Press release
Emerging Sub-Segments Transforming the Forklift Battery Market Landscape
Forklift Battery Market
Projected Growth Trajectory of the Forklift Battery Market
The forklift battery market is forecasted to experience robust growth, reaching a value of $38.5 billion by 2030. This growth corresponds to a compound annual growth rate (CAGR) of 7.5%. Several factors contribute to this expansion, including the increasing adoption of lithium-ion battery chemistries, the rapid growth of e-commerce warehousing, stricter sustainability regulations, the growing demand for fast charging infrastructure, and the rise of automated guided vehicles (AGVs). During the forecast period, notable trends include the widespread use of lithium-ion forklift batteries, the shift toward fast and opportunity charging solutions, enhanced integration of battery management systems in industrial fleets, the expanding presence of electric forklifts in logistics, and a strong preference for maintenance-free, long-lasting battery technologies.
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Key Companies Leading the Forklift Battery Industry
Several prominent firms dominate the forklift battery market, among them EnerSys, GS Yuasa Corporation, Exide Technologies, East Penn Manufacturing Co. Inc., Anhui Heli Industrial Vehicle Battery Co. Ltd., 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, and GMP Industrial.
Strategic Partnerships Advancing Sustainability in Forklift Batteries
In March 2023, KION GROUP AG, a German manufacturer specializing in lithium-ion batteries for forklift trucks, formed a strategic alliance with Li-Cycle Holdings Corp. This collaboration focuses on recycling lithium-ion batteries through an advanced process aimed at achieving a recycling rate of up to 95%. Li-Cycle, a Canadian-based company, has been named KION's preferred global partner for battery recycling. This partnership supports KION's commitment to a circular economy and sustainability objectives by closing the loop on lithium recycling.
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Technological Innovation Driving Market Opportunities
Innovation is a key focus area for top forklift battery manufacturers, who are advancing lithium-ion forklift models like UTTL and UTL to improve energy efficiency, operational uptime, and sustainability. These models combine high-performance lithium-ion batteries with rapid charging and zero-maintenance capabilities, enabling continuous use and reduced lifecycle costs in material handling operations. For example, in January 2024, U.S.-based Hyster Company launched the J32-40UTTL and J30-70UTL forklift models. These trucks feature factory-installed lithium-ion battery packs, fast charging (full charge in about 2.5 hours), opportunity charging support, and require no battery maintenance. While these developments promote fleet electrification, lower total cost of ownership, and enhance operator ergonomics, they also demand higher initial investments, upgrades to charging infrastructure, and careful integration of battery systems.
Dominant Forklift Battery Market Segments by Type, Voltage, and Application
This report segments the forklift battery market into several categories to provide a detailed view:
1) By Type: Lithium-Ion Battery, Lead-Acid Battery, Nickel-Cadmium Battery, and Other Types
2) By Voltage: 24 Volt, 36 Volt, 48 Volt, 72 Volt, and Other Voltages
3) By Application: Warehouses, Manufacturing, Construction, Retail and Wholesale Stores, and Other Applications
Further subsegments within these categories include:
- For Lithium-Ion Batteries: Lithium Iron Phosphate (LiFePO4), Lithium Nickel Manganese Cobalt (NMC)
- For Lead-Acid Batteries: Flooded Lead-Acid Battery, Absorbent Glass Mat (AGM) Battery, Gel Lead-Acid Battery
- For Nickel-Cadmium Batteries: Standard Nickel-Cadmium Battery, High-Rate Discharge Nickel-Cadmium Battery
- For Other Types: Nickel-Metal Hydride Battery, Zinc-Air Battery, Sodium-Ion Battery
These classifications highlight the diversity of battery technologies and their tailored uses across different industrial sectors.
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