Product Code: RP-ID-10352051 |
Published Date: 21 Mar 2025 |
Region: Global |
Category: Energy & Power |
Report ID: 10352051
Market Overview:
Forklift Battery Market Segmentation by Type (Lead Corrosive, Lithium Particle, and Others); by Application (Warehouses, Construction, Retail & Wholesale Stores, and Others)-Global Demand Analysis & Opportunity Outlook 2030
Global Forklift Battery Market Highlights Over 2022 - 2030
The global forklift battery market garnered around USD 6 billion in revenue in 2021, and is expected to further grow at a CAGR of 8% over the forecast period, i.e., 2022 – 2030. Forklift batteries are used in forklift trucks as power sources. They require high power and energy density. The global market is expected to grow on the back of high demand for forklift trucks for transportation of materials and products across various industries, and advancements pertaining to forklift batteries, such as enhanced storage capacity and extended battery life, resulting in the overall quality of the batteries. A large number of industries are adopting electrical forklifts because of their improved efficiency, and ensured consistency. Additionally, forklift batteries are not only confined to power the forklift trucks, but they also increase their load bearing capacity. Moreover, electrically operated forklifts are environmental friendly in nature, as their batteries do not release harmful gases, such as nitrogen oxides (NOx) and carbonic acid (H2CO3). This factor is further driving the growth of the market.
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Due to the COVID-19 crisis, the e-commerce sector witnessed growth, while at the same time, there was reduction in the workforce owing to safety protocols. This further drove the demand for forklifts in the warehouses. Since over the last decade, the exported value of forklift trucks has doubled, increasing from USD 10,365,169 thousand in 2010 to USD 20,341,315 thousand in 2019, according to data provided by International Trade Centre (ITC). Forklift batteries can be greatly used as scooter batteries, RV batteries, and motorcycle batteries, and can also be used for home electrical storage needs. These attributes are further predicted to boost the demand for forklift batteries in upcoming years.
However, fluctuating cost of raw materials for the batteries and the high price range of lithium-particle batteries are expected to operate as barriers to the growth of the market.
The global market is segmented by type into lead corrosive, lithium-particle, and others. Among these, the lead corrosive segment is anticipated to hold the largest share of the market over the forecast period owing to increased demand for lead corrosive batteries on the back of a structured combination of power and required balance. Furthermore, these batteries are extremely cost-effective and is widely used in most end-use industries. On the other hand, lithium-particle batteries are expensive up to four or five times over lead corrosive and are low in demand.
Global Forklift Battery Market Regional Synopsis
Regionally, the global forklift battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Among these regions, the market in the Asia Pacific region is estimated to witness the highest growth owing to the presence of major contributors of forklift batteries in the region.
On the other hand, the market in Europe region is also projected to witness significant growth over the forecast period on the back of a growing number of construction projects in the region that require the high operation of forklift trucks. Moreover, the presence of inventory storage facilities requiring forklifts is also one of the major factors responsible for the high demand of forklift batteries in the region.
Market Segmentation
Our in-depth analysis of the global forklift battery market includes the following segments:
By Type
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Lead Corrosive
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Lithium Particle
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Others
By Application
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Warehouses
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Construction
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Retail & Wholesale Stores
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Others
Growth Drivers and Challenges Impacting the Growth of the Global Forklift Battery Market
Growth Drivers
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High demand for forklift trucks and advancements pertaining to forklift batteries
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Environmental friendly nature of forklift batteries
Challenges
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Fluctuating price of raw materials
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High price range of lithium particle battery
Key Companies Dominating the Global Forklift Battery Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global forklift battery market that are included in our report are EXIDE INDUSTRIES LTD., EnerSys, East Penn Manufacturing Company, HOPPECKE Carl Zoeliner & Sohn GmbH, Crown Equipment Corporation, Exponential Power, Navitas Systems, LLC Corporate, Saft, Microtex Energy Private Limited, Southwest Battery Company, and others.
Latest Developments in the Global Forklift Battery Market:
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January 2021: Enersys expanded its Manufacturer Representative Agreement with Industrial Battery and Charger, Inc. (IBCI), which now is responsible for sales and services of all EnerSys motive power commodities, utilised in electric forklift trucks and other industrial electric powered vehicles, in the state of Alabama.
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February 2020: Mitsubishi Caterpillar Forklift America Inc. (MCFA), the supplier of Cat lift trucks in the United States, Mexico and Canada, announced the offering of its proficient Lithium-ion batteries for its electric pneumatic tire forklifts which offer zero maintenance, are compact, and long lasting.
Key Reasons to Buy Our Report
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
- EXIDE INDUSTRIES LTD
- EnerSys
- East Penn Manufacturing Company
- HOPPECKE Carl Zoeliner & Sohn GmbH
- Crown Equipment Corporation
- Exponential Power
- Navitas Systems
- LLC Corporate
- Saft
- Microtex Energy Private Limited
- Southwest Battery Company
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