Global Forklift Battery Market to Reach US$ 6.5 Billion by 2028, Fueled by Increasing Number of Warehouses

August 18, 2023 | Energy & Mining

According to the latest report by IMARC Group, titled “Forklift Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global forklift battery market size reached US$ 4.7 Billion in 2022. 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 US$ 6.5 Billion by 2028, expanding at a CAGR of 5.4% during 2023-2028.

Market Summary:

On the basis of the type, the market has been divided into lithium-ion battery, lead–acid battery, and others.
Based on the sales channel, the market is bifurcated into OEM and aftermarket.
On the basis of the application, the market has been segregated into warehouses, manufacturing, construction, retail and wholesale stores, and others.
On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has also been examined, with some 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	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Scope of the Report	Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Type Sales Channel Application Region
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.
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Global Forklift Battery Market to Reach US$ 6.5 Billion by 2028, Fueled by Increasing Number of Warehouses

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