AGV & Forklift Lithium Battery Market Share Driven by Warehouse Automation and Industrial Electrification | Valuates Reports

AGV & Forklift Lithium Battery Market
The global market for AGV & Forklift Lithium Battery was valued at US$ million in the year 2024 and is projected to reach a revised size of US$ million by 2031, growing at a CAGR of %during the forecast period.

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The AGV & Forklift Lithium Battery Market is gaining strong momentum as industries accelerate the shift toward automated material handling and electrified logistics operations. Lithium battery adoption is reshaping market trends by enabling faster charging, higher energy density, longer service life, and reduced maintenance compared to conventional battery technologies. Increasing deployment of automated guided vehicles, smart warehouses, and electric industrial fleets is directly supporting market growth and expanding the overall market size across manufacturing, logistics, and distribution environments.

By type, 48V lithium batteries hold the largest market share, as they are widely preferred for forklifts and high-capacity industrial vehicles requiring sustained power output and operational stability. These systems support intensive duty cycles and are well suited for multi-shift operations. 24V and 36V lithium batteries are witnessing faster market growth, particularly in compact material handling equipment, indoor AGVs, and low-speed electric vehicles where efficiency, lightweight design, and flexibility are key purchasing factors. Together, these voltage categories ensure broad applicability across diverse industrial use cases.

In terms of application, material handling remains the dominant segment, driven by widespread electrification of forklifts in warehouses, ports, manufacturing plants, and logistics hubs. AGV and robotics applications represent the fastest-growing segment, supported by rising investments in automation, labor optimization, and smart factory infrastructure. Low-speed electric vehicles continue to adopt lithium battery systems for industrial campuses and controlled environments, contributing steadily to overall market growth.

The competitive landscape is characterized by a mix of established industrial battery manufacturers and specialized lithium technology providers. EnerSys, GS Yuasa, Hitachi Chemical, Exide Technologies, and Saft command significant market share through strong manufacturing scale, global distribution networks, and long-standing relationships with industrial equipment OEMs. Electrovaya and Flux Power Holdings are expanding rapidly by focusing on lithium-specific innovation, safety features, and integration with automated systems. European players such as Hoppecke, SYSTEMS SUNLIGHT, MIDAC, and Triathlon Batterien strengthen the market through application-focused solutions and sustainability-driven positioning.

From a regional perspective, Asia-Pacific leads the market share, supported by large-scale manufacturing activity, strong adoption of automation in China, Japan, and South Korea, and the presence of major battery producers. Europe shows strong market growth, driven by warehouse automation, clean energy policies, and electrification of industrial fleets. North America remains a key innovation-driven market, benefiting from investments in robotics, logistics optimization, and advanced battery management systems. The overall market forecast remains positive, supported by continued automation, technological advancements in lithium battery chemistry, and expanding adoption of electric material handling equipment worldwide.

by Type

• 24V
• 36V
• 48V

by Application

• Material Handling
• AGV and Robotics
• Low Speed Electric Vehicle

By Company

EnerSys, Hitachi Chemical, GS Yuasa, Hoppecke, East Penn Manufacturing, Exide Technologies, MIDAC, SYSTEMS SUNLIGHT S.A., ECOBAT Battery Technologies, Triathlon Batterien GmbH, Crown Battery, Amara Raja, Storage Battery Systems, LLC, BAE Batterien, Banner Batteries, Saft, Electrovaya, Flux Power Holdings, Inc, FAAM (Seri Industrial), VARTA

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