Forklift Battery Market To Accumulate US$ 44.7 Billion By 2032


The global forklift battery market is valued at US$ 23.5 billion in 2022 and is anticipated to reach to a market valuation of US$ 44.7 billion by the end of 2032. This noteworthy jump in market size is because worldwide sales of forklift batteries are predicted to increase at a high-value CAGR of 6.6% over the next ten years.

Europe accounts for a dominant market share of around 45% of the global market, primarily due to the high adoption of electric forklifts across the continent, which can be linked to the high focus on sustainability in the region.

Report AttributesDetails
Forklift Battery Market Size (2022)US$ 23.5 Billion
Projected Market Value (2032F)US$ 44.7 Billion
Global Market Growth Rate (2022-2032)6.6% CAGR
Asia Pacific Market Share (2022)30%
Europe Market Share (2022)45%
Market Share of Lead-acid Batteries (2022)60%
Key Companies ProfiledOneChargeElectrovayaFlux Power Holdings Inc.Exide Industries Ltd.Amara Raja Batteries Ltd.ENERSYSAccumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbHEast Penn Manufacturing Industry CompanyNarada Power Source Co. LtdTrojan Battery Company LLCIberdrolaGS Yuasa International Ltd.Crown Equipment Corporation

Forklift Battery Demand Analysis (2017-2021) in Comparison to Market Estimations (2022-2032)

Industrialization has increased exponentially on a global scale in the past decade, and this trend has led to the increased demand for material handling equipment across industry verticals. Increasing focus on sustainability and reducing fossil fuel emissions has driven the adoption of battery-operated forklifts, and this trend is expected to bolster the overall demand for forklift batteries over the coming years.

Automation in industries has become mainstream across the world owing to the increasing adoption of Industry 4.0 standards and rising digitization. This trend is driving the demand for autonomous forklifts and other automated material handling equipment to optimize the industrial workflow and maximize productivity.

Electric forklifts are economic to maintain and reduce downtime considerably for manufacturers, and hence, have been witnessing higher adoption across the world, which, in turn, is expected to drive shipments of electric forklift batteries through 2032.

Supportive initiatives and subsidies to promote the use of electric forklift trucks are also expected to drive forklift truck battery demand from 2022 to 2032. Besides, expanding warehousing operations across the world are also expected to act as a catalyst for forklift battery market evolution over the decade.

On the flip side, the high cost of lithium-ion batteries is anticipated to have a constraining effect on the global market to some extent. Nevertheless, from 2022 to 2032, the global market for forklift batteries is slated to rise at a noteworthy CAGR of 6.6%.

Fact.MR, 2022

Why are Most Industries Veering towards Electric Forklifts?

“Less Downtime & Cheap Maintenance Make Electric Forklifts the Preferred Choice”

The world has witnessed notable changes in climate and environment in the past few decades, and this has resulted in various mandates that are targeted towards environment conservation and reducing carbon emissions. Organizations and people across the world are taking efforts to reduce their carbon footprint and minimize harmful emissions into the atmosphere.

Besides being more environment-friendly, electric forklifts also result in less downtime of operations to a great extent and are a cheaper maintenance alternative as compared to fossil fuel-powered forklifts. The use of these forklifts improves productivity and also increases the scope of revenue generation for industrial organizations, which is why more and more companies are adopting electric forklifts for their operations.

This market trend is expected to substantially favor the overall growth of the forklift battery market throughout the forecast period.

A comprehensive account of all the current opportunities, restraints, and trends in the forklift batteries industry has been listed in this market study by experienced analysts at Fact.MR, a market research and competitive intelligence provider.

How Crucial is Innovation in the Forklift Battery Market for Start-ups?

“New Forklift Battery Companies Should Focus on Innovative Technologies to Create a Market Space for Themselves”

Battery technology is evolving all the time and some major innovations in recent times have helped new market players transform into top brands in the forklift battery industry. This is why aspiring forklift battery cell manufacturers are investing in the research and development of new technology and solutions for forklifts and their batteries to optimize workflow and improve productivity.

  • In August 2022, UgoWork, an energy solutions provider specializing in lithium-ion batteries for industrial trucks, announced the launch of its new end-to-end forklift battery management solution. The Quebec-based company functions on an Energy as a Service (EaaS) program that enables end users to enjoy higher energy efficiency through a pay-per-use model.

New lithium forklift battery companies are expected to focus on increasing their business scope by acquiring investments to maximize their global reach.

