Forklift Battery Market

Forklift Battery Market Outlook (2024 to 2034)

The global forklift battery market is poised to be valued at US$ 25.67 billion in 2024 and is projected to advance to US$ 48.65 billion by the end of 2034. Worldwide sales for forklift batteries are evaluated to increase at a CAGR of 6.6% from 2024 to 2034.

Increasing adoption of electric forklifts across various industries such as manufacturing, warehousing, construction, and retail is fueling the growth of the forklift battery market. As companies strive for greater cost-effectiveness, sustainability, and operational efficiency, demand for improved forklift batteries is rising.

Lithium-ion batteries are rapidly replacing traditional lead-acid batteries in this market. Li-ion batteries offer several advantages, including faster charging times, longer cycle life, and higher energy density. In addition, they require no maintenance and have a lower total cost of ownership over their lifespan. This transition is expected to persist as companies seek more eco-friendly and efficient battery options.

Integration of smart battery management systems (BMSs) is gaining traction in the forklift battery market. BMS technology enables real-time monitoring of battery health, performance, and charge status. This data-driven approach reduces the risk of unexpected failures, extends battery life, and maximizes energy efficiency. With BMS, forklift operations are becoming more reliable and efficient.

Key Market Growth Drivers

• Increasing focus on sustainability and reducing fossil fuel emissions has boosted the adoption of battery-operated forklifts.
• Advancements in battery technology, particularly innovations such as lithium-ion (Li-ion) batteries, are contributing to forklift battery market growth. These batteries are more energy-efficient, have a longer lifespan, and charge more quickly than lead-acid batteries.
• Electric forklifts are economical to maintain and significantly reduce downtime for manufacturers, leading to higher global adoption.
• Supportive initiatives and subsidies promoting the use of electric forklift trucks are also projected to drive demand for forklift batteries during the forecast period.
• In the material handling and logistics sector, forklift batteries are a crucial market segment, powering forklifts used in manufacturing, storage, and distribution, among other industries.
• Need for advanced forklift batteries is increasing as companies seek to enhance operational efficiency, sustainability, and cost-effectiveness.
• Technological advancements are also enabling businesses to maximize forklift operations, minimize downtime, and boost productivity.
• Expansion of e-Commerce and the growth of logistics and warehousing activities are increasing the demand for efficient material-handling solutions. Forklifts are essential machinery in these industries, making reliable and durable batteries crucial.
• Key players in the market are focusing on reducing costs and enhancing operational efficiency. Forklift batteries that offer longer operating hours, reduced maintenance needs, and energy savings are essential to achieving these goals.
• To improve the efficiency and reliability of their forklift fleets, businesses are investing in advanced battery technology, driving the expansion of the forklift battery market size.

Report Attribute	Detail
Forklift Battery Market Size (2024E)	US$ 25.67 Billion
Forecasted Market Value (2034F)	US$ 48.65 Billion
Global Market Growth Rate (2024 to 2034)	6.6% CAGR
North America Market Share (2024E)	26.4%
Western Europe Market Value (2024E)	US$ 5.47 Billion
Sales of Lead-acid Batteries (2034F)	US$ 28.51 Billion
36 Volts Segment Value (2034F)	US$ 16.01 Billion
Key Companies Profiled	OneCharge; Electrovaya; Flux Power Holdings Inc.; Exide Industries Ltd.; Amara Raja Batteries Ltd.; EnerSys; Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH; East Penn Manufacturing Industry Company; Narada Power Source Co. Ltd.; Trojan Battery Company LLC; Iberdrola; GS Yuasa International Ltd.; Crown Equipment Corporation.

Why is Demand for Forklift Batteries Increasing in Various Industries?

“Reduced Downtime and Lower Maintenance Costs Driving Preference for Electric Forklifts”

In recent years, significant changes in the global climate and environment have prompted the implementation of various regulations to conserve the environment and reduce carbon emissions. Worldwide, businesses and individuals are striving to reduce their carbon footprint and the release of toxic pollutants into the atmosphere.

Electric forklifts, in addition to being more environmentally friendly, significantly reduce operational downtime and are a more cost-effective maintenance option compared to fossil fuel-powered forklifts. The use of electric forklifts enhances productivity and increases potential revenue for industrial organizations, leading more companies to adopt them for their operations. These are key forklift battery market trends that manufacturers must capitalize on to gain profits.

What is Hampering Sales Growth of Forklift Batteries?

"Long Recharge Times and Limited Availability of Charging Stations"

The time required to recharge electric forklift batteries and the availability of charging stations are two significant challenges hindering sales. In industrial settings with high-intensity material handling activities, limited access to charging stations leads to productivity losses and operational interruptions.

As businesses rely on efficient material handling and continuous production, the lengthy charging times for electric forklift batteries exacerbate these problems. To address these issues, it is essential to invest in expanding the charging infrastructure and exploring methods to reduce charging times. This helps minimize disruptions to business operations and facilitates the seamless integration of electric forklifts into various sectors.

Country-wise Insights

North America is estimated to lead with 26.4% of the global market share in 2024. Western Europe is set to hold 21.3% of the forklift battery market share in 2024. Focus on sustainability and reducing carbon emissions in the region is the prime factor driving the adoption of sustainable solutions.

