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Forklift Battery Market size was valued at USD 6.18 billion in 2023 and is expected to reach USD 13.67 billion by 2036, expanding at around 6.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of forklift battery is assessed at USD 6.49 billion.
The forklift battery market is anticipated to grow on account of high demand for forklifts by several end user industries which in turn increases the requirement for battery to run the forklift. Increasing innovations in batteries, such as high storage capacity and long battery life which enhances battery effectiveness is further promoting the demand for forklift batteries amongst the end users. Owing to the expansion of warehouses and the growing need for forklifts in retail stores and distribution hubs, the market for forklift battery is anticipated to grow steadily over the forecast period.
Growth Drivers
Rising Demand For Forklifts Backed By Increasing Industrial Output
According to the statistics provided by the International Trade Centre (ITC), the exported value of forklift trucks has doubled over the last decade increasing from USD 10,365,169 thousand in 2010 to USD 20,341,315 thousand in 2019. Since the use of smartphone is on the rise over the last decade, online shopping is playing a huge role in the e-commerce market. On account of the worldwide growth of e-commerce and retail industry, a large number of warehouses is being established which needs forklift in order to reorganize their goods. The rising demand for forklifts in the end user industries is anticipated to boost the forklift battery market.
Increasing Adoption Of Electric Powered Forklifts
Recent development of technologies such as fleet management, connected vehicles and IoT- enabled devices in forklifts has led to a large number of industries to adopt electrical forklifts. These are powered by electric motor instead of an internal combustion engine using either rechargeable forklift batteries or grid power. Electrically operated forklifts do not emit CO2 or any NOx pollutants, which is driving the adoption of electric forklifts by end users and in turn fuel the growth of forklift battery market.
Restraints
Price Volatility In Lead and High Price Range Of Lithium Batteries
One of the significant factors hampering the growth of the forklift battery market is the fluctuating price of raw materials required in the manufacturing of the batteries. As a result, these hampers the profitability of the manufacturers operating in the market. Further, the high price of lithium batteries and the threat of substitutes such as gasoline and propane are expected to pose a serious threat to the market for forklift batteries.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.3% |
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Base Year Market Size (2023) |
USD 6.18 billion |
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Forecast Year Market Size (2036) |
USD 13.67 billion |
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Regional Scope |
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The forklift battery market is segmented by type into lead acid, lithium ion (Li-ion) and others, out of which, the lead acid segment is anticipated to hold the largest market share in the market on account of its broad usage in most end-use industries. The lead-acid battery provides an efficient and highly preferable combination of power and counterbalance.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Application |
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On the basis of regional analysis, the forklift battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The Europe industry is expected to hold largest revenue share by 2036, on account of increasing number of construction projects in the region. In addition, availability of highly developed production and inventory storage facilities are further anticipated to drive the market growth in Europe. The Asia-Pacific industry will also grow significantly over the forecast period. Huge growth in renewable energy generation capacity, declining battery prices and tremendous growth in logistics operations are expected to dramatically fuel the growth of the forklift battery in countries such as China, Japan and India among others. The market for forklifts is also growing in Asian countries on account of rapid growth in urbanization attributed to rising demand for construction along with the need for quick and productive logistics operations.
Author Credits: Dhruv Bhatia
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