Published April 21, 2023
The global forklift battery market is valued at US$ 23.5 billion in 2022 and is anticipated to reach to a market valuation of US$ 44.7 billion by the end of 2032. This noteworthy jump in market size is because worldwide sales of forklift batteries are predicted to increase at a high-value CAGR of 6.6% over the next ten years.
Europe accounts for a dominant market share of around 45% of the global market, primarily due to the high adoption of electric forklifts across the continent, which can be linked to the high focus on sustainability in the region.
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Key Takeaways from Market Study
- Currently, the forklift battery market stands at a value of US$ 23.5 billion.
- From 2022 to 2032, the forklift battery market is set to evolve at a high-value CAGR of 6.6%.
- By 2032, the market is estimated to reach a valuation of US$ 44.7 billion.
- Growing focus on sustainability, subsidies for the use of electric industrial equipment, advancements in battery technology, and rapid industrialization are expected to primarily drive market growth over the coming years.
- High cost of lithium-ion batteries is projected to have a restraining effect on overall demand for forklift batteries.
- The Europe forklift battery market currently accounts for a significant market share of 45%.
- The market in Asia Pacific accounts for 30% share of the global forklift battery industry.
“Increasing focus on reducing carbon footprint & harmful emissions will promote the sales of forklift batteries over the decade,” says a Fact.MR analyst
Which Type of Batteries are Most Widely Used in Forklifts?
“Low Self Discharge Property Makes Lead-acid Batteries the Preferred Choice”
The global forklift battery market, based on type, is segmented into lithium-ion batteries, lead-acid batteries, nickel-cadmium batteries, and others.
The market is set to exhibit high demand for lead-acid batteries going forward. This high demand for forklift lead-acid batteries can be ascribed to their durable and reliable nature as compared to other battery types.
These batteries also have the lowest self-discharge rate among all the types of batteries available on the market, which makes them the preferred choice for various applications. As a result, it is no surprise that the segment accounts for a commanding 60% share of the global market at present.
However, demand for forklift lithium batteries is anticipated to rise at a faster pace in the future owing to them being cost-effective and energy-efficient. Faster charging time, high recharge efficiency of more than 98%, and no cool-down period are some other prominent factors that will favor the sales growth of lithium-ion forklift batteries over the coming years.
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Forklift battery manufacturers are focusing on expanding their business scope by increasing their production capacity and launching new products that are incorporated with advanced technologies.
- In April 2022, Kion Group AG, a German logistics equipment provider, announced the expansion of its lithium-ion battery manufacturing facility located in Karlstein am Main, Germany, which was opened in 2022 following its collaboration with BMZ Holding GmbH.
- In December 2021, Eternity Technologies, a leading industrial battery manufacturer, launched a new line of batteries designed specifically for material handling applications such as forklifts. QUASAR, Carbon Nano Motive batteries are capable of being fully charged in four hours and hold up to 50% more power.
Key Companies Profiled:
- Flux Power Holdings Inc.
- Exide Industries Ltd.
- Amara Raja Batteries Ltd.
- Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
- East Penn Manufacturing Industry Company
- Narada Power Source Co. Ltd
- Trojan Battery Company LLC
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Key Segments in Forklift Battery Industry Research
- By Type :
- Lithium-ion Batteries
- Lead-acid Batteries
- Nickel-cadmium Batteries
- By Voltage :
- 24 Volts
- 36 Volts
- 48 Volts
- 72 Volts
- By End User :
- Wholesale Stores
- Construction Sites
- Manufacturing Industry
Key Questions Covered in the Forklift Battery Market Report
- What is the projected value of the Forklift Battery factors Industry in 2022?
- At what rate will the global Forklift Battery factors market size grow until 2032?
- Which are the factors hampering the growth of Forklift Battery factors?
- Which region is expected to lead in the global Forklift Battery factors market By 2032?
- Which are the factors driving the Forklift Battery factors Industry during the forecast period?
- What is the expected market value of the Forklift Battery factors market during the forecast period?
Regional Analysis For Forklift Battery Market:
- APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (USA, Canada and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, United Arab Emirates, South Africa)
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