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Forklift Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global forklift battery market reached a value of US$ 4.39 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 6.21 Billion by 2027, exhibiting a growth rate (CAGR) of 5.65% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

A forklift battery is the power source used in industrial forklift trucks to function adequately and lift heavy materials. The batteries are commonly available in lead-acid and lithium-ion variants. The lead-acid batteries are bulky, liquid-filled units with a removable top that generate electricity through a chemical reaction between electrolyte, water and sulfuric acid. On the other hand, lithium-ion batteries are more compact, energy-dense and are sealed shut with no water maintenance requirements. Forklift batteries consist of a battery case, self-contained cells, circuit bars and gauge wire cables. They have a low energy-to-weight and energy-to-volume ratio and can provide relatively higher power despite having a lower volume of cells. As a result, they are widely used in warehouses, manufacturing units, construction sites and retail outlets.

 

 
 

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Forklift Battery Market Trends:

Significant growth in the manufacturing and construction industries is among the key factors creating a positive outlook for the market. With the proliferation of e-commerce platforms, there is an increasing requirement for material movement, transporting and lifting applications, which is providing a thrust to the market growth. Moreover, the widespread adoption of electric forklifts across industries is also favoring the growth of the market. Additionally, various product innovations, such as the development of quick battery charging systems for minimal downtime and longer operational life of the forklifts`, are acting as other growth-inducing factors. In line with this, the utilization of forklift batteries for domestic applications is also contributing to the market growth. Lead-acid batteries are highly recyclable and can be used for powering off-grid energy and solar power systems. Other factors, including the widespread adoption of green logistics, along with the implementation of favorable government policies promoting sustainable infrastructural development, are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global forklift battery market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, sales channel and application.

Breakup by Type:

 

 
 

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  • Lithium-ion Battery
  • Lead–Acid Battery
  • Others
     

Breakup by Sales Channel:

  • OEM
  • Aftermarket
     

Breakup by Application:

  • Warehouses
  • Manufacturing
  • Construction
  • Retail and Wholesale Stores
  • Others
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Amara Raja Batteries Ltd., Camel Group Co. Ltd., Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, Exide Industries Limited, Flux Power, Microtex Energy Private Limited, Northland Industrial Truck Co. Inc. (Alta Enterprises LLC), Storage Battery Systems LLC and Systems Sunlight S.A.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Type, Sales Channel, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Amara Raja Batteries Ltd., Camel Group Co. Ltd., Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, Exide Industries Limited, Flux Power, Microtex Energy Private Limited, Northland Industrial Truck Co. Inc. (Alta Enterprises LLC), Storage Battery Systems LLC and Systems Sunlight S.A.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
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Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1    Preface
2    Scope and Methodology
    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction
    4.1    Overview
    4.2    Key Industry Trends
5    Global Forklift Battery Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Type
    6.1    Lithium-ion Battery
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Lead–Acid Battery
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Others
        6.3.1 Market Trends
        6.3.2 Market Forecast
7    Market Breakup by Sales Channel
    7.1    OEM
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Aftermarket
        7.2.1 Market Trends
        7.2.2 Market Forecast
8    Market Breakup by Application
    8.1    Warehouses
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Manufacturing
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Construction
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Retail and Wholesale Stores
        8.4.1 Market Trends
        8.4.2 Market Forecast
    8.5    Others
        8.5.1 Market Trends
        8.5.2 Market Forecast
9    Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis
    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Competitive Landscape
    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
        14.3.2    Amara Raja Batteries Ltd.
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
           14.3.2.3 Financials
        14.3.3    Camel Group Co. Ltd.
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
           14.3.3.3 Financials
        14.3.4    Crown Equipment Corporation
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
        14.3.5    East Penn Manufacturing Company
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
        14.3.6    Enersys
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
           14.3.6.3 Financials
           14.3.6.4 SWOT Analysis
        14.3.7    Exide Industries Limited
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
           14.3.7.3 Financials
        14.3.8    Flux Power
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
        14.3.9    Microtex Energy Private Limited
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
        14.3.10    Northland Industrial Truck Co. Inc. (Alta Enterprises LLC)
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
        14.3.11    Storage Battery Systems LLC
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
        14.3.12    Systems Sunlight S.A.
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio

List of Figures

Figure 1: Global: Forklift Battery Market: Major Drivers and Challenges
Figure 2: Global: Forklift Battery Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Forklift Battery Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Forklift Battery Market: Breakup by Type (in %), 2021
Figure 5: Global: Forklift Battery Market: Breakup by Sales Channel (in %), 2021
Figure 6: Global: Forklift Battery Market: Breakup by Application (in %), 2021
Figure 7: Global: Forklift Battery Market: Breakup by Region (in %), 2021
Figure 8: Global: Forklift Battery (Lithium-ion Battery) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Forklift Battery (Lithium-ion Battery) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Forklift Battery (Lead–Acid Battery) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Forklift Battery (Lead–Acid Battery) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Forklift Battery (Other Types) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Forklift Battery (Other Types) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Forklift Battery (OEM) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Forklift Battery (OEM) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Forklift Battery (Aftermarket) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Forklift Battery (Aftermarket) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Forklift Battery (Warehouses) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Forklift Battery (Warehouses) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Forklift Battery (Manufacturing) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Forklift Battery (Manufacturing) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Forklift Battery (Construction) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Forklift Battery (Construction) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Forklift Battery (Retail and Wholesale Stores) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Forklift Battery (Retail and Wholesale Stores) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Forklift Battery (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Forklift Battery (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: North America: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: North America: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: United States: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: United States: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Canada: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Canada: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Asia-Pacific: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Asia-Pacific: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: China: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: China: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Japan: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Japan: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: India: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: India: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: South Korea: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: South Korea: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Australia: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Australia: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Indonesia: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Indonesia: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Others: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Others: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Europe: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Europe: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Germany: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Germany: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: France: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: France: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: United Kingdom: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: United Kingdom: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Italy: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Italy: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Spain: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Spain: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Russia: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Russia: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Others: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Others: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Latin America: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Latin America: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Brazil: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Brazil: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Mexico: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Mexico: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Others: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Others: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Middle East and Africa: Forklift Battery Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Middle East and Africa: Forklift Battery Market: Breakup by Country (in %), 2021
Figure 76: Middle East and Africa: Forklift Battery Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 77: Global: Forklift Battery Industry: SWOT Analysis
Figure 78: Global: Forklift Battery Industry: Value Chain Analysis
Figure 79: Global: Forklift Battery Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Forklift Battery Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Forklift Battery Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 3: Global: Forklift Battery Market Forecast: Breakup by Sales Channel (in Million US$), 2022-2027
Table 4: Global: Forklift Battery Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 5: Global: Forklift Battery Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Forklift Battery Market: Competitive Structure
Table 7: Global: Forklift Battery Market: Key Players


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Key Questions Answered in This Report

The global forklift battery market was valued at US$ 4.39 Billion in 2021.

We expect the global forklift battery market to exhibit a CAGR of 5.65% during 2022-2027.

The rising application of electric forklifts across manufacturing, construction, and e-commerce industries, to move, transport, and lift heavy materials, is primarily driving the global forklift battery market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of the numerous end-use industries for forklift batteries.

Based on the type, the global forklift battery market has been segmented into lithium-ion battery, lead–acid battery, and others. Currently, lead–acid battery holds the majority of the total market share.

Based on the application, the global forklift battery market can be divided into warehouses, manufacturing, construction, retail and wholesale stores, and others. Among these, manufacturing exhibits a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.

Some of the major players in the global forklift battery market include Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Amara Raja Batteries Ltd., Camel Group Co. Ltd., Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, Exide Industries Limited, Flux Power, Microtex Energy Private Limited, Northland Industrial Truck Co. Inc. (Alta Enterprises LLC), Storage Battery Systems LLC, and Systems Sunlight S.A.

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