Forklift Battery Market
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The global forklift battery market was anticipated at USD 5.5 billion in 2024 and is expected to witness a CAGR of 7.6% by 2034. The growth drivers of the market include the increasing demand for material handling in industries like warehousing, logistics, and e-commerce. The rise of automation in warehouses is further boosting the need for efficient and reliable battery-powered forklifts.
The e-commerce sector has gained immense popularity globally and is contributing positively to the growth of the forklift battery market. Bureau of economic analysis reveals that the e-commerce sales in the US were at USD 1,849.9 billion during the third quarter of 2024, which was a whopping 7.4% increase from the previous quarter. Apart from these, there are rising concern over greenhouse emissions and stringent policies that are shifting industries from using internal combustion engine forklifts to electric ones. Moreover, the progress in technological development for Li-ion batteries is further fuelling the growth of this market.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Forklift Battery Market size in 2024: | USD 5.5 Billion |
| Forecast Period: | 2025 to 2034 |
| Forecast Period 2023 - 2032 CAGR: | 7.6 |
| 2023 Value Projection: | USD 11.1 Billion |
| Historical Data for: | 2021 – 2024 |
| No of Pages: | 80 |
| Tables, Charts & Figures: | 20 |
| Segments Covered: | Battery Type and Application |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Shifting towards more circular economy principles where resources are kept in use for as long as possible is giving rise to more sustainable methods of material production and battery recycling technologies. Electric powered excavators using lithium and lead acid batteries have lower carbon emissions and are more economical than fuel powered excavators. Thus, electric forklifts are more environmentally friendly solutions to traditional powered forklifts.
Depending on its battery type, the market is divided into lead-acid, lithium-ion, and nickel cadmium categories. It is projected that the lead acid battery market will grow to more than USD 3.3 billion in value by 2034. Due to their wide adoption, low cost, and relatively established use in diverse industries particularly for lower capacity forklifts, demand from cost-sensitive segments will continue. Moreover, their application in niche markets that have extreme conditions such as high temperatures or unstable performance environment is another growth niche.
The forklift battery market is segmented by application into wholesale stores, construction sites, manufacturing and warehouses, out of which the manufacturing application is projected to grow at a CAGR of more than 5.1% up to the year 2034. The anticipated increase in e-commerce activity will result in enhanced automation of material handling systems in the warehouses and factories along with battery-operated forklifts which will create a demand for robust and reliable forklift battery solutions.
In addition, the rising demand for sustainable and energy efficient alternatives in construction and manufacturing along with the higher adoption of electric powered forklifts with lower maintenance, longer shelf life, and ecofriendly attributes will significantly boost the business demand.
By the year 2034, the U.S. forklift battery market is estimated to exceed USD 800 million. The advancement of automation, smart warehouses, robotics, is one of the other factors contributing to the growth of the market for forklift batteries. The use of advanced battery systems have automated robots and forklifts powered to be used in logistics. As the global manufacturing industries along with the construction and logistics markets continue to grow, there will be a greater need for efficient material handling systems.
The demand for environmental friendly products is one of the many reasons contributing to the fast paced growth of the Asia Pacific forklift battery market. The government regulations set in place and policies that promote the use of energy efficient material handling also contribute towards this. There has been a green energy initiative taken by governments in the Asia Pacific region which will lower emissions standards.
The increasing power and popularity of electric forklifts has led to a greater demand for lithium-ion batteries and the establishing of policies, subsidies, and tax breaks have set the foundation for the greater adoption of the electric powered forklift. The ongoing development of the lithium-ion batteries such as the addition of better safety features along with faster charging times and improved overall energy efficiency is aiding towards the growth of the market.
Exide Technologies appears to have considerable competitive advantages in the development of batteries for material handling equipment owing to their powerful manufacturing competencies, deep distribution channels, and unique battery technologies. The sales of electric forklifts are set to increase and so the demand for these batteries will increase as well, which will inspire these companies to further increases their investment and innovations to be more competitive in the very rapidly expanding electric forklift battery market.
Some of the key market players operating across the forklift battery industry are:
Market, By Battery Type
Market, By Application
The above information has been provided for the following regions and countries:
The manufacturing segment is expected to expand at a CAGR of more than 5.1% through 2034 as warehouses and manufacturing facilities increasingly use automated material handling systems powered by battery-operated forklifts.
The U.S. forklift battery market is projected to exceed USD 800 million by 2034, led by the rise of automation, robotics, and smart warehouses.
Key players in the forklift battery industry include 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, and Trojan Battery.
The global market for forklift battery was reached USD 5.5 billion in 2024 and is expected to grow at a 7.6% CAGR from 2025 to 2034, driven by rising material handling demands in sectors such as warehousing, logistics, and e-commerce.
The lead acid battery segment is projected to reach USD 3.3 billion by 2034, due to their cost-effectiveness and established use in many industries, especially for lower-capacity forklifts.