Forklift Battery Market is expected to reach US$ 9.23 Billion by 2031

Shift Toward Electric Forklift and Rise in Industrialization Worldwide to Fuel Forklift Battery Market Growth During Forecast Period

According to our latest study, "Forklift Battery Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Type, Capacity, Application, and Geography," the market was valued at US$ 5.94 billion in 2024 and is expected to reach US$ 9.23 billion by 2031; it is estimated to record a CAGR of 6.6% from 2025 to 2031. The report includes growth prospects owing to the current forklift battery market trends and their foreseeable impact during the forecast period.

In recent years, the forklift battery market has benefited from a significant shift toward electric-powered forklifts. Companies requiring material-handling equipment are increasingly moving away from traditional internal combustion (IC) engine models to adopt more sustainable and efficient alternatives. Thus, electric forklifts have emerged as a preferred choice among such customers due to a combination of operational, environmental, and economic benefits. These equipment deliver zero-emission performance, which renders them cleaner and safer for indoor environments such as warehouses. Moreover, their use supports broadening sustainability goals while reducing the carbon footprint of enterprises. Powered by rechargeable lithium-ion or lead-acid batteries, electric forklifts offer up to 30% greater energy efficiency and lower total cost of ownership. With fewer mechanical components, they require less maintenance, which reduces operating costs and boosts uptime. Their quiet operation, compact design, and improved maneuverability make them ideal for modern material handling needs.

Companies in the forklift battery market are taking strategic initiatives to encourage the adoption of electric forklifts. For example, Konecranes Lift Trucks launched a multi-country tour of their all-electric E-VER forklift during 2021–2022, receiving strong interest from both distributors and end users. With a fully electric driveline, the Konecranes E-VER cuts energy consumption by up to 70%. The lithium-ion (Li-ion) batteries that power the machine take just 45 minutes to recharge and get a top-up with braking energy. They continue to function for 4,000 charge cycles or about 5 years on average, depending on their usage.  

Forklift Battery Market Analysis — by Geography

Source: The Insight Partners Analysis

Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Crown Equipment Corp, Exide Industries Ltd, EnerSys, East Penn Manufacturing Company, Contemporary Amperex Technology Co Ltd, TotalEnergies SE, Amara Raja Energy & Mobility Ltd, GS Yuasa Corp, leoch International Technology Limited Inc, TAB d.d., and BSL NEW ENERGY THCHENOLOGY CO., LTD. are among the key players profiled in the forklift battery market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem. 

The report includes the forklift battery market forecast by type, capacity, and application. Based on type, the market is divided into lithium ion, lead acid, and others. The lead acid segment dominated the market in 2024.  Based on capacity, the forklift battery market is segmented into 0–600 Ahr, 600–1,200 Ahr, and more than 1,200 Ahr. The 0-600 Ahr segment held the largest forklift battery market share in 2024. Based on application, the market is divided into manufacturing, construction, warehouse and logistics, automotive, retail and wholesale stores, and others. The manufacturing segment dominated the market in 2024.

The scope of the forklift battery market report focuses on North America (US, Canada, and Mexico), Europe (Russia, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). Asia Pacific dominated the market in 2024, followed by Europe and North America.

The North America forklift battery market is segmented into the US, Canada, and Mexico. The North America forklift battery market is driven by the increasing building and construction activities and the rising sales of commercial vehicles. According to the American Automotive Policy Council (AAPC) Report, Fiat Chrysler Automobiles N.V., Ford Motors, and General Motors are heavily investing in the manufacturing of commercial vehicles in the US market. Automotive manufacturing in the US was the eighth-largest economy globally and contributed ~US$ 2.64 trillion in value in 2021. Manufacturing motor vehicles and their parts represents 6% of the total manufacturing. The automotive sector contributes more than US$ 1.0 trillion to the US economy annually, representing 4.9% of GDP.

Growing building and construction investments, including government investment toward infrastructure developments, are driving the demand for forklifts in the region. For instance, in August 2021, the US Ministry of Transportation and Infrastructure invested ~US$ 837.0 million for the highway expansion project between Western Canada in Alberta and BC. This project includes the construction of bridges and the expansion of two lanes to four-lane highways. Construction vehicles help the crews perform several construction activities quickly and more efficiently. These vehicles are used for handling materials such as stone or aggregate using different construction vehicles, such as forklifts. Further, the presence of major forklift battery manufacturers—including Crown Equipment Corporation, East Penn Manufacturing Company, EnerSys, Exide Technologies, and Flux Power Holdings, Inc.—is boosting the forklift battery market growth.

The growing demand for warehousing in the e-commerce sector across the US is a major driving factor for the forklift battery market. According to the US Department of Commerce, e-commerce sales increased from US$ 960.44 billion in 2021 to US$ 1.03 trillion in 2022. The e-commerce companies require forklifts, aisle trucks, and loading vehicles to manage the parcels and goods in their warehouse. The leading companies in the US are investing a considerable amount in automating warehouse and logistics operations through the implementation of various automated vehicles, such as forklifts. For instance, in 2022, Amazon.com Inc. planned to invest in the purchase of more than 15,000 fuel cell-based electric forklifts. In 2022, the company announced a plan to launch more than 5,000 fuel cell-based electric forklifts by 2025. Such an increase in investment toward the development of forklifts is driving the forklift battery market in the US.

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