Forklift Battery Global Market Report 2024

The global forklift battery market has grown strongly in recent years. It will grow from $23.76 billion in 2023 to $25.67 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to industrial growth, growth of e-commerce, increased adoption of alternative energies, growing demand for lithium-ion forklift batteries,.

The global forklift battery market is expected to see strong growth in the next few years. It will grow to $33.45 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increasing demand for electric forklifts, growing emphasis on green initiatives, government initiatives, increasing demand for material handling, growing demand for fuel cell forklifts. Major trends in the forecast period include advancements in battery technology, automation and robotics integration, smart battery management, transition to lithium-ion technology, wireless charging technology, advanced battery testing and diagnostics, energy-efficient material handling solutions.

The expansion of the e-commerce sector is anticipated to drive the growth of the forklift battery market in the foreseeable future. E-commerce involves the exchange of goods and services, as well as the transfer of money or data, typically conducted over an electronic network, often the Internet. Electric forklifts powered by batteries are a preferable choice over traditional fuel-powered ones for e-commerce warehouses, which frequently require dependable and efficient material handling equipment. Electric forklifts are extensively utilized in e-commerce warehouses due to their emission-free operation and reduced environmental impact. For instance, as of September 2022, as reported by the United States Department of Commerce's International Trade Administration, consumer eCommerce accounted for 30% of the UK's total retail sector, up from 20% in 2020, with an annual e-commerce revenue exceeding $120 billion. Additionally, in 2021, 82% of individuals in the UK had made at least one online purchase. Furthermore, according to the United Nations Conference on Trade and Development, an intergovernmental organization based in Switzerland, online retail sales as a proportion of all retail sales increased from 16% in 2021 to 19% in 2020, driven by the growth of e-commerce. Consequently, the expansion of the e-commerce industry is a key driver of the forklift battery market's growth.

The growth of the forklift battery market is expected to be driven by the increasing level of construction activities. Construction activities encompass the various processes involved in the development of structures such as buildings, infrastructure, industrial facilities, and all the associated tasks that occur throughout their lifecycle. Forklift batteries play a crucial role in construction activities as they power electric forklifts, which are commonly used for the movement of heavy materials and equipment within construction sites. For example, in September 2021, data from Oxford Economics, a UK-based economic information services company, indicated that global construction output reached $10.7 trillion in 2020. Furthermore, it is projected to witness significant growth of approximately 42%, equivalent to an increase of $4.5 trillion, from 2020 to 2030, ultimately reaching a total of $15.2 trillion. Hence, the growth in construction activities is a major factor fueling the expansion of the forklift battery market.

The forklift battery market is likely to face limitations due to the high costs associated with lithium-ion batteries. These batteries have gained popularity as a power source for forklifts, primarily because of their advantages over traditional lead-acid batteries. However, in December 2022, data from an article published by an energy monitor revealed that the volume-weighted average prices for lithium-ion battery packs, covering various sectors, increased to $151 per kilowatt-hour (kWh) in 2022. This reflects a real-term increase of 7% compared to the previous year. Hence, the elevated cost of lithium-ion batteries serves as a deterrent to the forklift battery market's growth.

Prominent firms in the forklift battery market are increasingly emphasizing the introduction of lithium-ion batteries as part of their strategy to secure a competitive advantage. Lithium-ion batteries are gaining prominence in the forklift industry due to their virtually maintenance-free nature, zero emissions, excellent charging flexibility, and long-lasting performance. As an illustration, in March 2022, Flux Power Holdings Inc., a US-based company specializing in the design, development, and sale of advanced rechargeable lithium-ion batteries for industrial applications, revealed a new lithium-ion battery pack tailored for 3-wheel forklifts. This innovative solution aims to address the operational performance challenges currently encountered by businesses. The L36 lithium-ion battery pack offers superior performance, reliability, and efficiency compared to traditional lead-acid batteries, providing high-performance 3-wheel forklifts in tight-aisle warehouses with a dependable and cutting-edge power source.

In March 2023, KION GROUP AG, a German company known for manufacturing lithium-ion batteries for forklift trucks, established a collaboration with Li-Cycle Holdings Corp. to implement an intricate process for recycling lithium-ion batteries. This partnership's primary objective is to create a closed-loop system for lithium recycling, with the goal of achieving an impressive recycling rate of up to 95%. Li-Cycle has been designated as KION's preferred global recycling partner, playing a crucial role in helping KION achieve its sustainability objectives. Li-Cycle Holdings Corp. is a Canadian company specializing in the recycling of lithium-ion batteries.

Major players in the forklift battery market are Tailift Co. Ltd., Crown Equipment Corporation, EnerSys, GS Yuasa Corporation, Exide Technologies, East Penn Manufacturing Co. Inc., Anhui Heli Industrial Vehicle Battery Co. Ltd., Lonking Holdings Limited, Camel Group Co. Ltd., Exide Industries Limited, Amara Raja Batteries Limited, Zhejiang Narada Power Source Co. Ltd., Trojan Battery Company, Crown Battery Manufacturing, Hoppecke Batteries Inc., Flux Power Holdings Inc., Storage Battery Systems LLC, Navitas Systems, Electrovaya Inc., Microtex Energy Private Limited, DAEHAN Battery Co. Ltd., OneCharge Inc., GNB Industrial Power, Systems Sunlight, Douglas Battery, GMP Industrial.

North America was the largest region in the forklift battery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in forklift battery report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the forklift battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary varieties of forklift batteries include lithium-ion batteries, lead-acid batteries, nickel-cadmium batteries, and others. Lithium-ion batteries represent a modern battery technology that heavily relies on lithium ions in its electrochemical processes. These batteries come in various voltage options, such as 24-volt, 36-volt, 48-volt, 72-volt, and more, and find applications in diverse sectors like warehouses, manufacturing, construction, retail and wholesale operations, and more.

This report provides forklift battery market statistics, including forklift battery industry global market size, regional shares, competitors with a forklift battery market share, detailed forklift battery market segments, market trends and opportunities and any further data you may need to thrive in the forklift battery industry. This forklift battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The forklift battery market consists of sales of flooded lead-acid batteries, nickel-iron batteries and lithium-iron-phosphate batteries. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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