Forklift Battery Market Reaching USD 8.4 Bn by 2034

Updated · Apr 22, 2025

Market.us News, we strive to bring you the most accurate and up-to-date information by utilizing a variety of resources, including paid and free sources, primary research, and phone interviews. Learn more.

Table of Contents

Overview
Key Takeaways
Analyst Viewpoint
Report Scope
Key Market Segments
Regional Analysis
Top Use Cases
Recent Developments
Conclusion

Overview

New York, NY – April 22, 2025 – The global Forklift Battery Market is experiencing significant growth, projected to expand from USD 4.8 billion in 2024 to approximately USD 8.4 billion by 2034, at a compound annual growth rate (CAGR) of 5.7% during the forecast period from 2025 to 2034.

Lithium-ion Batteries commanded a leading 47.4% share of the Forklift Battery Market’s by-type segment. Their dominance stems from superior energy density, extended lifespan, and minimal maintenance compared to lead-acid batteries. 48V batteries held a 38.5% share of the by-voltage segment in the Forklift Battery Market. Widely used in electric forklifts for medium-duty tasks in warehouses and distribution centers. OEMs (Original Equipment Manufacturers) dominated the by-sales-channel segment with a 64.5% share of the Forklift Battery Market.

Asia-Pacific dominates with a 45.5% market share, valued at USD 2.1 billion in 2024. This leadership is fueled by rapid industrialization, a booming logistics sector, and widespread adoption of electric vehicles in nations like China, Japan, and India. Latin America and the Middle East & Africa, while smaller in market size, are experiencing gradual growth. Rising urbanization, industrialization, and government efforts to modernize infrastructure are key drivers in these emerging regions.

Key Takeaways

Global Forklift Battery Market is expected to be worth around USD 8.4 billion by 2034, up from USD 4.8 billion in 2024, and grow at a CAGR of 5.7% from 2025 to 2034.
Lithium-ion batteries hold a significant 47.4% share in the Forklift Battery Market.
The 48-volt batteries are preferred, representing 38.5% of the market’s demand.
Warehouses, the largest end-user segment, account for 42.4% of forklift battery sales.
OEMs dominate the sales channel, contributing to 64.5% of the market’s transactions.
Strong growth in e-commerce boosts Asia-Pacific’s demand, accounting for USD 2.1 Bn.

➤ For a deeper understanding, click on the sample report link: https://market.us/report/global-forklift-battery-market/request-sample/

Analyst Viewpoint

The Forklift Battery Market offers compelling investment opportunities fueled by the global push for sustainability and the e-commerce boom. Lithium-ion batteries, commanding a 47.4% market share in 2024, lead due to their efficiency, longer lifespan, and eco-friendly profile. Opportunities exist in firms developing smart battery management systems (BMS) and recycling technologies, addressing performance and environmental needs. However, high upfront costs and limited charging infrastructure in emerging markets pose risks, potentially deterring smaller businesses and slowing adoption.

Consumer preferences, particularly among warehouse operators holding a 42.4% end-user share, emphasize reliability and cost-efficiency. 48V batteries, with a 38.5% share, are favored for their versatility. Technological advancements like wireless charging and AI-driven BMS are raising expectations, while regulatory pressures in Europe and North America drive electric forklift adoption. Asia-Pacific, with a 45.5% share worth USD 2.1 billion, is a growth hub due to industrialization and clean energy incentives. Investors must navigate supply chain challenges and regulatory inconsistencies to capitalize on this dynamic market.

