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

The North America Forklift Battery Market size is expected to reach US$ 2,171.7 Million by 2031 from US$ 1,389.9 Million in 2024. The market is estimated to record a CAGR of 6.7% from 2025 to 2031.

Executive Summary and North America Forklift Battery Market Analysis:

The North America forklift battery market is driven by the increasing building and construction activities and the rising sales of commercial vehicles. According to the American Automotive Policy Council (AAPC) Report, Fiat Chrysler Automobiles N.V., Ford Motors, and General Motors are heavily investing in the manufacturing of commercial vehicles in the US market. Automotive manufacturing in the US was the eighth-largest economy globally and contributed ~US$ 2.64 trillion in value in 2021. Manufacturing motor vehicles and their parts represents 6% of the total manufacturing. The automotive sector contributes more than US$ 1.0 trillion to the US economy annually, representing 4.9% of GDP. The following table shows the historic retail orders of lift trucks in North America.

Growing building and construction investments, including government investment toward infrastructure developments, are driving the demand for forklifts in the region. For instance, in August 2021, the US Ministry of Transportation and Infrastructure invested ~US$ 837.0 million for the highway expansion project between Western Canada in Alberta and BC. This project includes the construction of bridges and the expansion of two lanes to four-lane highways. Construction vehicles help the crews perform several construction activities quickly and more efficiently. These vehicles are used for handling materials such as stone or aggregate using different construction vehicles, such as forklifts.
Further, the presence of major forklift battery manufacturers, including Crown Equipment Corporation, East Penn Manufacturing Company, EnerSys, Exide Technologies, and Flux Power Holdings, Inc., is boosting the forklift battery market growth.

North America Forklift Battery Market: Strategic Insights

North America Forklift Battery Market Segmentation Analysis:

• By Type, the North America Forklift Battery Market is segmented into Lithium Ion, Lead Acid, and Others. Lead Acid held the largest share of the market in 2024.
• By Capacity, the North America Forklift Battery Market is segmented into 0 to 600 Ahr, 600 to 1200 Ahr, and above 1200 Ahr. 0 to 600 Ahr held the largest share of the market in 2024.
• By Application, the North America Forklift Battery Market is segmented into Manufacturing, Construction, Warehouse and Logistics, Automotive, Retail and Wholesale Stores, and Others. Manufacturing held the largest share of the market in 2024.

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

The North America Forklift Battery 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.

North America Forklift Battery Market Outlook

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Global online shopping revenue reached US$ 6.01 trillion in 2024, with projections suggesting that sales will surpass US$ 8.9 trillion by 2030. By 2025, approximately 22% of global retail sales are expected to occur online. Although growth has slowed compared to the pandemic years, the online shopping share continues to rise steadily. This trend indicates that online shopping has become a permanent and integrated part of the retail landscape, rather than just a temporary shift.

The growth of warehousing and e-commerce in North America is strong factor for the growth of the forklift battery market. Online retail and same-day delivery in this region have led to large investments by leading companies in large-scale distribution centers, fulfillment hubs, and automated warehouses. As this has increased, so too has the demand for material handling equipment, especially electric forklifts that require efficient and sustainable battery systems. Leading e-commerce companies like Amazon, Walmart, and Shopify continue to expand their logistics network throughout the United States and Canada. In 2020, 190 million square feet of warehousing space was under construction in North America, and 45% of that space, or approximately 85.5 million square feet, was already leased. This indicates strong demand for warehouse space during that period, likely driven by factors like e-commerce growth. For instance, in April 2025, Amazon unveiled a reported US$ 15 billion plan to expand its US warehouse and logistics network, adding approximately 80 new facilities across the country. In the process, demand for high-performance, reliable forklift batteries intensifies. Electric forklifts fitted with advanced lithium-ion batteries and BaaS solutions are gaining wide acceptance because their lifespan is longer, they charge faster, and maintenance is less than what the conventional counterparts require, thus making them ideal for continuous multi-shift operations.

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.

North America Forklift Battery Market Country Insights

By country, the North America Forklift Battery Market is segmented into the United States, Canada and Mexico. The United States held the largest share in 2024.

The US is the leading region to adopt forklifts owing to the rapid growth of e-commerce and construction industries. The growing number of infrastructure development projects fuels the market growth in the US. In February 2023, the US president approved a financing of US$ 1.25 trillion in infrastructure development across the US under the Infrastructure Investment and Jobs Act (IIJA). The IIJA includes US$ 550 billion in financing to upgrade the physical infrastructure, such as roads and bridges, airports, railways, and water systems. The remaining funding was made to modernize the US electrical grid infrastructure, boost electric vehicle production, and expand broadband internet access. In August 2023, the White House provided approximately US$ 280 billion for ~7,000 projects, with more than US$ 120 billion for the expansion of highways. Growing focus on airport infrastructure and the rising number of airports are boosting construction activities in the US. In addition, in 2023, the United States Federal Aviation Administration announced funding of US$ 1 billion to improve infrastructure at 99 airports. This funding was provided through President Biden's Bipartisan Infrastructure Law. The increasing investments in infrastructure developments across the US have created a massive demand for electric forklifts.

North America Forklift Battery Market Company Profiles

Some of the key players operating in the market include 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

These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

North America Forklift Battery Market Research Methodology

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations
• Industry trade journals and other relevant publications
• Government documents, statistical databases, and market reports
• News articles, press releases, and webcasts specific to companies operating in the market

Note:

Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research
• Enhance the expertise and market understanding of the analysis team
• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, Business Development Managers, Market Intelligence Managers, and National Sales Managers
• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise