Forklift Battery Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.32 Billion |
| Market Size (2029) | USD 4.51 Billion |
| CAGR (2024 - 2029) | 5.57 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Forklift Battery Market Analysis
The Forklift Battery Market size is estimated at USD 3.32 billion in 2024, and is expected to reach USD 4.51 billion by 2029, growing at a CAGR of 5.57% during the forecast period (2024-2029).
- Recent COVID-19 led to declining sales due to low industrial activities and growth. North America witnessed a production decline of approximately 30% in Class 4-8 industrial truck production due to an economic slump, combined with a decline in new orders.
- Countries like India, China, and ASEAN nations were key growth enablers for demand for forklift batteries, but they suffered badly during the COVID-19 crisis. However, after Q2 2021, demand for forklift batteries was seen in the growth phase owing to increased logistics and transportation activities across the globe.
- Forklift batteries remained the crucial component of the forklift trucks as these are called the powerhouse of trucks supplying high energy and power to trucks. In addition, battery chemistry, including lead-acid and lithium-ion, is the most prominently used battery in the power supply of these forklift trucks. Among these, lead acid batteries are utilized by most consumers owing to the economical cost of procurement.
- Lead acid batteries are preferred by all fork truck manufacturers as this helps to reduce the overall power supply costs. In addition, lithium-ion batteries are under the new battery chemistry introduced by battery manufacturers for forklift trucks to improve the material handling capabilities during dynamic operations. Also, lithium-ion batteries offer low battery charging time with prolonged power output.
Forklift Battery Market Trends
Lead-Acid Battery Is Expected to Witness High Growth
- The lead-acid battery has been a popular choice for powering forklift trucks for many years, and it is likely to continue to dominate the forklift truck battery market in the future.
- One of the reasons for this is the low cost of lead-acid batteries compared to other types of batteries. Forklift trucks are used extensively in warehouses, distribution centers, and manufacturing facilities, where they need to operate for extended periods of time. A reliable and cost-effective battery is essential for these applications, and lead-acid batteries offer an attractive solution.
- Moreover, lead-acid batteries have a long history of use in forklift trucks, and manufacturers have refined the design and technology to improve their performance and durability. As a result, these batteries can provide reliable power for extended periods of time, which is crucial for businesses that rely on their forklift trucks to keep their operations running smoothly.
- Additionally, there are significant environmental and safety concerns associated with other types of batteries, such as lithium-ion batteries. Lead-acid batteries, on the other hand, are recyclable and have well-established recycling processes in place. This makes them a more environmentally-friendly option, and businesses can avoid potential safety hazards associated with the disposal of other types of batteries.
- In conclusion, the lead-acid battery is likely to continue to dominate the forklift truck battery market due to its low cost, reliability, and established technology. While other battery technologies may offer some advantages, the lead-acid battery remains the most practical and cost-effective option for businesses that rely on forklift trucks to keep their operations running smoothly.
Asia-Pacific likely to Exhibit the Highest Growth Rate during the Forecast Period
- The Asia-pacific region has been the key growth enabler for the forklift battery market. The region is identified as the epicenter for battery production, with widely spared several downstream industries, including semiconductors, electronics, and chemicals. In addition, countries like China, South Korea, India, and ASEAN have been the major pillars of battery production globally.
- During Covid-19, the demand for batteries reduced owing to lockdowns announced across the globe. Further, production also got reduced after social distancing measures were announced by governments. Yet, this has affected the demand for forklift batteries moderately. Production has seen back in the growth phase soon after Q2 2021, and China leads the forefront to maintain strong supply chain abilities to deliver batteries to forklift truck manufacturers across the globe.
- Transit agencies, warehouses, and logistics across various countries have been significantly promoting the adoption of forklift trucks to keep the process of material handling seamless. This helps the demand for the battery as the key power of the house of forklift trucks to grow. Therefore considering all the mentioned factors, demand for forklift batteries are expected to witness the highest growth in Asia-pacific during the forecast period 2022-2027.
Forklift Battery Industry Overview
The market studied is captured by major players, like Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, Amara Raja Batteries Ltd., and Exide Industries Limited. The market is moderately fragmented, with the presence of several well-known players across the world.
