Forklift Battery Market Size Expected to reach US$ 9.23 Billion by 2031, Experiences Growth Owing to Expansion of Warehousing and E-Commerce | The Insight Partners

The global forklift battery market is experiencing steady growth, driven by increasing demand for electric forklifts across industries such as manufacturing, warehousing, logistics, and e-commerce. Valued at approximately USD 5.94 billion in 2024, the market is expected to grow at a CAGR of 6.6% through 2031. Key players in the market include EnerSys, Exide Technologies, East Penn Manufacturing, Crown Equipment Corporation, Trojan Battery Company, BYD, LG Chem, CATL, Samsung SDI, and A123 Systems.

/EIN News/ -- US & Canada, June 03, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global forklift battery market is observing significant growth owing to the shift toward electric forklift and rise in industrialization across the globe.

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the forklift battery market comprises a vast array of type, capacity, and application which are expected to register strength during the coming years.

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Overview of Report Findings

1. Market Growth: 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. A forklift battery functions as a vital power source for forklifts and other industrial trucks, supplying the energy required for material handling tasks. These batteries are typically either lead-acid or lithium-ion (Li-ion), with Li-ion gaining preference due to advantages such as faster charging, longer service life, and lower environmental impact. The growing adoption of electric-powered forklifts—valued for their sustainability, lower maintenance, and cost-efficiency over internal combustion engine (ICE) models—has significantly increased the demand for forklift batteries.
   
2. Expansion of Warehousing and E-Commerce: The e-commerce sector is experiencing robust growth, fueled by increasing internet and smartphone penetration, evolving consumer behavior, and technological innovation. Cross-border online shopping is also gaining traction as consumers look for unique products and competitive prices internationally. According to Eurostat, the share of companies in the EU adopting e-sales strategies rose from 17.21% in 2013 to 23.83% in 2023. To support this growth, many e-commerce companies are expanding their warehousing footprint across Europe. For instance, Amazon launched its first fulfillment center in the Netherlands in August 2023 to enable faster, localized order fulfillment. The boom in e-commerce has created a pressing need for clean, efficient material handling solutions, leading companies like Amazon and DHL to invest in fleets of battery-powered forklifts. Notably, in March 2022, DHL Supply Chain introduced autonomous forklifts at its multiuser warehouse in Bornem, Belgium, as part of its Accelerated Digitalization strategy. These robotic pallet movers enhance warehouse efficiency while reducing carbon emissions. As a result, the growing demand for automated and eco-friendly warehouse operations is significantly increasing the need for high-performance forklift batteries—particularly lithium-ion and lead-acid variants—to support continuous, round-the-clock logistics operations.
   
3. Regional Overview: North America's forklift battery market is segmented into US, Canada, and Mexico. The North American forklift battery market, encompassing the US, Canada, and Mexico, is witnessing growth driven by increasing construction activity and rising commercial vehicle production. In the US, major automotive manufacturers such as Fiat Chrysler Automobiles, Ford, and General Motors are making substantial investments in commercial vehicle manufacturing. According to the American Automotive Policy Council (AAPC), the U.S. automotive sector contributed $2.64 trillion in value in 2021, accounting for 4.9% of the country's GDP and representing 6% of total manufacturing output. The demand for forklifts—and consequently forklift batteries—is further supported by significant investments in infrastructure. For example, in August 2021, the U.S. Ministry of Transportation and Infrastructure allocated $837 million for a highway expansion project between Alberta and British Columbia. Such projects, involving bridge construction and road expansion, require the use of construction vehicles like forklifts for efficient material handling. As a result, the ongoing development in infrastructure and commercial vehicle manufacturing is fueling the demand for high-performance forklift batteries across the region..
   
4. Geographical Insights: Asia Pacific dominated the forklift battery market in 2024. Europe is the second-largest contributor to the global forklift battery market, followed by North America.
   
   

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Market Segmentation

• Based on type, the market is segmented into lithium ion, lead acid, and others. The lead acid segment dominated the market in 2024.
• In terms of capacity, the market is segmented into 0-600 Ahr, 600-1200 Ahr, and above 1200 Ahr. The 0-600 Ahr segment held a larger share of the market in 2024.
• In terms of application, the forklift battery market is segmented into manufacturing, construction, warehouse & logistics, automotive, retail & wholesale stores, and others. The manufacturing segment dominated the market in 2024.
  
  

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Competitive Strategy and Development

• Key Players: Major companies operating in the forklift battery market include 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.
• Trending Topics: Forklifts, lithium ion battery, pallet truck, and electric forklift trucks, among others

Global Headlines

• "Exide Industries Ltd has invested an amount of INR 149.99 crore in Exide Energy Solutions through a rights issue. This capital infusion will support the establishment of Exide Energy Solutions’ new lithium battery manufacturing facility in Bengaluru, addressing its diverse funding needs.”
• “Amara Raja Advanced Cell Technologies Pvt. Ltd (ARACT), a wholly owned subsidiary of Amara Raja Energy & Mobility Ltd (ARE&M), one of India’s leading battery manufacturers, has signed a technical licensing agreement with GIB EnergyX Slovakia s.r.o., a subsidiary of Gotion High-Tech Co Ltd. As part of the agreement, GIB EnergyX will license Gotion’s world-class LFP technology for lithium-ion cells to ARACT."

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Conclusion

The rapid expansion of warehousing, driven by the growth of e-commerce and consumer goods sectors across multiple countries, is significantly boosting the demand for forklifts used in material handling operations. Electric forklifts, in particular, are well-suited for indoor environments such as warehouses and factories due to their clean, quiet, and efficient performance. The rise of e-commerce is fueled by greater access to high-speed internet, increased smartphone penetration, and the convenience of diverse payment options through various digital platforms. As a result, the global forklift battery market is experiencing growth, supported by the increasing pace of industrialization and a widespread shift toward electric-powered forklifts. However, market expansion is somewhat restrained by safety and operational challenges. Despite these hurdles, innovations in fast-charging technology and smart battery management systems are opening new avenues for manufacturers. Additionally, the growing adoption of Battery-as-a-Service (BaaS) models is emerging as a key trend, offering scalable and cost-effective solutions for end-users, and is expected to play a crucial role in shaping the market's future.

The report from The Insight Partners, therefore, provides several stakeholders—including raw material/component providers, forklift battery manufacturers, forklift manufacturers, after-sales/service providers, and end users —with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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