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Global Forklift Battery Market Analysis 2025-2030: Growth Drivers, Challenges, And Opportunities
Forklift Battery
How Big Is the Forklift Battery Market Size Expected to Be by 2034?
In past years, the forklift battery market size has experienced robust growth. It's projected to rise from $25.67 billion in 2024 to $27.42 billion in 2025, representing a compound annual growth rate (CAGR) of 6.8%. This expansion during the historical period is due to factors such as industrial development, the rise of e-commerce, a surge in the utilization of alternative energy sources, and increasing demand for lithium-ion forklift batteries.
In the coming years, the forklift battery market is anticipated to experience significant growth, rising to $36.06 billion by 2029 with a compound annual growth rate (CAGR) of 7.1%. The anticipated expansion in the forecasted period can be accredited to the escalating demand for electric forklifts, a heightened focus on environmental initiatives, government policies, and an upsurge in the need for material handling and fuel cell forklifts. The forecast period is expected to see trends such as advancements in battery science, the integration of automation and robotics, intelligent battery administration, shifting to lithium-ion technology, wireless charging systems, innovative battery testing and diagnostics, and energy-efficient solutions for handling materials.
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What Are the Emerging Segments Within 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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What Long-Term Drivers Are Shaping Forklift Battery Market Trends?
The development of the e-commerce sector is anticipated to fuel the advancement of the forklift battery market. E-commerce encompasses the purchase and sale of products and services, as well as the transfer of money and data, typically through the internet. For e-commerce warehouses that frequently require dependable and efficient material handling equipment, electric forklifts powered by batteries are a more suitable choice than traditional fuel-powered versions. Due to their non-emission nature and lower carbon footprint, electric forklifts are popular in e-commerce warehouses. For example, Shopify Inc., a Canadian e-commerce firm, predicts that worldwide e-commerce sales will rise from $5.13 trillion in 2022 to $8.09 trillion by 2028. As a result, the expanding e-commerce industry is contributing to the advancement of the forklift battery market. Forklift Battery Market Impetus: Growth in Building Activities Boosts the Forklift Battery Market
Who Are the Top Competitors in Key Forklift Battery Market Segments?
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.
What Forklift Battery Market Trends Are Gaining Traction Across Different Segments?
Leading firms in the forklift battery industry are shifting their emphasis to the production of lithium-ion batteries to ensure market prominence. These batteries are becoming increasingly popular in forklifts due to their superior performance, zero emissions, minimal maintenance needs, and outstanding charging adaptability. For example, Flux Power Holdings Inc., a US-based firm specializing in the design, creation, and sale of rechargeable advanced lithium-ion batteries for industrial applications, launched a new lithium-ion battery pack for 3-wheel forklifts in March 2022. Engineered to solve current operational performance challenges, the L36 lithium-ion battery pack outperforms traditional lead-acid batteries in terms of performance, reliability, and efficiency. This state-of-the-art power source offers a reliable solution for 3-wheel forklifts operating in high-performance, restricted-aisle warehouses.
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Which Regions Are Becoming Hubs for Forklift Battery Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Forklift Battery Market?
2. What is the CAGR expected in the Forklift Battery Market?
3. What Are the Key Innovations Transforming the Forklift Battery Industry?
4. Which Region Is Leading the Forklift Battery Market?
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