Forklift Battery Market Size - By Battery Type, By Application, Analysis, Share, Growth Forecast 2025 – 2034

Forklift Battery Market Size

The global forklift battery market was anticipated at USD 5.5 billion in 2024 and is expected to witness a CAGR of 7.6% from 2025 to 2034, driven by rising material handling demands in sectors such as warehousing, logistics, and e-commerce. The rise of automation in warehouses is further boosting the need for efficient and reliable battery-powered forklifts.
 

The forklift battery market is primarily driven by the rapid expansion of e-commerce and the rising demand for efficient warehousing and logistics operations. According to the U.S. Census Bureau, e-commerce sales in the United States reached USD 1,849.9 billion in Q3 2024, reflecting a 7.4% increase from the Q3 2023. As environmental concerns intensify and emissions regulations tighten, businesses are shifting from internal combustion engine (ICE) forklifts to electric ones. Additionally, technological advancements in forklift batteries, especially the emergence of lithium-ion (Li-ion) batteries, significantly fuel this growth.
 

Forklift Battery Market Trends

The push toward sustainability has also led to improvements in battery recycling technologies. Companies are also investing in more sustainable production methods for batteries, contributing to a more circular economy in the material handling industry. Electric forklifts powered by lithium-ion or lead-acid batteries offer a greener, cost-effective alternative to traditional fuel-based forklifts. This shift is accelerating as electric forklifts provide operational benefits such as quieter operation, fewer emissions, and lower total cost of ownership over time.
 

Forklift Battery Market Analysis

Based on battery type, the lead acid battery is set to reach USD 3.3 billion through 2034. Their cost-effectiveness and established use in many industries, especially for lower-capacity forklifts, continue to drive demand in cost-sensitive sectors. Additionally, their use in extreme environments that require high durability or stable performance under varying temperatures remains a niche growth driver.
 

Based on application, the manufacturing segment is expected to expand at a CAGR of more than 5.1% through 2034. Warehouses and manufacturing facilities increasingly use automated material handling systems powered by battery-operated forklifts aligned with the rise of e-commerce demands higher warehouse efficiency will stimulate the need for reliable forklift battery solutions. Furthermore, growing demand for eco-friendly and energy-efficient solutions in construction and manufacturing sectors combined with increased adoption of electric forklifts featuring lower maintenance costs, longer lifespan, and environmental benefits will proliferate the business demand.
 

U.S. forklift battery market is projected to exceed USD 800 million by 2034. The rise of automation, robotics, and smart warehouses is another growth driver for the forklift battery market. Automated forklifts and robots are being integrated into logistics operations, powered by advanced battery systems. The ongoing growth of global manufacturing industries, construction, and logistics requires efficient material handling solutions.
 

The Asia Pacific forklift battery market is growing rapidly, driven by increasing popularity due to environmental concerns, government regulations, and the rising demand for energy-efficient material handling solutions. Governments across Asia Pacific are implementing stricter emissions standards and promoting green energy solutions. Policies, tax breaks, and subsidies are encouraging the adoption of electric forklifts, which in turn increases demand for lithium-ion batteries. Continuous improvements in lithium-ion battery technology, including enhanced safety features, fast charging capabilities, and improved energy efficiency, are contributing to market growth.
 

Forklift Battery Market Share

Exide Technologies has emerged as a prominent player in the forklift battery market due to their strong manufacturing capabilities, extensive distribution networks, and innovative battery technologies. BYD has gained notable traction with its advanced lithium-ion batteries, which are increasingly preferred for electric forklifts. The demand for electric forklifts grows, these companies continue to innovate and strengthen their footholds in the forklift battery market, where electric forklift adoption is accelerating rapidly.
 

Forklift Battery Market Companies

Some of the major key players operating across the forklift battery industry are:

• Amara Raja Batteries
• BYD
• Crown Equipment
• East Penn Manufacturing
• Electrovaya
• EnerSys
• Exide Technologies
• Flux Power Holdings
• GB Industrial Battery
• Godrej Enterprises Group
• HAWKER
• Hoppecke Batteries
• Midac Batteries
• OneCharge
• Toyota Industries Corporation
• Trojan Battery
   

Forklift Battery Industry News:

• In September 2024, Flux Power has announced a strategic partnership with a leading provider of electric material handling equipment to supply advanced lithium-ion battery solutions for their forklift and other industrial vehicles. This collaboration aims to enhance the performance and energy efficiency of electric forklifts, offering customers longer-lasting and faster-charging battery options.
   
• In August 2024, Godrej Industries has announced the launch of India’s first lithium-ion (Li-ion) powered forklift, marking a significant milestone in the country's material handling industry. This eco-friendly forklift is designed to offer improved efficiency, reduced operational costs, and faster charging times compared to traditional lead-acid forklifts. The new Li-ion forklift is a part of the company’s commitment to sustainability and energy-efficient solutions, aimed at supporting India's transition to greener technologies.
   

This forklift battery market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 to 2034, for the following segments:

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Market, By Battery Type

• Lead-acid
• Lithium-ion
• Nickel-cadmium

Market, By Application

• Warehouses
• Wholesale stores
• Construction site
• Manufacturing

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Russia
  • Spain
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Turkey
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Argentina