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Forklift Battery Market Size

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

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2024
Forklift Battery Market Size in 2024:	USD 5.5 Billion
Forecast Period:	2025 to 2034
Forecast Period 2025 to 2034 CAGR:	7.6%
2034 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:	Growing trend of automation in the logistics and manufacturing sectors Advancements in battery technologies The growing adoption of lithium-ion batteries
Pitfalls & Challenges:	High initial cost associated with batteries

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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.