The global forklift battery market was valued at $5.9 billion in 2022, and is projected to reach $11.2 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.
Forklift batteries are a source of power for electric lift trucks and forklifts. Forklift batteries supply electrical energy required to run the electric motor of the forklift, which powers the lifting and propulsion systems of the vehicle. These batteries are one of the main parts of the equipment and aids in smooth operation. Vehicles powered by batteries are completely silent. In comparison to diesel-powered forklift trucks, they are more environmentally friendly. The battery-powered trucks produce no harmful gasses and hence do not affect the environment.
The demand for lithium-ion batteries for use in forklifts and lifting trucks has increased in recent years owing to several benefits of lithium-ion batteries such as high energy density, relatively lower self-discharge rate, and ability to be recharged multiple times. Moreover, use of forklift equipment in warehouses and storage sectors has also contributed to increased demand for forklift batteries and hence led to market growth.
For the purpose of analysis, the forklift battery market is segmented based on type, application, and region. Depending on type, the market is categorized into lead acid batteries, lithium-ion batteries, and others. Lithium ions are the main ingredient in the electrochemical process that powers lithium-ion (Li-ion) batteries, a class of rechargeable battery. Because of their high energy density, comparatively low self-discharge rate, and multiple rechargeability, they have emerged as one of the most widely used types of rechargeable batteries for a variety of applications.
By application, the forklift battery market is divided into warehouses, manufacturing, construction, retail and wholesale stores, and others. The market was led by the manufacturing segment in 2022, and throughout the forklift battery projection period, it is anticipated to develop at the greatest CAGR. Manufacturing is the process of using different physical, chemical, or mechanical processes to transform raw materials, components, or parts into finished things. It entails converting raw materials or components into finished goods on a big scale with the aid of personnel, equipment, machinery, and a planned production procedure.
By region, the forklift battery market is further analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific has a dominant position in the forklift battery market. The emphasis on energy conservation and reducing operational expenditures has led to an increasing popularity of advanced battery technologies. Government subsidies and other incentives are encouraging businesses to use electric forklifts. Ongoing advancements in battery technology, such as increased energy density and infrastructure for charging, are shaping the business.
The major players operating in the forklift battery industry are Iberdrola S.A., Amara Raja Batteries Ltd., EnerSys, East Penn Manufacturing Company, Inc., EXIDE INDUSTRIES LTD., Trojan Battery Company, LLC., GS Yuasa International Ltd., Flux Power, Zhejiang Narada Power Source Co., Ltd., and Electrovaya. The companies adopted key strategies such as collaboration and expansion to increase their market share.
Recent Market Developments:
In October 2022, the ENERSYS strengthens partnership with Industrial Battery & Charger, Inc. through product territory expansion.
IN May 2023, The Trojan Battery Company, LLC, went into agreement with Continental Battery Systems for an expansion of its master distributorship agreement with Trojan Battery Company. This agreement builds upon the existing relationship between the two companies and represents an exclusive opportunity to galvanize Continental Battery Systems.
In November 2023, Electrovaya announced a three-year strategic supply agreement with existing and new global OEM partners. It’s a leading lithium-ion battery technology and manufacturing company, executed a Strategic Supply Agreement with two leading affiliated OEM partners for material handling vehicles and other affiliates for the supply of battery systems.
The report offers a thorough analysis of the forklift battery market with detailed study of various aspects of the market such as market dynamics, vital segments, major geographies, key players, and competitive landscape. The report provides a clear picture of the current market situation and future trends of the forklift battery market based on the impact of various market dynamics and vital forces influencing the market.
The drivers and opportunities contributing toward the market growth are acknowledged in the market dynamics. Besides, challenges and restraints that hold potential to hamper market growth are also provided in the forklift battery market. Porter's five forces analysis is delivered through the report which precisely highlights the effects of key forces on the forklift battery market. The report offers market size and estimations analyzing forklift battery market through various segments. Furthermore, the report covers the competitive scenario of the forklift battery market. The key players operating in the forklift battery market are studied in the report to understand their current market position and competitive strengths in the industry.
Forklift batteries are a source of power for electric lift trucks and forklifts. Forklift batteries supply electrical energy required to run the electric motor of the forklift, which powers the lifting and propulsion systems of the vehicle. These batteries are one of the main parts of the equipment and aids in smooth operation. Vehicles powered by batteries are completely silent. In comparison to diesel-powered forklift trucks, they are more environmentally friendly. The battery-powered trucks produce no harmful gasses and hence do not affect the environment.
