Forklift Battery Market Report 2031 by Segments, Geography, Dynamics, Recent Developments, and Strategic Insights

The forklift battery market size was valued at US$ 5.94 billion in 2024 and is expected to reach US$ 9.23 billion by 2031; it is estimated to record a CAGR of 6.6% from 2025 to 2031. The incorporation of battery-as-a-service (BaaS) in forklifts is likely to bring new trends to the market in the coming years.

Forklift Battery Market Analysis

The forklift battery market is witnessing significant growth, driven by the rapid expansion of warehousing and e-commerce sectors, increasing industrialization, and a global shift toward electric forklifts for sustainability and cost-efficiency. These trends are fueling demand for advanced battery solutions to support longer operational hours and lower emissions. Opportunities in the market include the development of fast and opportunity charging technologies, which reduce downtime and enhance productivity. Additionally, innovations in smart battery management systems are improving performance, safety, and energy efficiency. These advancements present promising prospects for manufacturers and stakeholders aiming to meet the evolving needs of the material handling industry.  

Forklift Battery Market Overview

A forklift battery can serve as a power source in the operation of forklifts and other industrial trucks, providing the energy needed for material handling operations. Forklifts typically use lead-acid or lithium-ion (Li-ion) batteries, with the latter being more popular due to its faster charging capabilities, longer lifespan, and reduced environmental impact, among other benefits. The demand for forklift batteries has grown significantly with the increased popularity of electric-powered forklifts, which are favored for their sustainability, lower maintenance needs, and cost-effectiveness compared to traditional internal combustion engine (ICE) forklifts. European and North American industries are known for their emphasis on greener solutions to reduce their carbon footprints, which adds to the demand for electric forklifts. Forklift batteries play a pivotal role in the logistics, warehousing, and manufacturing sectors, wherein they power various machines that are essential for material handling and transportation. In addition to the increasing adoption of electric forklifts, the rise of automation in warehouses in various industrial sectors bolsters the market growth.

Customize This Report To Suit Your Requirement

You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities

Get FREE CUSTOMIZATION

Forklift Battery Market: Strategic Insights

• Get Top Key Market Trends of this report.
  This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

Free Sample PDF

Forklift Battery Market Drivers and Opportunities

Expansion of Warehousing and E-Commerce

The e-commerce industry is flourishing owing to increased internet and smartphone penetration, evolving consumer preferences, and technological advancements. Moreover, cross-border e-commerce is on the rise as consumers seek unique products with competitive pricing internationally. According to Eurostat, in the EU, the share of companies that adopted e-sales strategy increased from 17.21% in 2013 to 23.83% in 2023. Many e-commerce companies are opening warehouses across the globe. For example, Amazon, an e-commerce giant, launched its first fulfillment center in the Netherlands in August 2023. With the new facility, the online marketplace will be able to fulfill Dutch requests without any delay. The rapid growth of e-commerce has led to an increased demand for efficient and clean material handling solutions in warehouses. Companies such as Amazon and DHL are responding by deploying fleets of battery-powered forklifts to enhance operational efficiency and reduce environmental impact. For example, in March 2022, DHL Supply Chain introduced its newest range of autonomous forklifts in Mainland Europe; these pallet movers were the latest addition to its multiuser warehouse in Bornem, Belgium. This installation of autonomous indoor robotic transporters for indoor pallet movement was a part of the company’s Accelerated Digitalization strategy. Thus, a surge in online shopping is reshaping the logistics landscape, prompting companies to invest in automated warehouses and battery-powered forklifts. This shift has a direct impact on the demand for efficient and durable forklift batteries, especially lithium-ion and lead-acid types, to support around-the-clock operations.

Developments in Fast and Opportunity Charging Features

As electric forklifts become more widely used across the globe, there is a growing focus on advanced charging solutions, such as fast charging and opportunity charging. These methods prove valuable for businesses with multi-shift operations owing to their ability to reduce downtime and improve efficiency. Traditionally, forklift batteries follow a conventional charging cycle, which includes 8 hours of operation, 8 hours of charging, and another 8 hours of cooling. This cycle limits battery availability and often requires companies to purchase additional batteries to keep operations running across multiple shifts, increasing both cost and storage needs. Fast and opportunity charging methods address this challenge by allowing forklift operators to plug in during short breaks, meal times, or overnight hours. This helps maintain the battery charge in the range of 40–80%, keeping forklifts available for use throughout the day. To maintain battery health and ensure peak performance, it is still important to perform a weekly equalization charge, which brings the battery to a full 100% charge and helps prevent sulfate buildup.

