Global Forklift Battery Market To Accrue Nearly $10.3 Billion By 2030

The global forklift battery industry size was nearly $5.2 billion in 2021 and is set to increase to about $10.3 billion by 2030 with a compound annual growth rate (CAGR) of nearly 7.05% between 2022 and 2030.

Forklift batteries supply power to forklift trucks and these batteries possess high energy density and power. Moreover, these batteries can be recharged and assist in reducing carbon emissions. In addition, a large number of warehousing operations depend on two kinds of forklift batteries, namely, lead-acid batteries and lithium-ion batteries.               

A surge in the acceptance of electric forklifts will scale up the expansion of the global forklift battery market. Massive demand for green products and the need for eliminating vehicular nitrogen dioxide and carbon dioxide emissions will benefit the expansion of the global industry. Reportedly, the market for battery cells is set to grow over 21% by 2030, garnering a revenue of nearly $361 billion by end of 2030. This rapid growth can be attributed to rise in the use of renewable battery technologies. Apart from this, battery ecosystems can be key to the economic growth of any country, and hence governments across the globe are trying to explore value-creation opportunities for batteries by enabling strong battery ecosystems. All these aforementioned factors will boost the global forklift battery market trends.

However, large downtimes for electric forklifts are projected to pose a threat to the expansion of the global forklift battery industry. Apart from this, large power usage by forklift batteries has proved to be a major challenge for business expansion. Nonetheless, the massive use of forklift batteries in the construction industry will offer new growth opportunities for the global market.

The global forklift battery market is sectored into type, application, and region.

On basis of type, the global forklift battery industry is divided into the lithium-ion battery and lead-acid battery. Furthermore, the lead-acid battery segment is expected to dominate the growth of the global market over the assessment period. The growth of the segment can be attributed to the high durability of the product as well as its reliability. In addition to this, the self-discharge of these batteries is the lowest as compared to other forms of rechargeable battery systems.   

Based on application, the global forklift battery industry is segmented into warehouses, manufacturing, construction, and retail & wholesale stores. Furthermore, the warehouses segment is anticipated to account lucratively towards the global market share over the forecast timespan. The segmental growth over the coming eight years can be attributed to the thriving e-commerce sector.

The Asia-Pacific region is anticipated to dominate the global forklift battery market over 2022-2030. The growth of the regional market can be attributed to the large-scale presence of battery cell equipment manufacturing firms in countries such as South Korea, China, and Japan. Reportedly, these firms function at nearly 96% of their capacity and get orders from established firms in the U.S. and Europe.

This review is based on a report by Zion Market Research, titled “Forklift Battery Market By Type (Lithium-ion and Lead–Acid), By Application (Warehouses, Construction, Manufacturing, and Retail & Wholesale Stores), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/forklift-battery-market

Recent Developments:

• In August 2022, UgoWork, a Canada-based firm in the lithium-ion battery manufacturing business, launched lithium-ion forklift battery management solutions. The move will help it in expanding its product line and will provide impetus to the growth of the forklift battery market in Canada and North America.
• In March 2020, Flux Power Holdings, Inc., a key producer of new lithium-ion batteries for industrial & commercial equipment such as electric forklifts, launched LiFT Pack L48 lithium-ion batteries for three-wheel forklifts that are utilized in warehouses. The launch will benefit the growth of the forklift battery market across the globe.
• In January 2020, Mitsubishi Caterpillar Forklift America Inc., a key producer of forklifts, introduced Lithium-ion battery technology under the Jungheinrich® brand. The initiative will help Mitsubishi Caterpillar Forklift America in expanding its lithium-ion battery power solutions portfolio across North America.

Key players profiled in the global forklift battery market include:

• Systems Sunlight S.A.
• Crown Equipment Corporation
• Storage Battery Systems LLC
• NITCO
• Enersys
• East Penn Manufacturing Company
• Microtex Energy Private Limited
• Exide Industries Limited
• Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH.

Global forklift battery market is segmented as follows:

By Application

• Warehouses
• Manufacturing
• Construction
• Retail and Wholesale Stores
• Others

By Type

• Lithium Ion (LI-ion)
• Lead Acid Battery
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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