The demand for lithium-ion batteries for use in forklifts and lifting trucks has increased in recent years owing to several benefits of lithium-ion batteries such as high energy density, relatively lower self-discharge rate, and ability to be recharged multiple times. Moreover, use of forklift equipment in warehouses and storage sectors has also contributed to increased demand for forklift batteries and hence led to market growth.
For the purpose of analysis, the forklift battery market is segmented based on type, application, and region. Depending on type, the market is categorized into lead acid batteries, lithium-ion batteries, and others. Lithium ions are the main ingredient in the electrochemical process that powers lithium-ion (Li-ion) batteries, a class of rechargeable battery. Because of their high energy density, comparatively low self-discharge rate, and multiple rechargeability, they have emerged as one of the most widely used types of rechargeable batteries for a variety of applications.
By application, the forklift battery market is divided into warehouses, manufacturing, construction, retail and wholesale stores, and others. The market was led by the manufacturing segment in 2022, and throughout the forklift battery projection period, it is anticipated to develop at the greatest CAGR. Manufacturing is the process of using different physical, chemical, or mechanical processes to transform raw materials, components, or parts into finished things. It entails converting raw materials or components into finished goods on a big scale with the aid of personnel, equipment, machinery, and a planned production procedure.
By region, the forklift battery market is further analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific has a dominant position in the forklift battery market. The emphasis on energy conservation and reducing operational expenditures has led to an increasing popularity of advanced battery technologies. Government subsidies and other incentives are encouraging businesses to use electric forklifts. Ongoing advancements in battery technology, such as increased energy density and infrastructure for charging, are shaping the business.
The major players operating in the forklift battery industry are Iberdrola S.A., Amara Raja Batteries Ltd., EnerSys, East Penn Manufacturing Company, Inc., EXIDE INDUSTRIES LTD., Trojan Battery Company, LLC., GS Yuasa International Ltd., Flux Power, Zhejiang Narada Power Source Co., Ltd., and Electrovaya. The companies adopted key strategies such as collaboration and expansion to increase their market share.
Recent Market Developments:
In October 2022, the ENERSYS strengthens partnership with Industrial Battery & Charger, Inc. through product territory expansion.
IN May 2023, The Trojan Battery Company, LLC, went into agreement with Continental Battery Systems for an expansion of its master distributorship agreement with Trojan Battery Company. This agreement builds upon the existing relationship between the two companies and represents an exclusive opportunity to galvanize Continental Battery Systems.
In November 2023, Electrovaya announced a three-year strategic supply agreement with existing and new global OEM partners. It’s a leading lithium-ion battery technology and manufacturing company, executed a Strategic Supply Agreement with two leading affiliated OEM partners for material handling vehicles and other affiliates for the supply of battery systems.
The report offers a thorough analysis of the forklift battery market with detailed study of various aspects of the market such as market dynamics, vital segments, major geographies, key players, and competitive landscape. The report provides a clear picture of the current market situation and future trends of the forklift battery market based on the impact of various market dynamics and vital forces influencing the market.
The drivers and opportunities contributing toward the market growth are acknowledged in the market dynamics. Besides, challenges and restraints that hold potential to hamper market growth are also provided in the forklift battery market. Porter's five forces analysis is delivered through the report which precisely highlights the effects of key forces on the forklift battery market. The report offers market size and estimations analyzing forklift battery market through various segments. Furthermore, the report covers the competitive scenario of the forklift battery market. The key players operating in the forklift battery market are studied in the report to understand their current market position and competitive strengths in the industry.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the forklift battery market analysis from 2022 to 2032 to identify the prevailing forklift battery market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the forklift battery market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global forklift battery market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Application
- Warehouses
- Manufacturing
- Construction
- Retail and Wholesale Stores
- Others
By Type
- Lithium Ion (LI-ion)
- Lead Acid Battery
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- EnerSys
- Trojan Battery Company, LLC.
- Electrovaya
- EXIDE INDUSTRIES LTD.
- Iberdrola S.A.
- Flux Power
- GS Yuasa International Ltd.
- Amara Raja Batteries Ltd.