Increasing use of electric forklifts and other electric equipment in manufacturing facilities, attractive government subsidies on the use of electric equipment, and growing manufacturing activity across the region are projected to drive sales of forklift batteries in Europe through 2034.

Which Factor is Primarily Boosting Use of Forklift Batteries in the United States?

“Industries Transitioning from ICE Forklifts to Electric Forklifts to Meet Sustainability Goals”

Attribute	United States
Market Value (2024E)	US$ 5.52 Billion
Growth Rate (2024 to 2034)	6.7% CAGR
Projected Value (2034F)	US$ 10.56 Billion

Due to their lower emissions, reduced noise levels, and cheaper operating costs, electric forklifts are gaining popularity in the United States over internal combustion engine (ICE) models. This shift is driving demand for advanced forklift batteries, particularly lithium-ion, due to their superior performance and efficiency.

Electric forklifts powered by these advanced batteries meet environmental regulations and sustainability goals, making them an ideal choice for companies aiming to reduce pollution and enhance operational efficiency in the United States.

Why are Forklift Battery Manufacturers Focusing on Germany?

“Stringent Emission Laws and Rising Environmental Concerns”

Attribute	Germany
Market Value (2024E)	US$ 1.02 Billion
Growth Rate (2024 to 2034)	6.8% CAGR
Projected Value (2034F)	US$ 1.98 Billion

Growing demand for forklift batteries in Germany is primarily driven by stringent emission laws and mounting environmental concerns. Electric forklifts are considered more economical and environmentally friendly in the long run, necessitating more forklift batteries to power them. Advancements in battery technology have improved performance and longevity, making them appealing to companies looking to upgrade their machinery in the country.

• In September 2023, recycled lithium-ion batteries began being sent to a factory in Magdeburg, Germany, operated by Li-Cycle Holding Corp., a key partner of German logistics equipment supplier Kion Group AG. The firm claims to recover up to 95% of the precious minerals and elements found in the batteries.

Category-wise Insights

Based on end user, the market is segmented into warehouses, wholesale stores, construction sites, and manufacturing industry. The warehouses segment holds a significant market share due to increasing warehousing activities across the world.

Which Type of Battery is Extensively Used to Power Forklifts?

“Reliable Nature & Durability of Lead-Acid Batteries”

Attribute	Lead-acid Batteries
Segment Value (2024E)	US$ 15.07 Billion
Growth Rate (2024 to 2034)	6.6% CAGR
Projected Value (2034F)	US$ 28.51 Billion

Growing demand for forklift lead-acid batteries is ascribed to their durable and reliable nature as compared to other battery types. These batteries also have the lowest self-discharge rate among all the types of batteries available on the market, which makes them the preferred choice for various applications. As a result, the lead-acid battery segment accounts for 58.7% share of the global market in 2024. However, demand for lithium-ion batteries is projected to rise at a steady pace through 2034 owing to them being cost-effective and energy-efficient.

Which Advantages of 36 Volts Forklift Batteries Make Them Suitable for Industrial Settings?

“Adaptability and Low Maintenance Requirements of Forklift Batteries”

Attribute	36 Volts
Segment Value (2024E)	US$ 8.42 Billion
Growth Rate (2024 to 2034)	6.6% CAGR
Projected Value (2034F)	US$ 16.01 Billion

Demand for 36-volt forklift batteries is increasing due to the growing need for effective material handling equipment, such as forklifts, as a result of the expansion of e-commerce and warehouse operations. 36-volt battery-powered forklifts are adaptable and need little maintenance, which makes them perfect for harsh industrial settings.

The trend toward electric forklifts, due to cost and environmental considerations is boosting demand for 36-volt batteries. Electric forklifts running on 36-volt batteries are becoming a popular choice as companies value sustainability and want to cut pollution.

Competitive Landscape

Key players in the forklift battery market are focusing on expanding their business scope by increasing their production capacity and launching new products that are incorporated with advanced technologies.

• In January 2024, Hyster introduced Power Cellect, an optional package for 27 Hyster electric forklift models, allowing quick transitions between low-maintenance battery options.
• In November 2023, BSL New Energy Technology Company unveiled a 24 V lithium-ion pallet jack battery and charger with a 20-year lifespan.
• In April 2022, Kion Group AG expanded its lithium-ion battery manufacturing facility in Karlstein am Main, Germany, following collaboration with BMZ Holding GmbH.
• In December 2021, Eternity Technologies launched QUASAR, Carbon Nano Motive batteries, designed for material handling applications like forklifts, boasting a four-hour full charge and 50% more power.

Fact.MR provides detailed information about the price points of key manufacturers of forklift batteries positioned across the world, sales growth, production capacity, and speculative technological expansion, in this updated market report.

Segmentation of Forklift Battery Market Research

• By Type :

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

• By Voltage :

  • 24 Volts
  • 36 Volts
  • 48 Volts
  • 72 Volts

• By End User :

  • Warehouses
  • Wholesale Stores
  • Construction Sites
  • Manufacturing Industry

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa