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Market Overview:
The Forklift Battery Market size is estimated to reach $9.1 Billion by 2031, growing at a CAGR of 7.3% during the forecast period 2025-2031, according to a recent report published by IndustryARC, titled, “Forklift Battery Market - By Battery Type (Lead-Acid, Lithium-Ion, Nickel-Metal Hydride (NiMH), Others), By Voltage (<24V, 24-36V, 36-48V, >48V), By Application (Warehousing, Manufacturing, Construction, Retail, Logistics, Others), By Sales Channel (Original Equipment Manufacturers (OEMs), Aftermarket), By Geography - Opportunity Analysis & Industry Forecast, 2025-2031”.
The electric forklift battery market is growing, fueled by the growth of e-commerce, a resurgence in manufacturing, and an emphasis on sustainability. Innovations in battery technology, along with favorable government policies, are further propelling market expansion.
APAC dominates the market in 2024:
The APAC region dominated the market with a share of 40% in 2024. Countries like China, India, and Japan led this expansion with heightened demand for forklifts and batteries due to increased manufacturing activities. Government initiatives promoting electric vehicles and emission reduction further boosted the market. In November 2024, EIKTO raised $56 million to power more electric forklifts and ships. Along with technological innovation and sustainability initiatives, these developments positioned Asia-Pacific as a key player affecting the direction of the forklift battery industry.
Forklift Battery Market: Key Takeaways
Surging adoption of electric forklift
The demand for forklift batteries is going up sharply driven by the fast-increasing demand for electric forklifts. Some factors that are responsible for increasing its adoption are environmental impacts, financial efficacy, and improvement in battery technology. Electric forklifts prove to be more suitable in helping tackle the issues of emission and noise pollution as the world looks toward de-carbonization. Additionally, advancement in Lithium-ion batteries have resulted in improving performances with longer lifetimes and rapid charging. Companies are investing in alternative fuel sources, ensuring continued demand for electric forklifts and, consequently, their batteries in the future.
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Growth of e-commerce and logistics
The logistics sector and e-commerce's rapid growth are major factors driving the forklift battery market's growth. According to Sellers Commerce, over 33% of the global population now shops online, propelling e-commerce into a $6.8 trillion industry, which is estimated to reach $8 trillion by the end of the year 2027. The rapid expansion in online sales has placed a heightened demand for efficient moving of materials. Secure and long-term storing and transporting of goods require a robust infrastructure—one that is in a significant manner dependent on forklifts for servicing growing logistics operations. The market for forklifts has grown rapidly as a result of the explosive rise of e-commerce, which has increased demand for warehouse and distribution space. These devices are now necessary for quick order fulfilment and effective material handling.
Scope of the Report:
Recent Developments:
- In October 2024, Exide Technologies launched the Solition Material Handling battery, a lithium-ion phosphate battery designed to improve reliability, safety, and cost-effectiveness for material handling fleets, promising to transform industrial operations with smart, sustainable electrification.
- In August 2024, Godrej & Boyce Introduces India’s First Lithium-Ion Forklift Truck to Market. This launch marks a significant step towards sustainability in the industrial sector. This innovative addition to the material handling sector features an indigenously developed Battery Management System (BMS).
Forklift Battery Market: Competitive Landscape
Key companies profiled in the Forklift Battery Market are Crown Equipment Corporation, East Penn Manufacturing Company, EnerSys., Amara Raja Batteries Ltd., GS Yuasa International Ltd., Exide Technologies., Contemporary Amperex Technology Co., Limited (CATL), HOPPECKE Batterien GmbH & Co. KG, Electrovaya Inc., Trojan Battery Co. LLC and others.
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