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Forklift Battery Market Size By Battery Type (Lead-acid, Lithium-ion, Nickel-cadmium), By Battery Voltage (24V, 36V, 48V, 72V), By Application (Warehouses, Wholesale Stores, Construction Sites, Manufacturing) & Forecast 2023 - 2032

  • Report ID: GMI6119
  • Published Date: Jun 2023
  • Report Format: PDF

Forklift Battery Industry Analysis

Forklift Battery Market was valued at USD 5.1 Billion in 2022 and is anticipated to register a CAGR of over 6.5% from 2023 to 2032. The growing demand for electric forklifts, due to the rising need for cleaner & more sustainable operations, is a significant factor propelling the industry growth.

Forklift Battery Market

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Electric forklifts require reliable & efficient battery systems to power their operations, increasing the demand for forklift batteries. The expansion in e-commerce and the growing need for efficient warehouse operations are augmenting the emphasis on enhancing productivity and reducing operational costs. The market for forklifts  is projected to cross a valuation of USD 200 billion during the forecast period.


The upfront cost of forklift batteries can be relatively high as compared to traditional fuel-powered forklifts. The initial investment required to purchase & install battery systems can be a significant deterrent for some businesses, especially smaller enterprises with limited budgets. The electric forklifts powered by batteries require charging infrastructure including charging stations and sufficient electrical capacity. The availability of the above-mentioned infrastructure solutions can be limited, especially in certain geographic regions or older warehouse facilities. Inadequate charging infrastructure can hinder the adoption of electric forklifts, which will consequently lower the forklift battery market demand.

COVID-19 Impact

The COVID-19 pandemic disrupted global supply chains, thereby affecting the production & distribution of forklift batteries. Restrictions on international trade, the closure of manufacturing facilities, and logistics challenges led to delays & shortages in the availability of batteries, this impacted market growth. The economic downturn resulting from the pandemic resulted in budget constraints for many businesses. As a result, some companies possibly will delay or reduce their investments in new forklifts & batteries, thereby affecting the overall product demand.

Forklift Battery Industry Trends

Significant growth in the manufacturing and construction industries is one of the key factors driving a positive forklift battery market outlook. The rising demand for material movement, transportation, and lifting applications owing to the proliferation of e-commerce platforms will foster the business expansion. The widespread applications of electric forklifts across industries are also boosting industry demand. Various product innovations, such as the development of quick battery charging systems for minimal downtime and the longer operational life of forklifts, are acting as growth drivers.

As a result, the use of forklift batteries in domestic applications is also contributing to the business development. Lead-acid batteries are recyclable and can be used to power off-grid & solar energy systems. The widespread adoption of green logistics and the implementation of favorable government policies to promote sustainable infrastructure development are some of the other major factors propelling industry statistics.

Forklift Battery Application Segmentation

Forklift Battery Market Revenue, By Application, 2021 – 2032, (USD Billion)

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The manufacturing segment held around USD 1.7 billion revenue of the forklift battery market in 2022. Forklifts are extensively used in manufacturing facilities for various material handling tasks including raw material transportation, the moving of finished products, and inventory management. The forklifts powered by batteries provide a reliable & efficient solution for these applications. They enable the smooth & swift movement of goods within manufacturing premises, thereby improving overall operational efficiency.

Forklift Battery Type Segmentation

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The lead-acid sector exceeded USD 1.9 billion industry revenue in 2022 and is estimated to grow by 2032. Lead-acid batteries have been widely used in the forklift industry for many years; these batteries are a reliable & proven technology. Their long history and established track record provide a competitive market advantage. Lead-acid batteries are generally more cost-effective as compared to other battery technologies such as lithium-ion batteries. This affordability makes them an attractive choice for businesses, especially those with budget constraints or the ones with lower margins.

Forklift Battery Regional Analysis

China Forklift Battery Market Revenue, 2021 -2032, (USD Million)

Asia Pacific forklift battery market accounted for about 35% of the global share in 2022. The region has a significant industrial & warehousing sector, with numerous manufacturing plants, distribution centers, and warehouses. The demand for forklift batteries is driven by the need to efficiently & sustainably power these forklifts. The growing trend of using electric forklifts in Asia Pacific can be attributed to rising environmental concerns, the regulations promoting sustainable practices, and the desire to reduce operating costs. Electric forklifts are powered by batteries, which spurs the product demand to support this transition.

Forklift Battery Industry Leaders

Some of the major players operating in the forklift battery business landscape are BYD, Crown Equipment, East Penn Manufacturing, Electrovaya, Enersys, Exide Industries, Flux Power Holdings, and GB Industrial Battery. These players are focused on strategic partnerships, new product launches, and commercialization efforts for market expansion. They are heavily investing in research to introduce innovative products and garner the maximum market revenue.

Forklift Battery Industry News:

  • In July 2022, UgoWork, a Canadian energy solutions provider that specializes in lithium-ion batteries for industrial trucks, launched an industry-first end-to-end forklift battery management solution. UgoWork provides unrivalled products, services, and plans for the entire lifecycle of forklift batteries.
  • In March 2022, Flux Power Holdings, Inc., a developer of advanced lithium-ion energy storage solutions for the electrification of commercial & industrial equipment, launched its new L36 lithium-ion battery pack for tree-wheel forklifts at MODEX 2022, the world's largest manufacturing & supply chain tradeshow. The new L36 lithium-ion battery pack assists businesses in addressing the existing performance challenges within their operations. 

This forklift battery market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD million) and shipment (units) from 2018 to 2032, for the following segments:

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Market, By Battery Type

  • Lead-acid
  • Lithium-ion
  • Nickel-cadmium

Market, By Battery Voltage

  • 24V
  • 36V
  • 48V
  • 72V

Market, By Application

  • Warehouses
  • Wholesale stores
  • Construction sites
  • Manufacturing

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • South Korea 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa


Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of forklift battery reached USD 5 Billion in 2022 and will register over 6.5% CAGR during 2023 to 2032, owing to the growing demand for electric forklifts for cleaner & more sustainable operations.

The manufacturing segment crossed around USD 1.7 billion revenue of the forklift battery industry in 2022, due to extensive product usage for these facilities for various material handling tasks.

Asia Pacific forklift battery industry accounted for around 35% share in 2022 as the region has a significant industrial & warehousing sector with numerous manufacturing plants, distribution centers, and warehouses.

BYD, Crown Equipment, East Penn Manufacturing, Electrovaya, Enersys, Exide Industries, Flux Power Holdings, and GB Industrial Battery.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 465
  • Countries covered: 19
  • Pages: 300
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