Press release
Forklift Battery Market Set to Reach $36.06 Billion by 2029 with 7.1% Yearly Growth
Forklift Battery Market
The forklift battery market is expected to grow from $25.67 billion in 2024 to $27.42 billion in 2025, with a CAGR of 6.8%. Growth drivers include industrial growth, the expansion of e-commerce, adoption of alternative energies, and the increasing demand for lithium-ion forklift batteries.
The forklift battery market is projected to grow to $36.06 billion by 2029 at a CAGR of 7.1%. Growth is driven by the increasing demand for electric forklifts, green initiatives, government support, and fuel cell forklifts. Trends include advancements in battery technology, automation integration, smart battery management, lithium-ion technology, wireless charging, advanced battery testing, and energy-efficient material handling solutions.
What Are the Forces Behind the Rapid Growth of the Forklift Battery Market?
The growth of the e-commerce industry is expected to propel the growth of the forklift battery market. E-commerce refers to the buying and selling of goods and services and sending money or data through an electronic network, often the Internet. Electric forklifts that run on batteries are a better option than conventional fuel-powered ones for e-commerce warehouses, which frequently need reliable and efficient material handling equipment. Electric forklifts are widely used in e-commerce warehouses due to their zero-emission nature and reduced carbon footprint. For instance, according to Shopify Inc., a Canada-based e-commerce company, global e-commerce sales are projected to increase from $5.13 trillion in 2022 to $8.09 trillion by 2028. Therefore, the growth of the e-commerce industry is driving the growth of the forklift battery market.
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Who Are the Dominant Companies Influencing Forklift Battery Market Trends?
Major companies operating in the forklift battery market are Tailift Co. Ltd., Crown Equipment Corporation, EnerSys, GS Yuasa Corporation, Exide Technologies, East Penn Manufacturing Co. Inc., Anhui Heli Industrial Vehicle Battery Co. Ltd., Lonking Holdings Limited, Camel Group Co. Ltd., Exide Industries Limited, Amara Raja Batteries Limited, Zhejiang Narada Power Source Co. Ltd., Trojan Battery Company, Crown Battery Manufacturing, Hoppecke Batteries Inc., Flux Power Holdings Inc., Storage Battery Systems LLC, Navitas Systems, Electrovaya Inc., Microtex Energy Private Limited, DAEHAN Battery Co. Ltd., OneCharge Inc., GNB Industrial Power, Systems Sunlight, Douglas Battery, GMP Industrial.
How Is the Forklift Battery Market Evolving?
In the forklift battery market, major companies are emphasizing the use of lithium-ion batteries to maintain a competitive edge. Lithium-ion batteries are becoming popular for forklifts due to their low maintenance, zero emissions, excellent charging flexibility, and long-lasting performance. For example, in March 2022, Flux Power Holdings Inc., a US-based developer of advanced lithium-ion batteries for industrial use, unveiled a new lithium-ion battery pack designed for 3-wheel forklifts. The L36 battery pack offers superior performance, reliability, and efficiency compared to traditional lead-acid batteries, providing a dependable power source for forklifts in high-performance, narrow-aisle environments.
What Are the Different Segmentations in the Forklift Battery Market?
The forklift battery market covered in this report is segmented -
1) By Type: Lithium-Ion Battery, Lead-Acid Battery, Nickel-Cadmium Battery, Other Types
2) By Voltage: 24 Volt, 36 Volt, 48 Volt, 72 Volt, Other Voltages
3) By Application: Warehouses, Manufacturing, Construction, Retail and Wholesale Stores, Other Applications
Subsegments:
1) By Lithium-Ion Battery: Lithium Iron Phosphate (LiFePO4), Lithium Nickel Manganese Cobalt (NMC)
2) By Lead-Acid Battery: Flooded Lead-Acid Battery, Absorbent Glass Mat (AGM) Battery, Gel Lead-Acid Battery
3) By Nickel-Cadmium Battery: Standard Nickel-Cadmium Battery, High-Rate Discharge Nickel-Cadmium Battery
4) By Other Types: Nickel-Metal Hydride Battery, Zinc-Air Battery, Sodium-Ion Battery
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Which Region Is at the Forefront of the Forklift Battery Market?
North America was the largest region in the forklift battery market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in forklift battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Is Covered In The Forklift Battery Global Market Report?
- Market Size Analysis: Analyze the Forklift Battery Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Forklift Battery Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Forklift Battery Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Forklift Battery Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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