Players are adopting several market penetration strategies, including aligning themselves with key forklift manufacturers and battery distributors to increase their market positioning. Although the present market is in the growth phase, which is driven by changing battery chemistry every ten years, battery manufacturers are consistently reflecting innovation in the present offerings.
Forklift Battery Market Leaders
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Crown Equipment Corporation
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East Penn Manufacturing Company
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Enersys
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Amara Raja Batteries Ltd.
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Exide Industries Limited
*Disclaimer: Major Players sorted in no particular order
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Forklift Battery Market News
In October 2023, Hyundai Construction Equipment India launched new series of electric forklift in Indian market across 2.5 tons and 3 tons for material handling category. These e-forklifts are designed at Hyudai's South Korea factory which combines maximum productivity, efficiency and safty for operators.
March 2022: Flux Power, a leading energy solutions provider, made a groundbreaking move with the launch of their innovative Vista-based lithium-ion battery designed specifically for the forklift truck segment. Named the L-36, this lithium-ion battery sets a new standard for powering 3-wheel forklifts, boasting exceptional efficiency and performance.
July 2022: UgoWork, a prominent Canadian energy solutions provider specializing in lithium-ion batteries for industrial trucks, has taken a bold step forward by introducing the industry's first end-to-end offer for forklift battery management. UgoWork's comprehensive solution encompasses a wide range of unparalleled products, services, and plans, providing a seamless experience throughout the entire lifecycle of forklift batteries. This new offering marks a significant advancement in the field, promising enhanced efficiency and sustainability for businesses relying on forklifts in their operations.
Forklift Battery Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Growing Sales of Forklift
4.1.2 Others
4.2 Market Restraints
4.2.1 Supply Chain Disruption
4.2.2 Others
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Battery Type
5.1.1 Lead-Acid
5.1.2 Lithium-Ion
5.1.3 Other Battery Types
5.2 Application Type
5.2.1 Warehouse
5.2.2 Manufacturing
5.2.3 Construction
5.2.4 Retail & Wholesale Stores
5.2.5 Other Applications
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Crown Equipment Corporation
6.2.2 East Penn Manufacturing Company
6.2.3 Enersys
6.2.4 Amara Raja Batteries Ltd.
6.2.5 Exide Industries Limited
6.2.6 Storage Battery Systems, LLC
6.2.7 Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
6.2.8 Flux Power Holdings Inc.
6.2.9 Narada Power Source Co. Ltd.
6.2.10 Trojan Battery Co. LLC
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Forklift Battery Industry Segmentation
A forklift battery refers to a battery that is used to power the forklift truck during different dynamic operations. The report covers a comprehensive study of the forklift battery market and relevant regulatory frameworks adopted by governments to promote the adoption of battery chemistry in the forklift truck segment.
The forklift battery market has been segmented by battery type into lithium-ion, lead-acid battery, and others. By application warehouse, manufacturing, construction, retail and wholesale stores, and others. By Geography by North America, Europe, Asia-Pacific, and the Rest of the World, with country-level analysis.
For each segment, the market sizing and forecasting are based on value (USD).
| Battery Type | |
| Lead-Acid | |
| Lithium-Ion | |
| Other Battery Types |
| Application Type | |
| Warehouse | |
| Manufacturing | |
| Construction | |
| Retail & Wholesale Stores | |
| Other Applications |
| Geography | ||||||||
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Forklift Battery Market Research FAQs
How big is the Forklift Battery Market?
The Forklift Battery Market size is expected to reach USD 3.32 billion in 2024 and grow at a CAGR of 5.57% to reach USD 4.51 billion by 2029.
What is the current Forklift Battery Market size?
In 2024, the Forklift Battery Market size is expected to reach USD 3.32 billion.
Who are the key players in Forklift Battery Market?
Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, Amara Raja Batteries Ltd. and Exide Industries Limited are the major companies operating in the Forklift Battery Market.
Which is the fastest growing region in Forklift Battery Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Forklift Battery Market?
In 2024, the North America accounts for the largest market share in Forklift Battery Market.
What years does this Forklift Battery Market cover, and what was the market size in 2023?
In 2023, the Forklift Battery Market size was estimated at USD 3.14 billion. The report covers the Forklift Battery Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Forklift Battery Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Forklift Battery Industry Report
Statistics for the 2024 Forklift Battery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Forklift Battery analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
