North America Forklift Battery Market Revenue to cross US$ 2,171.7 Million by 2031

According to The Insight Partners' research, the North America Forklift Battery Market was valued at US$ 1,389.9 Million in 2024 and is expected to reach US$ 2,171.7 Million by 2031, registering a CAGR of 6.7% from 2025 to 2031.

Growth of industrialization and the incorporation of Battery-as-a-Service in forklifts are among the critical factors attributed to drive the North America Forklift Battery Market.

Various countries are undergoing industrialization owing to trends such as globalization, population growth, and technological advancements. According to the CEIC Data, industrial production in the US recorded a 0.5% year-on-year increase in December 2024, recovering from a 0.6% year-on-year decline in the previous month. Similarly, as per the CEIC Data from December 2023, US automotive production was recorded at 10.61 million units, marking an increase from the 10.05 units produced in December 2022. Thus, a rise in industrial production across globe encourages the expansion of manufacturing and logistics operations that require efficient, scalable material handling solutions, with more factories, warehouses, and distribution centers being established in sectors such as automotive, pharmaceuticals, and consumer goods.

In May 2025, JD Logistics, also known as JINGDONG Logistics, officially opened its first self-operated warehouse in Mexico. The facility spans over 40,000 square meters and is designed to offer local warehousing and logistics services in the country. Additionally, in March 2025, Quant, a Swedish company recognized as a global leader in industrial maintenance, announced the launch of a new strategic project aimed at expanding industrial warehouse facilities in San Luis Potosí, Mexico. These expansions in warehouses infrastructure generate a significant demand for electric forklifts powered by advanced battery technologies. These forklifts offer lower emissions, reduced operational costs, and better indoor performance, aligning with strict environmental regulations and pushing for sustainable industrial practices. Thus, the proliferation of industrial activity fosters the adoption of electric forklifts, which underlines the need for reliable, high-performance battery systems to power equipment such as forklifts.

on the contrary, safety and operational challenges hampers the North America forklift battery market

North America Forklift Battery Market Segmentation Analysis:

• By Type, the North America Forklift Battery Market is segmented into Lithium Ion, Lead Acid, and Others. The Lead Acid segment is projected to expand at 6.5% CAGR during 2025 - 2031.
• By Capacity, the North America Forklift Battery Market is segmented into 0 to 600 Ahr, 600 to 1200 Ahr, and above 1200 Ahr. The 0 to 600 Ahr segment is projected to expand at 7.2% CAGR during 2025 - 2031.
• By Application, the North America Forklift Battery Market is segmented into Manufacturing, Construction, Warehouse and Logistics, Automotive, Retail and Wholesale Stores, and Others. The Manufacturing segment is projected to expand at 6.5% CAGR during 2025 - 2031.

By country, the North America Forklift Battery Market is categorized into the United States, Canada and Mexico. The United States is projected to expand at 6.8% CAGR during 2025 - 2031.

Key players operating in the Forklift Battery Market are East Penn Manufacturing Company, EnerSys, GS Yuasa Corp, Exide Industries Ltd, Contemporary Amperex Technology Co Ltd, leoch International Technology Limited Inc, TotalEnergies SE, Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Crown Equipment Corp, Amara Raja Energy & Mobility Ltd, TAB d.d., BSL NEW ENERGY TECHNOLOGY CO., LTD, among others.

2024: ENEROC, a global leader in lithium battery solutions for industrial vehicles, is proud to announce the launch of the Tectrans Battery – Forklift Edition, developed in collaboration with CATL, a global leader in innovative new energy technology. This new product promises to address one of the most pressing issues in the material handling industry: the limited lifespan and performance degradation of forklift batteries.

On Jan-2025, EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial applications, announced the successful completion of contract and funding negotiations with the U.S. Department of Energy (DOE). This final agreement secures a $199 million award from the DOE's Office of Manufacturing and Energy Supply Chains, which will support the construction of EnerSys' state-of-the-art lithium-ion cell production facility in Greenville, South Carolina.