- Zhejiang Narada Power Source Co., Ltd
- East Penn Manufacturing Company, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: FORKLIFT BATTERY MARKET, BY APPLICATION
CHAPTER 5: FORKLIFT BATTERY MARKET, BY TYPE
CHAPTER 6: FORKLIFT BATTERY MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, 'Forklift Battery Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026,' the global forklift battery market size was valued at $4.3 billion in 2018, and is projected to reach $7.4 billion by 2026, growing at a CAGR of 7.04% from 2019 to 2026.Forklift batteries are categorized under industrial batteries that not only power forklift trucks but are also aimed to enhance their load-bearing capacity. Lithium-ion and lead-acid batteries are the two major types of forklift batteries. There are other variants available in each battery type, which include flat plate batteries, tubular plate batteries, high amp-hour batteries, waterless batteries, and maintenance-free batteries.
Lead-acid batteries are the preferred source of energy to forklift trucks until lithium-ion batteries are introduced in the market. The first lithium-ion battery for forklift was introduced in 2015, and the market is started to transform thereafter. They offer several benefits that make them preferable choices among consumers such as low charging time, maintenance-free, and recyclability associated with them. Content in the lithium-ion battery is not toxic, unlike regular batteries, which means they are easy and safe to recycle. As a result, the adoption of lithium-ion batteries has substantially grown in the market thereby contributing to the global market growth. Expansion of warehouses across the globe and resulting demand for forklift batteries in material movement applications is the key global forklift battery market trend observed in the recent years.
As per the Exide (major forklift battery manufacturers), steel ballasts is likely to be used in the lighter lithium-ion batteries to compensate weight factor, so as to offer better counterbalance. Therefore, the market is set to witness replacement of lead-acid batteries by lithium-ion batteries, however, this shift may take another 10-13 years as current forklift trucks are compatible with existing batteries. Therefore, lead-acid battery is still a dominant choice in the market for another 10 to 13 years, which anticipated to offer lucrative forklift battery market growth opportunities.
By type, the lead-acid battery segment accounted for the largest forklift battery market share in 2018 and is expected to remain dominant by the end of the forecast period. Lead-acid batteries are high in weight which offers to counterbalance the load thereby enhancing the load bearing capacity of forklift trucks. Since high load bearing capacity trucks are useful in material handling application, lead-acid batteries are highly favorable in material handling section as they help enhance the load lifting capacity of the trucks. However, lithium-ion batteries are expected to offer significant growth during the forecast period in response to the necessary modification being made by considering the nature of applications.
By application, manufacturing emerged as the global leader among other segments in 2018 with around 30% market share. The industrial manufacturing sector is driven by the trend of process automation to attain mass production. So the need for material handling in manufacturing plants is growing significantly that boosts the adoption of forklift battery in this sector.
The major key players operating in the global forklift battery market include EXIDE INDUSTRIES LTD., EnerSys, East Penn Manufacturing Company, Hoppecke, Crown Equipment Corporation, SBS Storage Battery Systems, LLC, Navitas Systems, Saft, Microtex Energy Private Limited, and Southwest Battery Company.
Key Findings of the Study
The global forklift battery industry sees a profitable growth opportunities for the during the next five years in response to the growth in industrial production
By type, lead-acid battery segment is emerged as the global leader by acquiring 77% market share in 2018, and is anticipated to be the largest market during the forecast period
By application, the manufacturing application segment accounted for around 30% market share in response to the greater material handling and movement needs associated with the manufacturing sector
Replacement of electric forklifts by fuel cell-based forklifts is the key forklift battery market growth driver
Although the market is dominated by lead-acid batteries, lithium-ion batteries are projected to take over the overall forklift batteries market over the next 10-12 years
Universities across the globe are aiming to introduce robotics-assisted autonomous forklift in the material handling industry, which is projected to offer new growth opportunity to the market
Companies Mentioned
- EnerSys
- Trojan Battery Company, LLC.
- Electrovaya
- EXIDE INDUSTRIES LTD.
- Iberdrola S.A.
- Flux Power
- GS Yuasa International Ltd.
- Amara Raja Batteries Ltd.
- Zhejiang Narada Power Source Co., Ltd
- East Penn Manufacturing Company, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 250 |
| Published | December 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 5.9 billion |
| Forecasted Market Value ( USD | $ 11.2 billion |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