As more companies look to improve uptime and reduce operational costs, the demand for batteries and charging systems compatible with these methods is expected to grow. Thus, a shift toward fast and opportunity charging presents a significant growth opportunity for the forklift battery market.

Forklift Battery Market Report Segmentation Analysis

Key segments that contributed to the derivation of the forklift battery market analysis are type, capacity, and application.

• Based on type, forklift battery market is segmented into lithium-ion, lead acid, and others. The lead acid segment dominated the market in 2024.
• Based on capacity, the forklift battery market is segmented into 0–600 Ahr, 600–1,200 Ahr, and more than 1,200 Ahr. The 0–600 Ahr segment held the largest share of the market in 2024.
• Based on application, the forklift battery market is segmented into warehouses and logistics, construction, manufacturing, retail and wholesale stores, automotive, and others. The manufacturing segment dominated the market in 2024.

Forklift Battery Market Share Analysis by Geography

• The forklift battery market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the market in 2024, followed by Europe and North America.
• The North America forklift battery market growth is attributed to the expansion of the logistics & transportation and e-commerce industries. Online shopping in the US has increased in recent years. The Census Bureau of the Department of Commerce announced that the estimation of US retail e-commerce sales for the fourth quarter of 2024, adjusted for seasonal variation but not for price variations, was US$ 308.9 billion, an increase of 2.7 percent (±0.9) from the third quarter of 2024. Many logistics giants in the market, such as UPS, FedEx, USPS, XPO Logistics, and Amazon, recognized the increasing demand for forklifts in their warehouses. These companies have made significant investments in warehouse establishment and in automating their logistics operations. For instance, in November 2023, United Parcel Service opened the largest warehouse in Louisville, Kentucky, with an area of ~20 acres. This warehouse is made for storage and package handling, with a significant investment of US$ 79 million for the establishment of over 3,000 automated robots and industrial vehicles. These robots and industrial vehicles will handle several warehouse tasks, such as lifting and transporting goods from one place to another, by reducing the requirement for manual labor.
• The forklift battery market in Europe is driven by the growing food & beverages sector, the increasing demand for logistics and transportation, and the growing shopping-commerce industry. The logistics sector requires industrial vehicles such as forklifts to lift and transport goods from one place to another. According to the statistics published by the European Commission in July 2024, it has invested US$ 7.97 billion in 134 transport infrastructure projects for sustainable, safe, and smart transport infrastructure. The EU's strategic investment was made to automate the transportation and logistics infrastructure. The growth in the logistics sector has created a demand for electric forklifts for material handling in warehouses, which, in turn, drives the growth of the forklift battery market.

Forklift Battery Market Regional Insights

The regional trends and factors influencing the Forklift Battery Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Forklift Battery Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Forklift Battery Market Report Scope

Forklift Battery Market Players Density: Understanding Its Impact on Business Dynamics

The Forklift Battery Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Forklift Battery Market are:

1. Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
2. Crown Equipment Corp
3. Exide Industries Ltd
4. EnerSys
5. East Penn Manufacturing Company
6. Contemporary Amperex Technology Co Ltd

Disclaimer: The companies listed above are not ranked in any particular order.

Forklift Battery Market News and Recent Developments

The forklift battery market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the forklift battery market are listed below:

• BSL New Energy Technology Co., Ltd., a leading Chinese lithium battery manufacturer providing high-quality LiFePO4 batteries for motive power and energy storage applications, signed a strategic cooperation agreement with REPT BATTERO Energy Co., Ltd. to offer lithium battery solutions for forklifts.

(Source: BSL New Energy Technology Co., Ltd., Press Release, July 2024)

• East Penn Manufacturing Co. is launching the NEW Deka Ready Power product family at the ProMat 2025 show in Chicago, IL.  The Deka Ready Power family of batteries supports the ever-growing need for maintenance-free products for Motive Power applications by offering both Lithium and Gel technologies, providing best-in-class value and the lowest total cost of ownership.

(Source: East Penn Manufacturing Co., Press Release, March 2025)

Forklift Battery Market Report Coverage and Deliverables

The "Forklift Battery Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:

• Forklift battery market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Forklift battery market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Forklift battery market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the forklift battery market
• Detailed company profiles