What Has Been the Growth of the Forklift Battery Market So Far?
The forklift battery market has seen considerable growth due to a variety of factors.
• The market size of forklift batteries has experienced considerable expansion in the past few years. The market anticipates moving from $25.67 billion in 2024 to $27.42 billion in 2025, recording a compound annual growth rate (CAGR) of 6.8%.
Factors that led to growth in the historical timeframe include industrial expansion, e-commerce growth, embracement of alternative energy sources, and heightened demand for lithium-ion forklift batteries.
What Are the Future Growth Projections for the Forklift Battery Market?
The forklift battery market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of forklift batteries is predicted to witness robust expansion in the forthcoming years. The value is set to reach $36.06 billion in 2029, demonstrating a compound annual growth rate (CAGR) of 7.1%.
This projected growth in the forecast period is ascribed to factors such as the escalating demand for electric forklifts, heightened focus on environmentally friendly initiatives, government schemes, increased need for material handling, as well as an uptick in demand for fuel cell forklifts. Key trends anticipated during the forecast period encompass developments in battery technology, the integration of automation and robotics, intelligent battery management, a shift toward lithium-ion tech, cordless charging technology, progressive battery testing, and diagnostics, as well as energy-saving material handling solutions.
What Are The Core Factors Supporting Growth In The Forklift Battery Market?
The expansion of the e-commerce sector is anticipated to fuel the advancement of the forklift battery market. The term e-commerce applies to the electronic sale and purchase of goods and services, often conducted via the Internet. Electric forklifts, which run on batteries, are a preferred alternative to traditional fuel-powered forklifts in eCommerce warehouses, due to their reliability and efficiency in handling materials. These electric forklifts are popular in eCommerce settings because they emit no pollutants and have a smaller carbon footprint. For instance, Shopify Inc., an e-commerce firm based in Canada, predicts that worldwide eCommerce sales will rise from $5.13 trillion in 2022 to $8.09 trillion by 2028. Consequently, the forklift battery market's growth is being driven by the expansion of the e-commerce sector.
Forklift Battery Market Driver: The Upward Trend in Construction Activities Boosts the Forklift Battery Market's Growth
What Are The Major Segments Within The Global Forklift Battery Market?
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
Subsegments:
1) By Lithium-Ion Battery: Lithium Iron Phosphate (LiFePO4), Lithium Nickel Manganese Cobalt (NMC)
2) By Lead-Acid Battery: Flooded Lead-Acid Battery, Absorbent Glass Mat (AGM) Battery, Gel Lead-Acid Battery
3) By Nickel-Cadmium Battery: Standard Nickel-Cadmium Battery, High-Rate Discharge Nickel-Cadmium Battery
4) By Other Types: Nickel-Metal Hydride Battery, Zinc-Air Battery, Sodium-Ion Battery
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How Are New Trends Impacting The Size Of The Forklift Battery Market?
Prominent organizations in the forklift battery market are enhancing their competitive stance by increasingly adopting lithium-ion batteries for their range of products. These batteries have gained popularity in forklift use due to their effectual charging versatility, extensive longevity, zero emission output, and virtually no maintenance cost. An example of this shift is Flux Power Holdings Inc., an establishment based in the USA that specializes in the creation, design, and sale of advanced lithium-ion batteries for industrial appliances. In March 2022, they launched a novel lithium-ion battery pack designated explicitly for 3-wheel forklifts. This innovation is intended to resolve the current business challenges concerning operational performance. This L36 lithium-ion battery pack surpasses the performance, reliance, and efficiency of traditional lead-acid batteries, offering 3-wheel forklifts operating in high-performance, tight-aisle warehouses a modern, dependable power solution.
Who Are the Key Players In The Forklift Battery Market?
Major companies operating 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.
What Is The Most Dominant Region In The Forklift Battery Market?
North America was the largest region in the forklift battery market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in forklift battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
