The Forklift Battery Market Overview 2025 report reveals that the market size has grown significantly over the past few years, with projections indicating further expansion.
What are the Historical Growth Trends in the Forklift Battery Market?
The market size of the forklift battery industry has seen notable expansion recently. It is set to continue this upward trend, with the market size projected to increase from $25.67 billion in 2024 to $27.42 billion in 2025. This represents a compound annual growth rate (CAGR) of 6.8%.
What are the 2025 Market Projections: Forecasted Size & Growth Rate for the Forklift Battery Industry?
The Forklift Battery Global Market is projected to be worth $36.06 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.1%.
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What are the Key Growth Drivers Fueling the Forklift Battery Market?
The key drivers in the forklift battery market are:
• Rising demand for electric forklifts
• Heightened emphasis on green initiatives and government initiatives
• Growing need for material handling
• Increased demand for fuel cell forklifts
Global Market Segmentation: Identifying Major Forklift Battery Industry Segments
The forklift battery market covered in this report is segmented –
1) By Type: Lithium-Ion Battery, Lead-Acid Battery, Nickel-Cadmium Battery, Other Types
2) By Voltage: 24 Volt, 36 Volt, 48 Volt, 72 Volt, Other Voltages
3) By Application: Warehouses, Manufacturing, Construction, Retail and Wholesale Stores, Other Applications
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What are the Emerging Trends Shaping the Future of the Forklift Battery Market?
The key trends in the forklift battery market are:
• Advancements in battery technology are shaping the future of the forklift battery market.
• Integration of automation and robotics is emerging as a trend in the industry.
• Transition to lithium-ion technology is a significant upcoming trend.
• The use of wireless charging technology and advanced battery testing and diagnostics are becoming increasingly prevalent.
Who Are the Top Competitors & Leading Players in the Forklift Battery Market?
Major companies in the forklift battery market are:
• Tailift Co. Ltd.
• Crown Equipment Corporation
• EnerSys
• GS Yuasa Corporation
• Exide Technologies
• East Penn Manufacturing Co. Inc.
• Anhui Heli Industrial Vehicle Battery Co. Ltd.
• Lonking Holdings Limited
• Camel Group Co. Ltd.
• Exide Industries Limited
• Amara Raja Batteries Limited
• Zhejiang Narada Power Source Co. Ltd.
• Trojan Battery Company
• Crown Battery Manufacturing
• Hoppecke Batteries Inc.
• Flux Power Holdings Inc.
• Storage Battery Systems LLC
• Navitas Systems
• Electrovaya Inc.
• Microtex Energy Private Limited
• DAEHAN Battery Co. Ltd.
• OneCharge Inc.
• GNB Industrial Power
• Systems Sunlight
• Douglas Battery
• GMP Industrial
Regional Dominance: Which Area Leads the Global Forklift Battery Market?
North America was the largest region in the forklift battery market in 2024
