Forklift Battery Market Report: Size, Share and Outlook by 2031

The worldwide forklift battery market is anticipated to expand from approximately US$ 4,816.54 million in 2021 to an estimated US$ 7,759.94 million by 2028, reflecting a compound annual growth rate (CAGR) of 7.1% during the period from 2021 to 2028.

Innovations in forklift technology, particularly in rapid battery charging, are expected to significantly minimize the downtime of forklift operations, thereby enhancing overall efficiency in material handling and warehouse environments. This fast charging capability allows for batteries to be charged to the required level in a short duration, enabling immediate reuse of forklift trucks. In contrast, traditional battery charging methods necessitate an 8-hour runtime followed by an additional 8 hours for cooling before the batteries can be reused. To mitigate downtime, companies often need to invest in extra batteries for each operational shift. Consequently, the advent of fast charging technology is likely to reduce the need for additional battery purchases, leading to increased operational efficiency and cost savings for warehouses and material handling facilities. This advancement is projected to drive the growth of the forklift battery market in the upcoming years.

The forklift battery market is categorized based on type, application, and geographical region. In terms of type, the market is divided into lithium-ion, lead-acid, and other battery types. The lead-acid segment held a significant portion of the market share in 2020. Regarding application, the market is segmented into various sectors including warehouses, construction, manufacturing, retail and wholesale, among others. The manufacturing sector represented a considerable share of the market in 2020. Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, the Asia Pacific region accounted for a substantial share of the global market.

In North America, favorable government initiatives aimed at fostering innovation and enhancing infrastructure capabilities have led to a high rate of acceptance and development of new technologies. However, any disruptions in industries are likely to negatively impact the region's economic growth. Currently, the COVID-19 pandemic has severely affected the United States, which is the most impacted country globally, leading to a standstill across various industries in the region.

The United States has been particularly hard hit, with millions of individuals facing serious health challenges. Given that the US hosts a significant number of industrial and forklift battery manufacturers, the pandemic has greatly disrupted production as the supply chain for battery components has been adversely affected, impacting the majority of the manufacturing sector. Furthermore, the region experienced a slowdown in manufacturing activities during the first two quarters of 2020, which in turn reduced operations in factories and warehouses. This situation has had a detrimental effect on the forklift battery market in the area.

Manufacturers in the forklift battery sector have reported declines in production volumes, deliveries, and revenues due to restricted human movement during the initial phase of the pandemic and the closure of manufacturing facilities. Nevertheless, the demand for forklift batteries has remained stable due to the ongoing need for consumer goods and essential items.

The overall size of the forklift battery market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast of the forklift battery market across all segments. Additionally, primary interviews were conducted with industry stakeholders and experts to validate the data and gain deeper analytical insights. Participants in this process included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the forklift battery sector.

Key players in the global forklift battery market include Accumulatorenwerke Hoppecke Carl Zoellner And Sohn Gmbh, Crown Equipment Corporation, ForeverPure Corporation, Exide Industries Limited, EnerSys, OneCharge, Saft Groupe SA, Storage Battery Systems, LLC, East Penn Manufacturing Company, and Microtex Energy Private Limited.