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Forklift Battery Market Share

Report ID: GMI6119
Published Date: Dec 2024
Report Format: PDF

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Forklift Battery Market Share

Global Forklift Battery Company Market Share Analysis, 2024

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

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

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.

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.