Market Overview
The global forklift battery market was valued at USD 5.2 Billion in 2024 and is expected to reach USD 7.8 Billion by 2033. The market is projected to grow at a CAGR of 4.7% during the forecast period of 2025 to 2033. Asia-Pacific dominates with over 41.8% market share due to rapid industrialization and technological advancements. The increasing adoption of electric forklifts for cost-effective and environmentally friendly solutions further fuels market growth.
Study Assumption Years
- Base Year: 2024
- Historical Years: 2019-2024
- Forecast Period: 2025-2033
Forklift Battery Market Key Takeaways
- The global forklift battery market was valued at USD 5.2 Billion in 2024.
- The market is estimated to grow at a CAGR of 4.7% during 2025-2033.
- Asia-Pacific held the largest market share of over 41.8% in 2024.
- Lead-acid batteries dominate the market with 77.2% share in 2024 due to cost-effectiveness and reliability.
- The aftermarket sales channel leads with around 73.1% market share driven by replacement demand.
- Manufacturing is the largest application segment with approximately 30% share, fueled by material handling needs.
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Market Growth Factors
The increasing adoption of electric forklifts in factories and warehouses is a major contributor to the growth in demand in the market. Companies are increasingly looking for cost-effective and eco-friendly solutions, which has led to the growth in the electric variant of forklifts. In 2024, Plug Power announced it would supply hydrogen infrastructure and fuel cells to a new US electric vehicle (EV) factory which is to open in 2025. Demand is supported by government incentives for energy efficient machines and tighter environmental regulations on emissions, which require the use of energy efficient machines. The running cost, low noise, and safety level of such advanced batteries is increasing the market.
Innovation and manufacturing in the U.S. are critical to advancing battery technologies for forklifts and other material handling equipment with investment in advanced, high-capacity and energy-efficient batteries. An example of this trend is the manufacturing of Group 31 composite grid bipolar AGM lead-acid batteries by Terra Supreme Battery in 2024. E-commerce and logistics are also driving forces for the U.S. lead-acid battery market. Clean energy policies speed up the transition to electric forklifts with advanced battery technologies, creating a pipeline of future technology in development.
Environmental regulation and emissions control are the two main drivers of the forklift battery market. Electric-powered forklifts are 75% cheaper to run than propane and require 40% less maintenance. They eliminate the need for on-site fuel storage and produce no emissions during operation. Tax credits and rebates for electric forklifts have been adopted by regulators seeking to combat climate change and pollution, compelling industries to consider more environmentally friendly forklift battery technologies and minimize their carbon footprint.
Market Segmentation
By Type:
- Lithium-ion Battery
- Lead–Acid Battery: Largest segment in 2024 with 77.2% share, valued for low cost, reliability, extensive manufacturing infrastructure, durability, and stability in material handling.
- Others
By Sales Channel:
- OEM
- Aftermarket: Leads the market with approximately 73.1% share in 2024, driven by the frequent replacement demand from wear and tear in logistics, manufacturing, and retail sectors. Eco-friendly recycling technologies enhance aftermarket appeal.
By Application:
- Warehouses
- Manufacturing: Leading application with about 30% share in 2024, driven by heavy forklift use in efficient material handling, streamlining production, and integration of automation and smart technologies.
- Construction
- Retail and Wholesale Stores
- Others
Regional Insights
Asia-Pacific is the dominant region in the forklift battery market, holding over 41.8% market share in 2024. Rapid industrialization, urban development in China, India, and Japan, and growth in manufacturing, e-commerce, and logistics sectors drive this dominance. Government policies promoting eco-friendly solutions, combined with leading battery manufacturers and low production costs, position Asia-Pacific strategically in the global market.
Recent Developments & News
In September 2024, Flux Power partnered with a leading electric material handling equipment provider to deliver lithium-ion batteries that enhance performance and energy efficiency in electric forklifts. In August 2024, Godrej Industries launched India’s first lithium-ion-powered forklift, promising enhanced efficiency and faster charging. In March 2023, Systems Sunlight S.A. introduced the Li.ON FORCE Lite battery for Class III industrial vehicles in the US market, expanding their energy storage portfolio. Flux Power launched a lithium-ion battery pack for walkie pallet jacks in March 2022 to support demanding applications. In November 2022, Exide Industries and Advanced Battery Concepts partnered to commercialize Box-BE™ Battery Energy Storage Systems, advancing sustainable energy storage solutions.
Key Players
- Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
- Amara Raja Batteries Ltd.
- Camel Group Co. Ltd.
- Crown Equipment Corporation
- East Penn Manufacturing Company
- Enersys
- Exide Industries Limited
- Flux Power
- Microtex Energy Private Limited
- Northland Industrial Truck Co. Inc. (Alta Enterprises LLC)
- Storage Battery Systems LLC
- Systems Sunlight S.A.
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