Europe Forklift Battery Market Analysis and Forecast by Size, Share, Growth, Trends 2031

The Europe forklift battery market size is expected to reach US$ 2,364.8 million by 2031 from US$ 1,575.8 million in 2024. The market is estimated to register a CAGR of 6.1% during 2025–2031. The incorporation of battery-as-a-service in forklifts is expected to emerge as a significant trend in the market in the coming years.

Europe Forklift Battery Market Analysis

With the rise in automation and digital transformation across European industries, the need for smart battery solutions will continue to grow in the coming years. The e-commerce industry is flourishing in Europe 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 in Europe.

Europe Forklift Battery Market Overview

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 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 material handling and transportation operations in the logistics, warehousing, and manufacturing sectors. In addition to the burgeoning adoption of electric forklifts, the rise of automation in warehouses in various industrial sectors bolsters the market in the region.

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Europe Forklift Battery Market: Strategic Insights

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Europe Forklift Battery Market Drivers and Opportunities

Expansion of Warehousing and E-Commerce

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.

Developments in Fast and Opportunity Charging Features

As electric forklifts become more widely used across Europe, 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 over 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, 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 Europe forklift battery market

Europe Forklift Battery Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Europe forklift battery market analysis are type, capacity, and application.

• In terms of type, the market is categorized into lithium-ion, lead acid, and others. The lead-acid segment dominated the market in 2024.
• By capacity, the market is categorized into 0–600 Ahr, 600–1,200 Ahr, and more than 1,200 Ahr. The 0–600 Ahr segment held the largest share of the Europe forklift battery market in 2024.
• Based on application, the market is divided into warehouses and logistics, construction, manufacturing, retail and wholesale stores, automotive, and others. The manufacturing segment dominated the market in 2024.

Europe Forklift Battery Market Share Analysis by Geography

The Europe forklift battery market is segmented into six major countries: Germany, France, the UK, Italy, Spain, and the Rest of Europe. Germany accounted for the largest Europe forklift battery market share in 2024, followed by the Rest of Europe and the UK.

Economically strong countries such as Germany, France, Italy, and the UK have been significantly implementing advanced solutions. Western European countries are more advanced than the Nordic and Eastern European countries, which is a key factor contributing to the high adoption of technological solutions across all industries in the western part of Europe. Automotive, pharmaceutical, e-commerce, and food and beverages processing industries are the largest end-use industries for forklift batteries in Europe. In March 2024, the European Commission welcomed the political agreement by the European Parliament and the Council of the EU on the on-road approval and market surveillance of non-road mobile machinery. The new rules will facilitate the use of mobile machinery, including cranes, harvesters, forklifts, or snow cleaners, on public roads. These new rules will not only enhance the flexibility and efficiency of mobile machinery but also encourage the use of more sustainable equipment, including electric forklifts. By allowing these machines to operate on public roads, the EU is facilitating better integration of electric machinery into logistics and transportation networks, which will likely increase demand for electric forklifts and their corresponding battery systems.

International market players having presence in Europe are launching attractive battery solutions. For example, in March 2025, at LogiMAT 2025, Bobcat announced the launch of its new Li-ION battery range, available in various capacity options. The new range features high-quality battery technology with greater reliability, and it shows installation compatibility with each series. With a 2–3 times longer lifespan than lead-acid batteries as well as fast, efficient charging capability, Li-ion power can maintain an uninterrupted workflow with flexibility. In January 2024, Baoli, the forklift truck manufacturer that is part of the KION Group, introduced the KBE 18-20 Li electric forklift series, offering the most progressive and advanced lithium-ion battery technology. This newest addition to the product range provides a significant improvement in terms of efficiency and productivity for the company's customers in the material handling industry.

Europe Forklift Battery Market Regional Insights

The regional trends and factors influencing the Europe Forklift Battery Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Europe Forklift Battery Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Europe Forklift Battery Market Report Scope

Europe Forklift Battery Market Players Density: Understanding Its Impact on Business Dynamics

The Europe 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 Europe Forklift Battery Market are:

1. Contemporary Amperex Technology Co Ltd
2. EnerSys
3. Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
4. TotalEnergies SE
5. Exide Industries Ltd
6. Amara Raja Energy & Mobility Ltd

Disclaimer: The companies listed above are not ranked in any particular order.

Europe Forklift Battery Market News and Recent Developments

The Europe 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 key developments in the market are listed below:

• Amara Raja Energy & Mobility (ARE&M), India’s leading battery manufacturer, has made an investment of EUR 20 million, which includes a subscription for an additional 4.5% equity stake in InoBat AS, Norway. With this investment, Amara Raja Energy & Mobility Limited's total holding will reach around 9.32% of its equity stake in InoBat AS, including its previous investment of EUR 10 million. [Source: Amara Raja Energy & Mobility (ARE&M), Press Release, June 2024]
• East Penn Manufacturing Co. is launching the NEW Deka Ready Power product family at the ProMat 2025 show in Chicago, Illinois. The Deka Ready Power family of batteries supports the ever-growing need for maintenance-free products for Motive Power applications by offering both lithium and gel technologies, providing best-in-class value and the lowest total cost of ownership. (Source: East Penn Manufacturing Co, Press Release, March 2025)

Europe Forklift Battery Market Report Coverage and Deliverables

The "Europe Forklift Battery Market Size and Forecast (2025–2031)" provides a detailed analysis of the market covering the areas mentioned below:

• Europe forklift battery market growth and forecast at regional and country levels for all the key market segments covered under the scope
• Europe forklift battery market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Europe forklift battery market analysis covering key market trends, regional and country framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Europe forklift battery market
• Detailed company profiles