The forklift battery market size is projected to reach US$ 9.57 billion by 2031 from US$ 5.53 billion in 2023. The market is expected to register a CAGR of 7.1% during 2023–2031. Shift to lithium-ion batteries and integration with IoT and automation are likely to remain a key trend in the market.
Forklift Battery Market Analysis
Over the years, the forklift battery market has seen tremendous change, with the transition from lead-acid to lithium-ion (Li-ion) batteries emerging as a major trend. The lithium forklift battery, which promises durability, low maintenance, and efficiency, has essentially rewritten battery standards in this industry. It is still crucial to examine the future of the forklift battery market, with a particular emphasis on lithium-ion batteries, as the emphasis on sustainability and energy conservation throughout the world increases.
Forklift Battery Market Overview
Forklifts that use lithium-ion batteries have become much more common over the last ten years. The forklift industry is moving away from lead-acid batteries, which have historically dominated it, and toward lithium-ion batteries because of their better performance, longer life cycles, and smaller environmental impact. This transformation is also being driven by features that minimize operational disturbance, like opportunity charging and quick charging capabilities.
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Forklift Battery Market: Strategic Insights
Market Size Value in US$ 4,816.54 Million in 2021 Market Size Value by US$ 7,759.94 Million by 2028 Growth rate CAGR of 7.1% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Forklift Battery Market: Strategic Insights
| Market Size Value in | US$ 4,816.54 Million in 2021 |
| Market Size Value by | US$ 7,759.94 Million by 2028 |
| Growth rate | CAGR of 7.1% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Forklift Battery Market Drivers and Opportunities
Advancements in Battery Technology to Favor the Market
In terms of innovation and efficiency, battery technology—often referred to as the lifeblood of electric machinery—has experienced a stratospheric ascent. Batteries have changed over the last ten years alone, going from heavy, unstable power sources to sleek, robust devices that can run machinery for long stretches of time. According to a study published in the Journal of Energy Storage, up to 40% longer runtimes are available in modern forklift batteries, especially those made in the last five years. This increases the operating efficiency of forklifts by ensuring that they can work longer shifts without frequently needing to be recharged. This is driving the demand in the forklift battery market.
Rising Application in Warehousing and Manufacturing
The manufacturing and warehousing industries are under constant pressure to streamline operations, cut costs, guarantee on-time delivery, and be environmentally responsible due to the increasing demands of global supply chains. The distribution centers of IKEA serve as an example. Recognized for its dedication to sustainability, this massive Swedish furniture and home goods company runs multiple distribution centers throughout the world and has been gradually switching to electric forklifts. The business model of IKEA is based on both environmental responsibility and operational efficiency.
Forklift Battery Market Report Segmentation Analysis
Key segments that contributed to the derivation of the forklift battery market analysis are type and application.
- Based on the type, the forklift battery market is divided into lithium ion, lead-acid, and others. The lead-acid segment held the largest share in 2023.
- Based on the application, the market is divided into warehouses, construction, manufacturing, retail and wholesale stores, and others.
Forklift Battery Market Share Analysis by Geography
The geographic scope of the forklift battery market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific holds a significant share of the forklift battery market in 2023. Several of the biggest battery producers in the world are based in Asia Pacific. Global battery production is dominated by nations like China, South Korea, and Japan, both in terms of output and technological advancement. For example, through economies of scale and ongoing R&D, CATL in China, one of the biggest makers of lithium-ion batteries worldwide, has played a significant role in bringing down battery costs.
Forklift Battery Market Report Scope
Forklift Battery Market News and Recent Developments
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:
- Crown Equipment Corporation introduced V-Force branded products for clients looking to use lithium-ion technology to increase battery electric forklift performance. With lithium-ion batteries and chargers, Crown's V-Force Energy Storage Systems (ESS) are now offered for all of its forklift truck models. (Source: Crown Equipment Corporation, Press Release, September 2021)
- EnerSys (NYSE:ENS), the global leader in stored energy solutions for industrial applications, has strengthened its Manufacturer Representative Agreement with Industrial Battery & Charger, Inc. (IBCI) by granting exclusive sales and service rights for all EnerSys motive power products in the Middle Tennessee Territory, with local offices in Nashville. Effective immediately, the exclusivity agreement includes the complete line of EnerSys NexSys and IRONCLAD batteries, as well as IMPAQ, NexSys+ and Express chargers. (Source: EnerSys, Press Release, October 2022)
Forklift Battery Market Report Coverage and Deliverables
The “Forklift Battery Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Forklift battery market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Forklift battery market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Forklift battery market analysis covering key market trends, global and regional 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 forklift battery market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Application , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Asia Pacific dominated the forklift battery market in 2023.
Advancements in battery technology and a rising focus on cost-efficiency are expected to drive the forklift battery market.
Shift to lithium-ion batteries and integration with IoT and automation are likely to remain key trends in the market.
Accumulatorenwerke Hoppecke Carl Zoellner And Sohn Gmbh, Crown Equipment Corporation, ForeverPure Corporation, Exide, Industries Limited, EnerSys, OneCharge, Saft Groupe SA, Storage Battery Systems, LLC, East Penn Manufacturing Company, and Microtex Energy Private Limited are among the leading payers operating in the forklift battery market.
The forklift battery market size is projected to reach US$ 9.57 billion by 2031
The forklift battery market is expected to register a CAGR of 7.1% during 2023–2031
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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