Forklift Battery Market Segmentation:
Battery Type Segment Analysis
The lead-acid battery segment in forklift battery market is predicted to retain over 65% share during the forecast period. This is owing to their cost advantage and proven market presence. Lead-acid batteries are widely used in various applications due to their ease of maintenance and reliability. In April 2025, OnPoint Group's subsidiary, Concentric LLC, acquired Industrial Battery Solutions to enhance its forklift battery market presence in providing comprehensive energy solutions to forklift fleets. This acquisition points to the long-term demand for lead-acid batteries in the industry. Nonetheless, the segment is threatened by upcoming battery technologies that deliver improved performance and offerings with reduced impact on the environment.
Application Segment Analysis
The manufacturing sector is expected to dominate the forklift battery market, accounting for a 35% share through 2035. High demand in manufacturing centers for use in material handling and logistic operations in manufacturing facilities is the primary driver of this dominance. In March of 2025, Hyster launched a broad lineup of configurable high-capacity electric forklifts to cater to increased demand in industrial markets for efficient and sustainable material handling solutions. These products specifically address the manufacturing industry's unique end-users' demands to boost productivity and operational efficiency. Advanced battery technologies' implementation in manufacturing operations is also driving growth in this segment.
Our in-depth analysis of the global forklift battery market includes the following segments:
|
Battery Type |
|
|
Application Type |
|
