According to lithium-ion battery manufacturers and automobile companies, prices will drop significantly in the next few years. The cost of components is decreasing, and more manufacturing facilities are popping up to handle the expected growth of the renewable storage energy market.   

Where are lithium-ion batteries used?

Lithium-ion batteries are in cars, electrical systems, consumer electronics, and commercial planes. They are in material handling equipment, including automatic guided vehicles, forklifts, and pallet jacks.  

What is driving the growth of the lithium-ion battery market?

Concern for the environment and the demand for battery-operated equipment are two factors driving the development of the lithium-ion battery market. Lithium-ion batteries are much better for the environment than non-renewable energy sources like gas. Companies in the warehouse, logistics, and food & beverage industries demand fast and energy-efficient battery-operated automated guided vehicles and forklifts.  

What are the benefits of lithium-ion batteries over traditional lead-acid batteries in forklifts?

The benefits include longer run times, increased performance, lower maintenance costs, and faster and better-charging abilities.  

Does Toyota offer lithium-ion battery options?

Yes. Most products in Toyota’s electric forklift line offer lithium-ion compatibility. Last year, Toyota announced a new lineup of lithium-ion batteries in its 3- and 4-wheel electric sit-down models.  

Toyota is committed to providing its customers with lithium-ion solutions. Toyota Material Handling was the first manufacturer to offer a UL-E and UL-EE certified integration of lithium-ion batteries and forklifts. Contact us today to find out if lithium-ion technology is the right solution for you. 

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