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Forklift Battery Market Size (2024 - 2029)

The forklift battery market is projected to experience growth over the forecast period, driven by increasing logistics and transportation activities globally. Despite a decline in sales due to the COVID-19 pandemic, which impacted industrial activities and production in regions like North America, the market is recovering. Key growth drivers include demand from countries such as India, China, and ASEAN nations. Forklift batteries, primarily lead-acid and lithium-ion, are essential for powering forklift trucks, with lead-acid batteries being favored for their cost-effectiveness. Lithium-ion batteries are gaining attention for their advanced capabilities, including reduced charging time and enhanced power output, contributing to the market's expansion.

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Market Size of Forklift Battery Industry

Forklift Battery Market Summary
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

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*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 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
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Russia
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa
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Forklift Battery Market Size Summary

The forklift battery market is poised for significant growth over the forecast period, driven by increasing demand in logistics and transportation sectors globally. The market is characterized by the dominance of lead-acid batteries, which are favored for their cost-effectiveness and reliability in powering forklift trucks. These batteries have a long-standing presence in the industry, benefiting from continuous improvements in design and technology that enhance their performance and durability. Despite the emergence of lithium-ion batteries, which offer advantages like faster charging and extended power output, lead-acid batteries remain the preferred choice due to their established technology and environmental benefits, such as recyclability.

The Asia-Pacific region emerges as a key growth driver for the forklift battery market, with countries like China, India, and ASEAN nations playing pivotal roles in battery production. The region's robust industrial base, encompassing sectors like semiconductors and electronics, supports the demand for forklift batteries. Although the COVID-19 pandemic temporarily disrupted demand and production, the market has rebounded, with China leading efforts to maintain strong supply chains. The market is moderately fragmented, with major players like Crown Equipment Corporation and East Penn Manufacturing Company adopting strategies to enhance their market presence. Innovations in battery technology and new product launches, such as Hyundai's electric forklifts and Flux Power's lithium-ion batteries, underscore the dynamic nature of the market, promising continued growth and advancements in material handling solutions.

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Forklift Battery Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Growing Sales of Forklift

      2. 1.1.2 Others

    2. 1.2 Market Restraints

      1. 1.2.1 Supply Chain Disruption

      2. 1.2.2 Others

    3. 1.3 Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Battery Type

      1. 2.1.1 Lead-Acid

      2. 2.1.2 Lithium-Ion

      3. 2.1.3 Other Battery Types

    2. 2.2 Application Type

      1. 2.2.1 Warehouse

      2. 2.2.2 Manufacturing

      3. 2.2.3 Construction

      4. 2.2.4 Retail & Wholesale Stores

      5. 2.2.5 Other Applications

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Russia

        5. 2.3.2.5 Spain

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 India

        2. 2.3.3.2 China

        3. 2.3.3.3 Japan

        4. 2.3.3.4 South Korea

        5. 2.3.3.5 Rest of Asia-Pacific

      4. 2.3.4 Rest of the World

        1. 2.3.4.1 South America

        2. 2.3.4.2 Middle-East and Africa

Forklift Battery Market Size FAQs

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.

In 2024, the Forklift Battery Market size is expected to reach USD 3.32 billion.

Forklift Battery Market Report Snapshots

Forklift Battery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)