  • In March 2022, Blue Line Battery Inc., a start-up that engineers modular lithium-ion batteries for industrial equipment, raised US$ 3.1 million in a seed financing round. The round was led by MCL Industries Inc., which is also the company’s contract manufacturing partner.

Which Regions Have Bright Investment Scope for Forklift Battery Suppliers?

“Europe & Asia Pacific to Provide Attractive Business Opportunities”

The Europe forklift battery market is projected to lead the global marketplace in terms of share over the next ten years. High focus on sustainability and reducing carbon emissions in the region is the prime factor driving the adoption of sustainable solutions in the region.

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 expected to drive the shipments of forklift batteries in Europe through 2032.

Germany, France, the United Kingdom, and Spain are anticipated to be leading markets in the regions for forklift batteries over the next ten years.

Increasing industrial activity and rising investments in the development of the manufacturing sector are expected to propel the demand for forklift batteries in the Asia Pacific region. Increasing construction activity owing to the high demand for infrastructure development in the region is also anticipated to favor forklift battery market growth potential.

Economies such as India and China are anticipated to be highly rewarding markets for key manufacturers of forklift batteries. At present, the Asia Pacific forklift battery market accounts for nearly 30% of the global market share.

Country-wise Insights

Will China Offer Rewarding Returns for Forklift Battery Companies?

“Robust Industrial Sector & Supportive Government Initiatives Driving China Forklift Battery Sales”

China is known for its robust industrial sector and is also a key manufacturing hub for almost everything; this makes it a highly lucrative material handling market in the global landscape.

Increasing investments in infrastructure development and supportive government initiatives to promote manufacturing activity in the country are expected to increase the need for forklifts and thereby lead to higher usage of forklift battery systems.

Category-wise Insights

Which Type of Batteries are Most Widely Used in Forklifts?

“Low Self Discharge Property Makes Lead-acid Batteries the Preferred Choice”

The global forklift battery market, based on type, is segmented into lithium-ion batteries, lead-acid batteries, nickel-cadmium batteries, and others.

The market is set to exhibit high demand for lead-acid batteries going forward. This high demand for forklift lead-acid batteries can be 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, it is no surprise that the segment accounts for a commanding 60% share of the global market at present.

However, demand for forklift lithium batteries is anticipated to rise at a faster pace in the future owing to them being cost-effective and energy-efficient. Faster charging time, high recharge efficiency of more than 98%, and no cool-down period are some other prominent factors that will favor the sales growth of lithium-ion forklift batteries over the coming years.

How Has the Warehousing Industry Shaped the Forklift Battery Market Growth Trajectory?

“Increasing Warehousing Activities Will Push Forklift Battery Sales”

The global forklift battery market, based on end user, is segmented into warehouses, wholesale stores, construction sites, the manufacturing industry, and others.

The e-Commerce industry has witnessed a major boom in the past few years, especially with the advent of COVID, and this has led to a substantial increase in warehousing activity across the world. Increasing establishment of warehouses in several locations for better logistics has resulted in heightened demand for material handling equipment such as forklifts, reach stackers, and the like.

Demand for batteries to power this equipment has also increased in tandem, which is why the sales of forklift batteries that are meant to be used in warehousing applications are on a constant rise across regions.

The warehouses application segment accounts for a notable market share of around 30% in 2022 and is expected to maintain its lead throughout the forecast period.

Competitive Landscape

Forklift battery manufacturers are focusing on expanding their business scope by increasing their production capacity and launching new products that are incorporated with advanced technologies.

  • In April 2022, Kion Group AG, a German logistics equipment provider, announced the expansion of its lithium-ion battery manufacturing facility located in Karlstein am Main, Germany, which was opened in 2022 following its collaboration with BMZ Holding GmbH.
  • In December 2021, Eternity Technologies, a leading industrial battery manufacturer, launched a new line of batteries designed specifically for material handling applications such as forklifts. QUASAR, Carbon Nano Motive batteries are capable of being fully charged in four hours and hold up to 50% more power.

Key Segments in Forklift Battery Industry Research

  • By Type :
    • Lithium-ion Batteries
    • Lead-acid Batteries
    • Nickel-cadmium Batteries
    • Others
  • By Voltage :
    • 24 Volts
    • 36 Volts
    • 48 Volts
    • 72 Volts
    • Others
  • By End User :
    • Warehouses
    • Wholesale Stores
    • Construction Sites
    • Manufacturing Industry
    • Others
  • By Region :
    • North America
    • Latin America
    • Europe
    • APAC
    • MEA
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