According to the latest report by IMARC Group, titled “Forklift Battery Market Report by Type (Lithium-ion Battery, Lead–Acid Battery, and Others), Sales Channel (OEM, Aftermarket), Application (Warehouses, Manufacturing, Construction, Retail and Wholesale Stores, and Others), and Region 2025-2033,” the global forklift battery market size reached USD 5.2 Billion in 2024. A forklift battery, often made of lead-acid or lithium-ion, is a power source specifically designed to run forklifts and other electric industrial vehicles. The principal role of these batteries is to supply the necessary energy to run the vehicle's motor, lift, and other operational functions. A typical forklift battery is rechargeable and built to endure rigorous use over several years. Lead-acid batteries are traditionally used due to their robustness and cost-effectiveness, but lithium-ion batteries are growing in popularity because of their superior energy efficiency, longer lifespan, and faster charging times. They also require less maintenance, making them increasingly favored in applications requiring high uptime and productivity.
Global Forklift Battery Market Trends:
The increasing need for efficient warehouse management systems and material handling equipment in various industries, such as automotive, e-commerce, food & beverages (F&B), and construction, is propelling the demand for forklift batteries. Besides this, significant advancements in battery technology and the push toward sustainability have led to the increased adoption of electric and hybrid forklifts, which rely on batteries for operation, thus creating a positive outlook for market expansion. Moreover, the rising popularity of battery technologies, such as lithium-ion, due to their long life cycle, high energy density, and fast charging capability is aiding in market expansion. In addition to this, the implementation of increasingly stringent environmental regulations is encouraging the shift from internal combustion engine forklifts to electric forklifts, which, in turn, is bolstering the demand for forklift batteries. Furthermore, the rise in automation and the advent of Industry 4.0 has facilitated the need for more efficient, durable, and fast-charging power solutions, contributing to the market's growth. Concurrent with this, ongoing technological advancements, such as the integration of the Internet of Things (IoT) and artificial intelligence (AI) in forklifts to increase operational efficiency, is creating an upsurge in the forklift battery market. Looking forward, the market value is projected to reach USD 7.8 Billion by 2033, expanding at a CAGR of 4.7% during 2025-2033.
Market Summary:
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
Scope of the Report | Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
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Types Covered | Lithium-Ion Battery, Lead-Acid Battery, Others |
Sales Channels Covered | OEM, Aftermarket |
Applications Covered | Warehouses, Manufacturing, Construction, Retail and Wholesale Stores, Others |
Regions 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 |
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) |
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