Forklift Battery Market Report 2025

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The forklift battery market size has grown strongly in recent years. It will grow from $25.67 billion in 2024 to $27.42 billion in 2025 at a compound annual growth rate (CAGR) of 6.8%. 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 forklift battery market size is expected to see strong growth in the next few years. It will grow to $36.06 billion in 2029 at a compound annual growth rate (CAGR) of 7.1%. 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 industry is expected to drive the growth of the forklift battery market in the coming years. E-commerce involves the buying and selling of goods and services, as well as the transfer of money or data through electronic networks, often the Internet. In e-commerce warehouses, electric forklifts powered by batteries are preferred over traditional fuel-powered models due to their reliability and efficiency in material handling. These electric forklifts are particularly popular in e-commerce operations because they produce zero emissions and help reduce the carbon footprint. For example, Shopify Inc., a Canada-based e-commerce company, projects that global e-commerce sales will grow from $5.13 trillion in 2022 to $8.09 trillion by 2028. As a result, the growth of the e-commerce sector is fueling the demand for forklift batteries.

The rise in construction activities is expected to drive the growth of the forklift battery market. Construction activities encompass the processes involved in delivering buildings, infrastructure, industrial facilities, and related projects throughout their life cycle. Forklift batteries are essential for powering electric forklifts, which are widely used on construction sites to move heavy materials and equipment. For example, in July 2023, the Australian Bureau of Statistics, a government agency, reported that 240,813 dwellings were under construction in the March 2023 quarter, up from 240,065 in 2022. Of these, 103,778 were new houses in 2023, compared to 101,240 in 2022. This growth in construction activity is driving increased demand for forklift batteries.

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 companies operating 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 2024. 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 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.

A forklift battery is a specific type of deep-cycle battery designed to supply power to electric forklifts. It plays a crucial role in the operation of electric forklifts, providing the necessary power for vehicle functionality and serving as a counterweight to ensure the forklift's stability, thus preventing tipping.

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.

The forklift battery market research report is one of a series of new reports that 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 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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