Forklift Battery Market Outlook:
Forklift Battery Market size was over USD 6.54 billion in 2025 and is projected to reach USD 12.63 billion by 2035, growing at around 6.8% CAGR during the forecast period i.e., between 2026-2035. In the year 2026, the industry size of forklift battery is assessed at USD 6.94 billion.
The forklift battery market is witnessing a significant adoption of electric and eco-friendly material handling alternatives. This is triggered by the growing demand for clean energy alternatives and the cost advantage of lowered operational expenses. A notable event in February 2025 was the launch by Godrej & Boyce of the country's first locally manufactured lithium-ion forklift, marking a significant leap in energy efficiency and reduced dependency on fossil fuels in the Indian market. Such breakthroughs are creating room for increased acceptance of electric forklifts in various industries.
Government incentives for green energy and increased enforcement of emission norms are further fueling demand for electric forklifts, thereby driving the forklift battery market. Furthermore, advanced battery technology in the form of lithium-ion batteries is a major driver of such growth. These batteries deliver higher energy density, longer lifespan, and faster charging compared to traditional lead-acid batteries. These technologies are making electric forklifts a viable and competitive option in various applications. Ongoing technology innovation in batteries is likely to support further forklift battery market growth. Additionally, the decreasing cost of lithium-ion batteries is increasing their accessibility to a wider range of users.
