According to our latest study on "Forklift Battery Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Type, Capacity, and Application," the forklift battery market size was valued at US$ 5.94 billion in 2024 and is expected to reach US$ 9.23 billion by 2031; it is estimated to record a CAGR of 6.6% from 2025 to 2031.

The forklift battery market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the market in 2024, followed by Europe and North America, respectively. The increasing airport facility modernization projects, including Singapore Changi, Beijing Capital International, and Incheon International, are positively impacting the overall construction and infrastructure sector in APAC. Countries such as Indonesia and Thailand are also investing in domestic infrastructural development, with more focus on regional airports to improve connectivity. Currently, 155 projects out of 425 airport and airport infrastructure development projects are under development in Asia Pacific with an investment of US$ 209 billion. Long Thanh International Airport in Vietnam, which is one of the largest airport development projects in APAC, is backed by an investment of US$ 14.5 billion, and it is scheduled for completion by 2025. In addition, the expansion of Terminal 5 at Changi Airport, Singapore, is a US$ 10 billion project and is expected to be completed by 2030. In July 2022, the Philippines announced plans to redevelop its 30-year-old Cadlao Oil Field to boost the country's oil production in the coming years. Further, in March 2025, the 48,000-ton single-tower cable-stayed bridge, an important part of Xi'an's Xingfu Road North Extension Project built by the China State Construction Engineering Corporation (CSCEC), was successfully rotated 69.45 degrees counterclockwise to its targeted position in 120 minutes. Thus, the growth of the building and construction industry in APAC is creating a demand for material-handling equipment such as forklifts.

European countries are undergoing industrialization owing to the trends such as globalization, population growth, and technological advancements. According to preliminary Eurostat data, seasonally adjusted industrial production in the eurozone remained steady in October 2024 compared to September 2024, while it jumped up 0.3% in the EU. Monthly surges were the highest in Ireland (+5.7%), Denmark (+5.4%), and Poland (+3.5%). Thus, a rise in industrial production in Europe encourages the expansion of manufacturing and logistics operations that require efficient, scalable material handling solutions, with more factories, warehouses, and distribution centers being established in sectors such as automotive, pharmaceuticals, and consumer goods. In June 2022, Rhenus Air & Ocean UK launched a life sciences and healthcare department. Located at a newly refurbished site in Ashford, Middlesex, close to London's Heathrow airport, it is the first warehouse for the Rhenus Group in Europe. Located in Northwest Europe, the specialist facility is a one-stop shop for all import and export logistics, offering a white glove service for temperature-controlled storage and distribution from end to end. In November 2022, Maersk opened a new warehouse in Teplice, Czech Republic, specializing in handling batteries for electric cars. These warehouses generate a significant demand for electric forklifts powered by advanced battery technologies. These forklifts offer lower emissions, reduced operational costs, and better indoor performance, aligning with Europe's strict environmental regulations and pushing for sustainable industrial practices. Thus, the proliferation of industrial activity fosters the adoption of electric forklifts, which underlines the need for reliable, high-performance battery systems to power equipment such as forklifts in Europe.

Key Findings of Forklift Battery Market Study:

The forklift battery market is segmented on the basis of type, capacity, application, and geography. Based on type, forklift battery market is segmented into lithium-ion, lead acid, and others. Based on capacity, the forklift battery market is segmented into 0-600 Ahr, 600-1,200 Ahr, and more than 1,200 Ahr. Based on application, the forklift battery market is segmented into warehouses and logistics, construction, manufacturing, retail and wholesale stores, automotive, and others. By geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.

In terms of type, forklift battery market is segmented into lithium-ion, lead acid, and others. The Lead Acid segment held the largest forklift battery market share in 2024. Lead acid batteries are utilized as energy storage systems and are deployed across various applications as a power source. These batteries consist of a sulfuric acid solution electrolyte with a lead dioxide cathode and sponge metallic lead anode making these units rechargeable. Large electrolyte reserves, corrosion resistance, and low discharge rate are a few of the key features demonstrated by lead acid battery units, which subsequently add to their demand. The lead-acid battery is the largest segment of the forklift battery market due to its economical price compared to other batteries, lower maintenance and replacement costs, and easy availability in the market.

Lithium-ion segment is expected to grow with the highest CAGR during the forecast period. Lithium-ion batteries are rechargeable batteries wherein lithium ions move from the negative electrode to the positive electrode during discharge, and vice versa when charging. It is one of the most popular types of rechargeable batteries for portable electronics and forklift trucks. Lithium-ion batteries are known to have one of the best energy-to-weight ratios, high open circuit voltage, low self-discharge rate, and a slow loss of charge when not in use. Many forklift manufacturers are adopting green energy, an initiative led by several governments to clean the environment, and lithium-ion batteries are perceived as an ideal application to support green energy that can be easily recycled. For instance, in October 2024, Exide Technologies introduced its innovative Solution Material Handling batteries. These batteries feature advanced lithium iron phosphate technology, and they are engineered to enhance reliability, safety, and total cost of ownership of material handling fleets. Lithium-ion batteries that are incorporated into forklifts, automated guided vehicles (AGVs), ground support equipment, ports, and lifting platforms are tailored for demanding environments and applications; they feature exceptional charging efficiencies, significantly extended lifespans, robust reliability, and double the capacity of conventional lead-acid batteries.

Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Crown Equipment Corp, Exide Industries Ltd, EnerSys, East Penn Manufacturing Company, Contemporary Amperex Technology Co Ltd, TotalEnergies SE, Amara Raja Energy & Mobility Ltd, GS Yuasa Corp, leoch International Technology Limited Inc, TAB d.d., and BSL NEW ENERGY THCHENOLOGY CO., LTD. are among the key players profiled in the forklift battery market report. Several other major players were studied and analyzed during the forklift battery market analysis to get a holistic view of the market and its ecosystem. The forklift battery market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current forklift battery market trends and their foreseeable impact during the forecast period.

Contact Us
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com