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The forklift battery market size 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 incorporation of battery-as-a-service (BaaS) in forklifts is likely to bring new trends to the market in the coming years.
Forklift Battery Market Analysis
The forklift battery market is witnessing significant growth, driven by the rapid expansion of warehousing and e-commerce sectors, increasing industrialization, and a global shift toward electric forklifts for sustainability and cost-efficiency. These trends are fueling demand for advanced battery solutions to support longer operational hours and lower emissions. Opportunities in the market include the development of fast and opportunity charging technologies, which reduce downtime and enhance productivity. Additionally, innovations in smart battery management systems are improving performance, safety, and energy efficiency. These advancements present promising prospects for manufacturers and stakeholders aiming to meet the evolving needs of the material handling industry.
Forklift Battery Market Overview
A forklift battery can serve as a power source in the operation of forklifts and other industrial trucks, providing the energy needed for material handling operations. Forklifts typically use lead-acid or lithium-ion (Li-ion) batteries, with the latter being more popular due to its faster charging capabilities, longer lifespan, and reduced environmental impact, among other benefits. The demand for forklift batteries has grown significantly with the increased popularity of electric-powered forklifts, which are favored for their sustainability, lower maintenance needs, and cost-effectiveness compared to traditional internal combustion engine (ICE) forklifts. European and North American industries are known for their emphasis on greener solutions to reduce their carbon footprints, which adds to the demand for electric forklifts. Forklift batteries play a pivotal role in the logistics, warehousing, and manufacturing sectors, wherein they power various machines that are essential for material handling and transportation. In addition to the increasing adoption of electric forklifts, the rise of automation in warehouses in various industrial sectors bolsters the market growth.
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Forklift Battery Market: Strategic Insights
Market Size Value in US$ 4,816.54 Million in 2021 Market Size Value by US$ 7,759.94 Million by 2028 Growth rate CAGR of 7.1% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Forklift Battery Market: Strategic Insights
| Market Size Value in | US$ 4,816.54 Million in 2021 |
| Market Size Value by | US$ 7,759.94 Million by 2028 |
| Growth rate | CAGR of 7.1% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Forklift Battery Market Drivers and Opportunities
Expansion of Warehousing and E-Commerce
The e-commerce industry is flourishing owing to increased internet and smartphone penetration, evolving consumer preferences, and technological advancements. Moreover, cross-border e-commerce is on the rise as consumers seek unique products with competitive pricing internationally. According to Eurostat, in the EU, the share of companies that adopted e-sales strategy increased from 17.21% in 2013 to 23.83% in 2023. Many e-commerce companies are opening warehouses across the globe. For example, Amazon, an e-commerce giant, launched its first fulfillment center in the Netherlands in August 2023. With the new facility, the online marketplace will be able to fulfill Dutch requests without any delay. The rapid growth of e-commerce has led to an increased demand for efficient and clean material handling solutions in warehouses. Companies such as Amazon and DHL are responding by deploying fleets of battery-powered forklifts to enhance operational efficiency and reduce environmental impact. For example, in March 2022, DHL Supply Chain introduced its newest range of autonomous forklifts in Mainland Europe; these pallet movers were the latest addition to its multiuser warehouse in Bornem, Belgium. This installation of autonomous indoor robotic transporters for indoor pallet movement was a part of the company’s Accelerated Digitalization strategy. Thus, a surge in online shopping is reshaping the logistics landscape, prompting companies to invest in automated warehouses and battery-powered forklifts. This shift has a direct impact on the demand for efficient and durable forklift batteries, especially lithium-ion and lead-acid types, to support around-the-clock operations.
Developments in Fast and Opportunity Charging Features
As electric forklifts become more widely used across the globe, there is a growing focus on advanced charging solutions, such as fast charging and opportunity charging. These methods prove valuable for businesses with multi-shift operations owing to their ability to reduce downtime and improve efficiency. Traditionally, forklift batteries follow a conventional charging cycle, which includes 8 hours of operation, 8 hours of charging, and another 8 hours of cooling. This cycle limits battery availability and often requires companies to purchase additional batteries to keep operations running across multiple shifts, increasing both cost and storage needs. Fast and opportunity charging methods address this challenge by allowing forklift operators to plug in during short breaks, meal times, or overnight hours. This helps maintain the battery charge in the range of 40–80%, keeping forklifts available for use throughout the day. To maintain battery health and ensure peak performance, it is still important to perform a weekly equalization charge, which brings the battery to a full 100% charge and helps prevent sulfate buildup.
As more companies look to improve uptime and reduce operational costs, the demand for batteries and charging systems compatible with these methods is expected to grow. Thus, a shift toward fast and opportunity charging presents a significant growth opportunity for the forklift battery market.
Forklift Battery Market Report Segmentation Analysis
Key segments that contributed to the derivation of the forklift battery market analysis are type, capacity, and application.
- Based on type, forklift battery market is segmented 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 share of the market in 2024.
- Based on application, the forklift battery market is segmented into warehouses and logistics, construction, manufacturing, retail and wholesale stores, automotive, and others. The manufacturing segment dominated the market in 2024.
Forklift Battery Market Share Analysis by Geography
- The forklift battery market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the market in 2024, followed by Europe and North America.
- The North America forklift battery market growth is attributed to the expansion of the logistics & transportation and e-commerce industries. Online shopping in the US has increased in recent years. The Census Bureau of the Department of Commerce announced that the estimation of US retail e-commerce sales for the fourth quarter of 2024, adjusted for seasonal variation but not for price variations, was US$ 308.9 billion, an increase of 2.7 percent (±0.9) from the third quarter of 2024. Many logistics giants in the market, such as UPS, FedEx, USPS, XPO Logistics, and Amazon, recognized the increasing demand for forklifts in their warehouses. These companies have made significant investments in warehouse establishment and in automating their logistics operations. For instance, in November 2023, United Parcel Service opened the largest warehouse in Louisville, Kentucky, with an area of ~20 acres. This warehouse is made for storage and package handling, with a significant investment of US$ 79 million for the establishment of over 3,000 automated robots and industrial vehicles. These robots and industrial vehicles will handle several warehouse tasks, such as lifting and transporting goods from one place to another, by reducing the requirement for manual labor.
- The forklift battery market in Europe is driven by the growing food & beverages sector, the increasing demand for logistics and transportation, and the growing shopping-commerce industry. The logistics sector requires industrial vehicles such as forklifts to lift and transport goods from one place to another. According to the statistics published by the European Commission in July 2024, it has invested US$ 7.97 billion in 134 transport infrastructure projects for sustainable, safe, and smart transport infrastructure. The EU's strategic investment was made to automate the transportation and logistics infrastructure. The growth in the logistics sector has created a demand for electric forklifts for material handling in warehouses, which, in turn, drives the growth of the forklift battery market.
Forklift Battery Market Report Scope
Forklift Battery Market News and Recent Developments
The forklift battery market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the forklift battery market are listed below:
- BSL New Energy Technology Co., Ltd., a leading Chinese lithium battery manufacturer providing high-quality LiFePO4 batteries for motive power and energy storage applications, signed a strategic cooperation agreement with REPT BATTERO Energy Co., Ltd. to offer lithium battery solutions for forklifts.
(Source: BSL New Energy Technology Co., Ltd., Press Release, July 2024)
- East Penn Manufacturing Co. is launching the NEW Deka Ready Power product family at the ProMat 2025 show in Chicago, IL. The Deka Ready Power family of batteries supports the ever-growing need for maintenance-free products for Motive Power applications by offering both Lithium and Gel technologies, providing best-in-class value and the lowest total cost of ownership.
(Source: East Penn Manufacturing Co., Press Release, March 2025)
Forklift Battery Market Report Coverage and Deliverables
The "Forklift Battery Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Forklift battery market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Forklift battery market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Forklift battery market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the forklift battery market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Application , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Incorporation of Battery-as-a-Service in Forklifts
The forklift battery market is expected to reach US$ 9.23 billion by 2031.
1. Expansion of Warehousing and E-Commerce
2. Growth of Industrialization
3. Shift Toward Electric Forklift
The forklift battery market was valued at US$ 5.94 billion in 2024; it is expected to register a CAGR of 6. 6% during 2025–2031.
The key players operating in the forklift battery market include 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.
The List of Companies - Forklift Battery Market
- 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.
- BSL NEW ENERGY THCHENOLOGY CO., LTD
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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