Europe Forklift Battery Market is expected to reach US$ 2,364.8 Million by 2031

Increase in Electric Forklift Adoption Boosts Europe Forklift Battery Market Growth

According to our latest market study on "Europe Forklift Battery Market Size and Forecast (2021–2031), Regional Share, Trend, and Growth Opportunity Analysis – by Type, Capacity, and Application," the market was valued at US$ 1,575.80 million in 2024 and is anticipated to reach US$ 2,364.8 million by 2031; it is estimated to register a CAGR of 6.1% during 2025–2031. The report includes growth prospects in light of current Europe forklift battery market trends and driving factors influencing market growth.

Expansion of warehouses across Europe owing to the rise in e-commerce and consumer goods fuels the demand for forklifts in material movement applications. Electric forklifts are ideal for usage in indoor spaces such as warehouses or when moving materials within a plant of a factory. The e-commerce industry is rapidly growing in European countries, mainly due to increased consumer access to high-speed internet and smartphones, and the availability of a wide variety of software applications with multiple payment options. The Europe forklift battery market growth is attributed to the expansion of warehousing and e-commerce, a surge in industrialization, and a shift toward electric forklifts. However, safety and operational challenges hinder the market growth. Developments in fast and opportunity charging features, and smart battery management serve as lucrative opportunities for market players. Further, the proliferation of battery as a service (BaaS) is expected to emerge as a significant trend in the market in the coming years.

Europe Forklift Battery Market Analysis – by Geography, 2024

Source: The Insight Partners Analysis

European countries are undergoing industrialization owing to the trends such as globalization, population growth, and technological advancements. According to preliminary Eurostat data, seasonally adjusted industrial production in the eurozone remained steady in October 2024 compared to September 2024, while it jumped up 0.3% in the EU. Monthly surges were the highest in Ireland (+5.7%), Denmark (+5.4%), and Poland (+3.5%). Thus, a rise in industrial production in Europe 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 June 2022, Rhenus Air & Ocean UK launched a life sciences and healthcare department. Located at a newly refurbished site in Ashford, Middlesex, close to London’s Heathrow airport, it is the first warehouse for the Rhenus Group in Europe. Located in Northwest Europe, the specialist facility is a one-stop shop for all import and export logistics, offering a white glove service for temperature-controlled storage and end-to-end distribution. In November 2022, Maersk opened a new warehouse in Teplice, Czech Republic, specializing in handling batteries for electric cars. These warehouses 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 Europe’s 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 in Europe.

The scope of the Europe forklift battery market report focuses on the UK, Germany, France, Italy, Russia, and the Rest of Europe.

In Europe, Germany held the largest Europe forklift battery market share in 2024.The logistics sector in the country also emphasizes on sustainability, underlining the need for battery recycling to minimize environmental impact and reduce reliance on raw materials. Kion Group AG partnered with Li-Cycle Holding Corp. to take a significant step toward sustainable material handling. Kion has begun sending used lithium-ion batteries to Li-Cycle's recycling plant in Magdeburg, Germany, where up to 95% of valuable materials can be recovered. This collaboration, planned to last until 2030, aims to lower the need for extensive mining and the disposal of battery chemicals, promoting a circular economy for batteries. The move supports both companies' sustainability goals and addresses the growing demand for electric forklifts. Moreover, the demand for reliable, readily available, and intuitive trucks continues to grow in the country. This has led to the launch of innovative and sustainable forklift solutions. For example, in October 2024, STILL, a Hamburg-based company, launched a new series of electric forklift trucks called the RCE 15-20. These compact forklifts are part of their "Classic Line" and are designed for businesses that have occasional or moderate internal transport needs. Such launches of electric forklifts contribute to the demand for suitable battery systems in the country. Thus, the forklift battery market in Germany is growing with a shift toward electric-powered forklifts, especially those using lithium-ion batteries, due to their energy efficiency, faster charging, and longer lifespan. The forklift battery market in France is strongly influenced by the country's dynamic construction sector, which flourishes with infrastructure, residential, and commercial developments. As a global frontrunner in sustainable construction, France enforces rigorous environmental standards and prioritizes energy efficiency. A robust regulatory landscape drives demand for environmentally friendly and energy-efficient equipment, pushing businesses to adopt cleaner technologies such as electric and advanced battery-powered forklifts to stay competitive. Companies in France are widely adopting electric forklifts as an important step toward reducing the carbon footprint of their operations. For example, in September 2021, SEAC, a concrete product supplier, ordered 15 medium electric forklifts from Kalmar (a cargo handling expert) to deploy them across their 11 manufacturing facilities throughout France. The adoption of electric forklifts in the manufacturing industry drives the forklift battery market in France.

UK accounted for the third largest Europe forklift battery market share in 2024The forklift battery market in the UK is growing rapidly, driven by the shift toward electric material-handling solutions and the adoption of advanced lithium-ion technology owing to the inclination toward sustainable operations. In September 2024, Flux Power partnered with a leading forklift OEM to launch a private-label battery program. Featuring its UL Type EE-certified S-Series batteries, the move supports safer, more efficient forklift operations. It aligns with industries' focus on low-emission, high-performance material handling solutions—especially in safety-regulated environments such as food, pharma, and logistics—across the UK. Moreover, the forklift battery market is evolving with a strong focus on incorporating cost-effective, custom components in material handling equipment. In May 2024, Raeon, a British battery startup, commenced operations with an aim to address the high battery development costs borne by small and medium-sized forklift manufacturers. By adopting an innovative approach to battery assembly, Raeon aims to cut development costs and lead times, offering affordable, tailored batteries. This shift supports a broader trend toward customization and flexibility. As businesses in the UK embrace sustainable energy solutions, the demand for affordable, efficient batteries is set to grow, subsequently fueling the forklift battery market.

Contemporary Amperex Technology Co Ltd; EnerSys; Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH; TotalEnergies SE; Exide Industries Ltd; Amara Raja Energy & Mobility Ltd; GS Yuasa Corp; leoch International Technology Limited Inc; TAB d.d.; East Penn Manufacturing Company; and BSL NEW ENERGY THCHENOLOGY CO., LTD are a few of the key players profiled in the Europe forklift battery market report. Other major players were also studied and analyzed in the report to get a holistic view of the market and its ecosystem. The Europe forklift battery market forecast can help stakeholders plan their growth strategies. The market analysis provides detailed market insights, which help the key players strategize their growth.    

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