Forklift Battery Market - By Battery Type , By Voltage , By Application , By Sales Channel , By Geography - Opportunity Analysis & Industry Forecast, 2025-2031

Forklift Battery 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. Forklift battery market is driven by the growing demand of e-commerce and logistics and the renewed focus on manufacturing. The use of electric forklifts as a substitute for conventional technologies is being encouraged by growing environmental and sustainability consciousness. The increased performance and efficiency of such vehicles are also being achieved with the advancement in battery technology, mainly due to the preparedness in terms of energy density and the speeds at which charging can occur. Additionally, government regulations and incentives for electrification of material handling equipment related to promoting electric vehicles further accelerate the growth in the market.

Silicon-controlled rectifier (SCR) chargers are gaining momentum due to their high efficiency, cost-effectiveness, and robustness. As SCR technology allows Silicon Controlled Rectifier (SCR) type battery chargers to regulate charging current by allowing the battery to determine its own charge cycle rate in accordance with its state of discharge for precise control over voltage and current, these chargers are ideal for industrial battery applications, like forklifts. Another trend is battery recycling in the forklift market is gaining increasing importance due to environmental concerns and the rising demand for critical raw materials. Recycling reduces the environmental effect of battery manufacture and conserves natural resources by keeping end-of-life batteries out of landfills and recovering precious components like lead and copper reduces production costs in the recycling industry, which benefits the economy.

Forklift Battery Market - Report Coverage:

The “Forklift Battery Market Report - Forecast (2025-2031)” by IndustryARC, covers an in-depth analysis of the following segments in the Forklift Battery Market.

Key Takeaways:

APAC leads the market

APAC leads the forklift battery market with a market share of 40% in 2024. Factors such as growing investment in material handling technology and warehouses rapid industrialisation in the form of investment, increasing e-commerce activity, government initiatives promoting electrification, and cost advantages in manufacturing are driving the demand for the forklift battery market. In October 2023, DSV & Logos invested $200 million to establish DSV Pearl, a 720,000-square-foot warehouse in Singapore, as reported by Logistics Manager. This project is projected to create over 300 jobs and set a new benchmark for automated and environmentally friendly warehousing. Due to these factors, forklifts can operate simultaneously in warehouses, which in turn fuels the demand for forklift batteries in the Asia-Pacific region.

Lead Acid battery dominates the market 

Lead-acid batteries are the most widely used forklift batteries in 2024 mostly because of their affordability, dependability, recyclable nature and established infrastructure for maintenance. Aokly's lead-acid batteries, for instance, achieve 1,500 cycles at 80% depth of discharge (DoD), a performance level on par with most European counterparts. This longevity is further enhanced by a unique concave-convex negative plate design, strengthening the grid and improving active material bonding, resulting in over 40% more battery life. Lead-acid batteries are also characterized by low upfront cost, which remains a strong advantage for businesses with limited budgets. Even though lithium-ion batteries have advantages of high energy density, quick charge, and lower maintenance requirements, lead-acid batteries will be seen as dominating the market mainly because it is less expensive and well established in reliability.

24-48V batteries ruling the market

24-48V is the largest segment in the forklift battery market.  They create the ideal balance between power, efficiency, and affordability, making them ideal for most material handling tasks, especially for mid-sized electric forklifts in warehouses and factories. For example, the Equipmax FBRS16/20 Electric Reach Truck (1.6-2.5T) powered by a 48V battery showcases impressive performance. It reaches speeds of 10 km/h unloaded and 8.5 km/h loaded, with rapid lifting speeds of up to 340 mm/s unloaded and 210 mm/s loaded. Additionally, it tackles inclines of up to 10% with ease. 24-48V batteries provide more runtime, quicker charging times, and a longer lifespan in addition to their remarkable performance, all of which save operating expenses and maintenance. This results in higher output, less downtime, and enhanced sustainability makes a powerful combination for companies looking to improve efficiency and reduce costs in their material handling operations.

Government investment & initiatives in electrification of material handling equipment

The global push toward electrification, driven by environmental concerns and the need for sustainable industrial practices, has significantly influenced the material handling equipment sector. Governments worldwide are investing heavily in electrification initiatives, which are acting as a key market driver for the forklift battery market. The EU has been at the forefront of promoting electrification across industries, including material handling equipment. The Green Deal and Fit for 55 Package aim to reduce greenhouse gas emissions by 55% by 2030. As part of this initiative, the EU is incentivizing the adoption of electric forklifts and other MHE by offering subsidies and tax benefits for companies transitioning to electric-powered equipment. The European Commission has allocated approximately $5 billion to support net-zero technologies, electric vehicle battery cell manufacturing, and renewable hydrogen through the Innovation Fund. As these initiatives continue to gain momentum, the forklift battery market is poised for sustained growth, contributing to global efforts to achieve net-zero emissions and a greener industrial landscape.

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Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the Forklift Battery Market. The top 10 companies in this industry are listed below:

1. Crown Equipment Corporation
2. East Penn Manufacturing Company
3. EnerSys.
4. Amara Raja Batteries Ltd. 
5. GS Yuasa International Ltd.
6. Exide Technologies.
7. Contemporary Amperex Technology Co., Limited (CATL)
8. HOPPECKE Batterien GmbH & Co. KG
9. Electrovaya Inc.
10. Trojan Battery Co. LLC 

Scope of the Report: 

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