The India forklift battery market size reached USD 170.0 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 260.0 Million by 2033, exhibiting a growth rate (CAGR) of 4.7% during 2025-2033. The market is witnessing steady growth, driven by an increasing demand for material handling equipment in sectors like logistics, manufacturing, and warehousing. Additionally, technological advancements in battery efficiency, coupled with the rise of electric forklifts, are fostering market expansion.
Report Attribute
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024 | USD 170.0 Million |
Market Forecast in 2033 | USD 260.0 Million |
Market Growth Rate 2025-2033 | 4.7% |
Rising Adoption of Lithium-Ion Forklift Batteries
The India forklift battery market is shifting towards lithium-ion (Li-ion) technology, propelled by the need for higher efficiency and lower maintenance. For instance, in January 2025, IBC, in partnership with Mahanagar Gas Limited, announced an establishment of a battery manufacturing facility in Devanahalli, Karnataka. The unit will export 20% of production, strengthen the local economy, and reduce dependence on Chinese imports within nine months. In line with this, Li-ion batteries charge faster, have longer lifespans, and eliminate the need for frequent water refills, unlike traditional lead-acid batteries. Furthermore, sectors like e-commerce, warehousing, and manufacturing increasingly use Li-ion-powered forklifts in order to raise productivity and decrease operational expenses. The declining lithium-ion technology cost, combined with improved energy density and performance, is also driving this shift forward. With more companies focusing on sustainability and saving costs, Li-ion forklift batteries are poised to gain popularity at the expense of traditional lead-acid solutions in a range of industrial sectors.
Expanding E-Commerce and Warehousing Infrastructure
India’s booming e-commerce and logistics sectors are driving the demand for efficient material handling equipment, including battery-powered forklifts. For instance, as per industry reports, India's e-commerce market is anticipated to reach approximately USD 147.3 Billion (INR 12.2 Trillion) in 2024, reflecting a 23.8% growth as compared to the previous year. Large-scale warehouse expansions, automated distribution centers, and rising order fulfillment demands require reliable and cost-effective forklift solutions. Battery-powered forklifts, particularly those using advanced energy storage technologies, offer improved operational efficiency with reduced emissions and noise pollution, making them ideal for indoor warehousing applications. The push for automation and smart warehousing solutions is also influencing battery adoption, as businesses seek high-performance power sources to support round-the-clock operations. As logistics hubs and fulfillment centers expand nationwide, the forklift battery market will see steady growth.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on type, sales channel, and application.
Type Insights:
The report has provided a detailed breakup and analysis of the market based on the type. This includes lithium-ion battery, lead–acid battery, and others.
Sales Channel Insights:
A detailed breakup and analysis of the market based on the sales channel have also been provided in the report. This includes OEM and aftermarket.
Application Insights:
The report has provided a detailed breakup and analysis of the market based on the application. This includes warehouses, manufacturing, construction, retail and wholesale stores, and others.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include North India, South India, East India, and West India.
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Million USD |
Scope of the Report | Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future 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 | North India, South India, East India, West India |
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) |
Key Questions Answered in This Report:
Key Benefits for Stakeholders: