The forklift battery market size was valued at US$ 5.94 billion in 2024 and is expected to reach US$ 9.23 billion by 2031; it is estimated to record a CAGR of 6.6% from 2025 to 2031. The incorporation of battery-as-a-service (BaaS) in forklifts is likely to bring new trends to the market in the coming years.
The forklift battery market is witnessing significant growth, driven by the rapid expansion of warehousing and e-commerce sectors, increasing industrialization, and a global shift toward electric forklifts for sustainability and cost-efficiency. These trends are fueling demand for advanced battery solutions to support longer operational hours and lower emissions. Opportunities in the market include the development of fast and opportunity charging technologies, which reduce downtime and enhance productivity. Additionally, innovations in smart battery management systems are improving performance, safety, and energy efficiency. These advancements present promising prospects for manufacturers and stakeholders aiming to meet the evolving needs of the material handling industry.
A forklift battery can serve as a power source in the operation of forklifts and other industrial trucks, providing the energy needed for material handling operations. Forklifts typically use lead-acid or lithium-ion (Li-ion) batteries, with the latter being more popular due to its faster charging capabilities, longer lifespan, and reduced environmental impact, among other benefits. The demand for forklift batteries has grown significantly with the increased popularity of electric-powered forklifts, which are favored for their sustainability, lower maintenance needs, and cost-effectiveness compared to traditional internal combustion engine (ICE) forklifts. European and North American industries are known for their emphasis on greener solutions to reduce their carbon footprints, which adds to the demand for electric forklifts. Forklift batteries play a pivotal role in the logistics, warehousing, and manufacturing sectors, wherein they power various machines that are essential for material handling and transportation. In addition to the increasing adoption of electric forklifts, the rise of automation in warehouses in various industrial sectors bolsters the market growth.
The e-commerce industry is flourishing owing to increased internet and smartphone penetration, evolving consumer preferences, and technological advancements. Moreover, cross-border e-commerce is on the rise as consumers seek unique products with competitive pricing internationally. According to Eurostat, in the EU, the share of companies that adopted e-sales strategy increased from 17.21% in 2013 to 23.83% in 2023. Many e-commerce companies are opening warehouses across the globe. For example, Amazon, an e-commerce giant, launched its first fulfillment center in the Netherlands in August 2023. With the new facility, the online marketplace will be able to fulfill Dutch requests without any delay. The rapid growth of e-commerce has led to an increased demand for efficient and clean material handling solutions in warehouses. Companies such as Amazon and DHL are responding by deploying fleets of battery-powered forklifts to enhance operational efficiency and reduce environmental impact. For example, in March 2022, DHL Supply Chain introduced its newest range of autonomous forklifts in Mainland Europe; these pallet movers were the latest addition to its multiuser warehouse in Bornem, Belgium. This installation of autonomous indoor robotic transporters for indoor pallet movement was a part of the company’s Accelerated Digitalization strategy. Thus, a surge in online shopping is reshaping the logistics landscape, prompting companies to invest in automated warehouses and battery-powered forklifts. This shift has a direct impact on the demand for efficient and durable forklift batteries, especially lithium-ion and lead-acid types, to support around-the-clock operations.
As electric forklifts become more widely used across the globe, there is a growing focus on advanced charging solutions, such as fast charging and opportunity charging. These methods prove valuable for businesses with multi-shift operations owing to their ability to reduce downtime and improve efficiency. Traditionally, forklift batteries follow a conventional charging cycle, which includes 8 hours of operation, 8 hours of charging, and another 8 hours of cooling. This cycle limits battery availability and often requires companies to purchase additional batteries to keep operations running across multiple shifts, increasing both cost and storage needs. Fast and opportunity charging methods address this challenge by allowing forklift operators to plug in during short breaks, meal times, or overnight hours. This helps maintain the battery charge in the range of 40–80%, keeping forklifts available for use throughout the day. To maintain battery health and ensure peak performance, it is still important to perform a weekly equalization charge, which brings the battery to a full 100% charge and helps prevent sulfate buildup.
As more companies look to improve uptime and reduce operational costs, the demand for batteries and charging systems compatible with these methods is expected to grow. Thus, a shift toward fast and opportunity charging presents a significant growth opportunity for the forklift battery market.
Key segments that contributed to the derivation of the forklift battery market analysis are type, capacity, and application.
The regional trends and factors influencing the Forklift Battery Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Forklift Battery Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 5.94 Billion |
| Market Size by 2031 | US$ 9.23 Billion |
| Global CAGR (2025 - 2031) | 6.6% |
| Historical Data | 2021-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Forklift Battery Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Forklift Battery Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The forklift battery market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the forklift battery market are listed below:
(Source: BSL New Energy Technology Co., Ltd., Press Release, July 2024)
(Source: East Penn Manufacturing Co., Press Release, March 2025)
The "Forklift Battery Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The List of Companies - Forklift Battery Market
Incorporation of Battery-as-a-Service in Forklifts
The forklift battery market is expected to reach US$ 9.23 billion by 2031.
1. Expansion of Warehousing and E-Commerce 2. Growth of Industrialization 3. Shift Toward Electric Forklift
The forklift battery market was valued at US$ 5.94 billion in 2024; it is expected to register a CAGR of 6. 6% during 2025–2031.
The key players operating in the forklift battery market include Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Crown Equipment Corp, Exide Industries Ltd, EnerSys, East Penn Manufacturing Company, Contemporary Amperex Technology Co Ltd, TotalEnergies SE, Amara Raja Energy & Mobility Ltd, GS Yuasa Corp, leoch International Technology Limited Inc, TAB d.d., and BSL NEW ENERGY THCHENOLOGY CO., LTD.