Forklift Battery Market Size & Share, by Type (Lead Acid, Lithium Ion), By Application (Warehouses, Manufacturing, Construction, Retail & Wholesale Stores) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2028

  • Report ID: 2749
  • Published Date: Feb 15, 2023
  • Report Format: PDF, PPT

Introduction to Forklift Batteries

Forklift is a small industrial vehicle with two front power-operated prongs that can be moved under heavy loads and then raised in warehouses, shipping depots among others for moving and stacking materials. Forklifts are primarily powered by electricity, propane, diesel or gasoline.  Many forklifts allow operators to sit while the machine is driving and operating, while others require the operator to stand. It is widely used for the transportation of materials and products throughout various industries. A forklift battery is also used to provide a mass counterweight, which helps in forklift’s lifting capacity.  Forklift battery comprises of battery case, battery cell, battery bars and battery cables.  The most common forklift battery is lead acid and lithium ion.

Market Size and Forecast

The forklift battery market is anticipated to grow on account of high demand for forklifts by several end user industries which in turn increases the requirement for battery to run the forklift. Increasing innovations in batteries, such as high storage capacity and long battery life which enhances battery effectiveness is further promoting the demand for forklift batteries amongst the end users. Owing to the expansion of warehouses and the growing need for forklifts in retail stores and distribution hubs, the market for forklift battery is anticipated to grow steadily over the forecast period.

The forklift market is anticipated to record a CAGR of around 7% over the forecast period i.e. 2020-2028. The market is segmented by type into lead acid, lithium ion (Li-ion) and others, out of which, the lead acid segment is anticipated to hold the largest market share in the forklift battery market on account of its broad usage in most end-use industries. The lead-acid battery provides an efficient and highly preferable combination of power and counterbalance.

Forklift Battery Market Graph

Growth Drivers

Rising Demand For Forklifts Backed By Increasing Industrial Output

According to the statistics provided by the International Trade Centre (ITC), the exported value of forklift trucks has doubled over the last decade increasing from USD 10,365,169 thousand in 2010 to USD 20,341,315 thousand in 2019. Since the use of smartphone is on the rise over the last decade, online shopping is playing a huge role in the e-commerce market. On account of the worldwide growth of e-commerce and retail industry, a large number of warehouses is being established which needs forklift in order to reorganize their goods. The rising demand for forklifts in the end user industries is anticipated to boost the forklift battery market.CLICK TO DOWNLOAD SAMPLE REPORT

Exports of Forklift Trucks Graph

Increasing Adoption Of Electric Powered Forklifts

Recent development of technologies such as fleet management, connected vehicles and IoT- enabled devices in forklifts has led to a large number of industries to adopt electrical forklifts. These are powered by electric motor instead of an internal combustion engine using either rechargeable forklift batteries or grid power. Electrically operated forklifts do not emit CO2 or any NOx pollutants, which is driving the adoption of electric forklifts by end users and in turn fuel the growth of forklift battery market.


Price Volatility In Lead and High Price Range Of Lithium Batteries

One of the significant factors hampering the growth of the forklift battery market is the fluctuating price of raw materials required in the manufacturing of the batteries. As a result, these hampers the profitability of the manufacturers operating in the global forklift battery market. Further, the high price of lithium batteries and the threat of substitutes such as gasoline and propane are expected to pose a serious threat to the market for forklift batteries.

Market Segmentation

Our-in depth analysis of the forklift battery market includes the following segments:

By Type

  • Lead acid
  • Li-Ion
  • Others

By Application

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

By Region

On the basis of regional analysis, the forklift battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The Europe forklift battery market is projected to grow by a substantial CAGR by 2028 on account of the increasing number of construction projects in the region. In addition, availability of highly developed production and inventory storage facilities are further anticipated to drive the market growth in Europe. The Asia-Pacific industry will also grow significantly over the forecast period. Huge growth in renewable energy generation capacity, declining battery prices and tremendous growth in logistics operations are expected to dramatically fuel the growth of the forklift battery in countries such as China, Japan and India among others. The market for forklifts is also growing in Asian countries on account of rapid growth in urbanization attributed to rising demand for construction along with the need for quick and productive logistics operations.

 The forklift battery market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Top Featured Companies Dominating The Market

  • Exide Industries Limited
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • East Penn Manufacturing Company
  • Chloride Batteries
  •  NITCO
  • SAFT Batteries
  • EnerSys
  • Crown Equipment Corporation
  •  Microtex Energy Pvt. Limited
  • Navitas System, LLC Corporate
  • Southwest Battery Company


In the News

  • On 27 June, 2018, Exide Industries Ltd, India's largest producer of lead acid batteries and power storage devices, and Leclanché, one of the world's leading Switzerland-based energy storage devices firms, have formed a joint venture to develop lithium-ion batteries and provide energy storage systems for the Indian electric vehicle and grid-based applications industry. With all the big cities in the world suffering from record-breaking levels of pollution, there is an immediate need for innovative new methods of transporting electricity.

  • On April 4, 2019, East Pen Manufacturing Company launched its new Deka® Ready Power® Li-Ion forklift battery at PROMAT 2019. With a safe yet high-powered Li-ion technology that delivers long cycle life, high energy density, and fast recharge, the Deka® Ready Power® features power-on-demand. Crafted to live up to the name of Deka, it is designed and supported by the most trusted support of the industry.

Author Credits:  Payel Roy, Dhruv Bhatia

  • Report ID: 2749
  • Published Date: Feb 15, 2023
  • Report Format: PDF, PPT

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