Global Forklift Battery Market Size, Share, Growth Analysis Report - Forecast 2034

Forklift Battery Market: Industry Perspective

The global forklift battery market size was worth around USD 6.72 Billion in 2024 and is predicted to grow to around USD 12.93 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 6.76% between 2025 and 2034. The report analyzes the global forklift battery market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the forklift battery industry.

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Forklift Battery Market: Overview

Forklift batteries are referred to the batteries that supply power to forklift trucks. These batteries hold high energy density and power. Typically, lithium-ion batteries and lead-acid batteries are used in forklift trucks owing to their convenience during their utilization in operations associated with material handling. Lead-acid batteries consist of sulphuric acid, water, and a mixture of electrolytes in combination. On the other hand, lithium-ion batteries do not hold water, which in turn makes them highly maintenance-free. Nowadays, the forklift battery has a broad range of applications in different areas like warehousing, construction, and others. These batteries are highly available at economical rates and require less hassle to maintain. Additionally, they have low energy to volume and energy to weight ratio.

Key Insights

• As per the analysis shared by our research analyst, the global forklift battery market is estimated to grow annually at a CAGR of around 6.76% over the forecast period (2025-2034).
• Regarding revenue, the global forklift battery market size was valued at around USD 6.72 Billion in 2024 and is projected to reach USD 12.93 Billion by 2034.
• The forklift battery market is projected to grow at a significant rate due to increasing adoption of electric forklifts due to stricter environmental regulations and a growing emphasis on sustainability, the rapid expansion of the e-commerce and logistics sectors necessitating efficient material handling, and technological advancements in battery technology, particularly lithium-ion batteries offering improved performance and longer lifespans.
• Based on Type, the Lithium Ion (LI-ion) segment is expected to lead the global market.
• On the basis of Application, the Warehouses segment is growing at a high rate and will continue to dominate the global market.
• Based on region, Asia-Pacific is predicted to dominate the global market during the forecast period.

Forklift Battery Market: Growth Drivers

Rapid industrialization among growing economies will drive the growth of the global market.

The global forklift battery market is growing largely in developing regions due to rapid urbanization and industrialization. Such fast-paced industrialization can be attributed to the efficient government support extended to the manufacturing industry in order to lower manufacturing costs. For instance, the Government of India announced a ‘make in India’ campaign to support the businesses to manufacture products in India and help develop the domestic manufacturing sector. Additionally, to support this campaign, governments are offering subsidies to investors. Apart from this, the growing world middle class population is further proliferating the need for consumer goods and thereby encouraging manufacturing companies to establish their business framework in developing regions. Thus, the growing setup of infrastructure and manufacturing frameworks in developing regions is increasing the requirement for forklift trucks to streamline the day-to-day operations.

Forklift Battery Market: Restraints

Large downtime for electric forklifts is likely to restrain the growth of the global market.

The demand for forklift batteries is growing day by day, but the need for large downtime for these forklifts is likely to restrain consumers from adopting such batteries in the forthcoming years.

Forklift Battery Market: Opportunities

Fast proliferating construction sector is likely to offer ample impetus to the growth of the global market.

Construction activities are increasing all across the globe owing to the growing income of people. Governments of different regions are also making initiatives to renovate the public infrastructure and work on a green building framework, which in turn is significantly boosting the growth of the construction sector globally. Therefore, such a landscape is likely to provide many lucrative growth opportunities in the global market as forklift batteries are widely utilized in construction equipment to assist in completing different tasks.

Forklift Battery Market: Challenges

High power consumption is a huge challenge in the global market.

Power consumption is a crucial concern in every space all across the globe. Similarly, the high-power consumption by forklift batteries has emerged as a key challenge in the global market due to the fast-depleting fossil fuels along with the constantly growing prices.

Forklift Battery Market: Segmentation Analysis

The global forklift battery market is segmented based on Type, Application, and region.

Based on Type, the global forklift battery market is divided into Lithium Ion (LI-ion), Lead Acid Battery, Others.

On the basis of Application, the global forklift battery market is bifurcated into Warehouses, Manufacturing, Construction, Retail and Wholesale Stores, Others.

Forklift Battery Market: Report Scope

Forklift Battery Market: Regional Landscape

Asia Pacific accounts for the largest share in the global forklift battery market due to the fast-growing industrial output in the region. Additionally, the high rate of urbanization and industrialization is significantly impacting the growth of the regional market.

Recent Developments

• Enersys, in January 2021, expanded its Manufacturer Representative Agreement with Industrial Battery & Charger, Inc (IBCI). It has undertaken the sales and service operations of EnerSys motive power products in Alabama.
• Erikoglu Emaye Bakir Tel San. A. S. And The HOPPECKE Batterien GmbH & Co. K.G. in March 2019 announced an exclusive partnership at CeMAT Eurasia.

Forklift Battery Market: Competitive Analysis

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the forklift battery market on a global and regional basis.

The global forklift battery market is dominated by players like:

• East Penn Manufacturing Company Inc.
• Zhejiang Narada Power Source Co Ltd
• Flux Power
• Trojan Battery Company LLC.
• GS Yuasa International Ltd.
• Iberdrola S.A.
• Amara Raja Batteries Ltd.
• Electrovaya
• EnerSys
• EXIDE INDUSTRIES LTD.

The global forklift battery market is segmented as follows;

By Type

• Lithium Ion (LI-ion)
• Lead Acid Battery
• Others

By Application

• Warehouses
• Manufacturing
• Construction
• Retail and Wholesale Stores
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa