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Forklift Battery Market Trends

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

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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.

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.