Electric Forklift Lithium Battery Research: at a CAGR of 7.5% during the forecast period

QY Research Inc. (Global Market Report Research Publisher) announces the release of 2025 latest report "Electric Forklift Lithium Battery- Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031". Based on current situation and impact historical analysis (2020-2024) and forecast calculations (2025-2031), this report provides a comprehensive analysis of the global Wire Drawing Dies market, including market size, share, demand, industry development status, and forecasts for the next few years.

The global market for Electric Forklift Lithium Battery was estimated to be worth US$ 764 million in 2024 and is forecast to a readjusted size of US$ 1284 million by 2031 with a CAGR of 7.3% during the forecast period 2025-2031.

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Electric Forklift Lithium Battery Market Summary

Electric forklift lithium battery is one of the key components of electric forklift.

Lithium battery has a long service life, usually more than 3000 charge and discharge cycles, and even some lithium iron phosphate batteries have a life of up to 510 years, which is much higher than the 5001000 cycle life of lead-acid batteries. This means that lithium batteries are replaced less frequently, which helps to reduce long-term operating costs.

Lithium battery has a high energy conversion rate, usually more than 95% (some even up to 97%), which is much higher than the 80% of lead-acid batteries. This means that lithium batteries can convert more stored energy into usable energy and reduce energy waste.

Figure00001. Global Electric Forklift Lithium Battery Market Size (US$ Million), 2020-2031

Electric Forklift Lithium Battery

Above data is based on report from QYResearch: Global Electric Forklift Lithium Battery Market Report 2025-2031 (published in 2025). If you need the latest data, plaese contact QYResearch.

According to the new market research report "Global Electric Forklift Lithium Battery Market Report 2025-2031", published by QYResearch, the global Electric Forklift Lithium Battery market size is projected to reach USD 1.28 billion by 2031, at a CAGR of 7.5% during the forecast period.

Figure00002. Global Electric Forklift Lithium Battery Top 21 Players Ranking and Market Share (Ranking is based on the revenue of 2025, continually updated)

Electric Forklift Lithium Battery

Above data is based on report from QYResearch: Global Electric Forklift Lithium Battery Market Report 2025-2031 (published in 2025). If you need the latest data, plaese contact QYResearch.

According to QYResearch Top Players Research Center, the global key manufacturers of Electric Forklift Lithium Battery include EnerSys, GS Yuasa, Hoppecke, Crown Equipment, East Penn Manufacturing, MIDAC, FAAM (Seri Industrial), Sunlight, Saft, Flux Power, etc. In 2024, the global top 10 players had a share approximately 61.0% in terms of revenue.

Figure00003. Electric Forklift Lithium Battery, Global Market Size, Split by Type Segment

Electric Forklift Lithium Battery

Based on or includes research from QYResearch: Global Electric Forklift Lithium Battery Market Report 2025-2031.

In terms of product type, currently LiFePO4 Battery is the largest segment, hold a share of 96.9%.

In terms of product application, currently Class III Electric Forklift is the largest segment, hold a share of 56.0%.

Market Drivers:

Global restrictions on highly polluting internal combustion forklifts (such as the EU carbon tariff and China's "dual carbon" policy) are driving companies to shift to zero-emission lithium battery solutions. Environmental taxes on lead-acid batteries in some regions are gradually highlighting the economic advantages of lithium batteries.

Lithium batteries offer a lifespan up to three times that of lead-acid batteries (approximately 8-10 years) and support fast charging and opportunity charging (without a full discharge), reducing the need for backup batteries and downtime. They are highly energy efficient (over 30% energy savings compared to lead-acid batteries), significantly reducing electricity costs over long-term use.

Restraint:

Lithium iron phosphate (LFP) batteries experience over 30% capacity degradation below -20°C, impacting their application in scenarios like cold chain logistics. Low-temperature electrolytes or heating systems will need to be developed, but this will increase costs.

Price fluctuations in key materials have a significant impact. Lithium, cobalt, and nickel prices are significantly affected by geopolitical factors (e.g., the surge in lithium carbonate prices in 2022), leading to unstable battery costs.

Opportunity:

The rapid development of e-commerce logistics and smart warehousing is driving demand for high-density, high-efficiency electric forklifts.

With the rise of manufacturing in Southeast Asia, India, and other regions, the electrification rate of forklifts is less than 20% (compared to over 60% in Europe and the United States), leaving significant room for replacement. The trend of localized production (such as CATL building a factory in Germany) reduces the cost of the lithium battery supply chain.

The report provides a detailed analysis of the market size, growth potential, and key trends for each segment. Through detailed analysis, industry players can identify profit opportunities, develop strategies for specific customer segments, and allocate resources effectively.

The Electric Forklift Lithium Battery market is segmented as below:
By Company
EnerSys
GS Yuasa
Hoppecke
Crown Equipment
East Penn Manufacturing
MIDAC
FAAM (Seri Industrial)
Sunlight
Saft
Flux Power
Electrovaya
Crown Battery
Tianneng Battery Group
LEOCH
EIKTO
Camel Group
Shandong Sacred Sun Power Sources
Aokly Group
Zibo Torch Energy
BSLBATT
Jiangsu Frey New Energy

Segment by Type
LiFePO4 Battery
Others

Segment by Application
Class I Electric Forklift
Class II Electric Forklift
Class III Electric Forklift

Each chapter of the report provides detailed information for readers to further understand the Electric Forklift Lithium Battery market:

Chapter 1: Introduces the report scope of the Electric Forklift Lithium Battery report, global total market size (valve, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry. (2020-2031)
Chapter 2: Detailed analysis of Electric Forklift Lithium Battery manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc. (2020-2025)
Chapter 3: Provides the analysis of various Electric Forklift Lithium Battery market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments. (2020-2031)
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.(2020-2031)
Chapter 5: Sales, revenue of Electric Forklift Lithium Battery in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world..(2020-2031)
Chapter 6: Sales, revenue of Electric Forklift Lithium Battery in country level. It provides sigmate data by Type, and by Application for each country/region.(2020-2031)
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc. (2020-2025)
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.

Benefits of purchasing QYResearch report:

Competitive Analysis: QYResearch provides in-depth Electric Forklift Lithium Battery competitive analysis, including information on key company profiles, new entrants, acquisitions, mergers, large market shear, opportunities, and challenges. These analyses provide clients with a comprehensive understanding of market conditions and competitive dynamics, enabling them to develop effective market strategies and maintain their competitive edge.

Industry Analysis: QYResearch provides Electric Forklift Lithium Battery comprehensive industry data and trend analysis, including raw material analysis, market application analysis, product type analysis, market demand analysis, market supply analysis, downstream market analysis, and supply chain analysis.

and trend analysis. These analyses help clients understand the direction of industry development and make informed business decisions.

Market Size: QYResearch provides Electric Forklift Lithium Battery market size analysis, including capacity, production, sales, production value, price, cost, and profit analysis. This data helps clients understand market size and development potential, and is an important reference for business development.

Other relevant reports of QYResearch:
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