Report Scope

Market Value (2024)	USD 4.8 Billion
Forecast Revenue (2034)	USD 8.4 Billion
CAGR (2025-2034)	5.7%
Segments Covered	By Type (Lithium-ion Batteries, Lead-acid Batteries, Nickel-cadmium Batteries, Others), By Voltage (24 Volts, 36 Volts, 48 Volts, 72 Volts), By End User(Warehouses, Manufacturing, Retail and Wholesale Stores, Construction, Others), By Sales Channel(OEM, Aftermarket)
Competitive Landscape	Amara Raja Batteries, BYD, Crown Equipment, East Penn Manufacturing, Electrovaya, EnerSys, Exide Technologies, Flux Power Holdings, GB Industrial Battery, Godrej Enterprises Group, HAWKER, Hoppecke Batteries, Midac Batteries, OneCharge, Toyota Industries Corporation, Trojan Battery

➤ Directly purchase a copy of the report – https://market.us/purchase-report/?report_id=146248

Key Market Segments

By Type Analysis

In 2024, Lithium-ion Batteries commanded a leading 47.4% share of the Forklift Battery Market’s by-type segment. Their dominance stems from superior energy density, extended lifespan, and minimal maintenance compared to lead-acid batteries. These batteries support faster charging and longer runtimes, meeting the needs of modern warehouses and distribution centers driven by e-commerce growth. Additionally, their eco-friendly profile, free of toxic heavy metals and easier to recycle, aligns with increasing sustainability goals and regulatory pressures to reduce carbon emissions in industrial operations.

By Voltage Analysis

In 2024, 48V batteries held a 38.5% share of the by-voltage segment in the Forklift Battery Market. Widely used in electric forklifts for medium-duty tasks in warehouses and distribution centers, 48V batteries strike a cost-effective balance between performance and affordability. Their compatibility with various forklift models, including stand-up and sit-down types, enhances their versatility. With fast-charging capabilities and the ability to power multiple shifts, 48V batteries meet rising productivity demands in logistics and manufacturing.

By End User Analysis

Warehouses led the by-end-user segment in 2024, capturing a 42.4% share of the Forklift Battery Market. The surge in e-commerce has driven demand for reliable, high-capacity batteries to power electric forklifts for material handling in expanding warehouse operations. The shift toward automation and digital warehouse systems further boosts the need for consistent power sources to support extended operational cycles. Electric forklifts with advanced batteries, like lithium-ion, help warehouses cut emissions and energy costs, aligning with sustainability goals and improving economic efficiency.

By Sales Channel Analysis

In 2024, OEMs (Original Equipment Manufacturers) dominated the by-sales-channel segment with a 64.5% share of the Forklift Battery Market. Their leadership is driven by the reliability and tailored performance of batteries designed specifically for their forklift models, ensuring optimal efficiency and safety. OEMs’ robust after-sales support, including warranties and maintenance, is critical for industrial operations. As forklift technology advances with IoT and battery management systems, OEMs provide cutting-edge, compatible solutions that maintain system performance and comply with industry standards.

Regional Analysis

Asia-Pacific dominates with a 45.5% market share, valued at USD 2.1 billion in 2024. This leadership is fueled by rapid industrialization, a booming logistics sector, and widespread adoption of electric vehicles in nations like China, Japan, and India. North America ranks second, driven by advancements in material handling technologies and strict emissions regulations that boost demand for electric forklifts. The region’s commitment to sustainability further accelerates market growth.
Europe benefits from robust environmental regulations, promoting significant uptake of electric forklifts. The region’s extensive manufacturing and distribution networks rely on efficient, eco-friendly forklift battery solutions to meet operational demands. Latin America and the Middle East & Africa, while smaller in market size, are experiencing gradual growth. Rising urbanization, industrialization, and government efforts to modernize infrastructure are key drivers in these emerging regions.

Top Use Cases

Warehousing & Logistics: Forklift batteries power electric forklifts in warehouses, ensuring smooth material handling. Lithium-ion batteries are preferred for fast charging and longer life, reducing downtime. Companies like Amazon and DHL use them for 24/7 operations. The shift from lead-acid to lithium-ion is driven by efficiency and lower maintenance costs.
Manufacturing Plants: Factories rely on forklift batteries for moving raw materials and finished goods. High-capacity batteries support heavy loads in the automotive and steel industries. BYD and Crown Equipment provide durable lithium-ion solutions, improving productivity with rapid charging and smart energy management.
Cold Storage Facilities: Forklift batteries must perform in sub-zero temperatures. Lithium-ion batteries from Electrovaya and East Penn maintain efficiency in cold storage, unlike traditional lead-acid batteries that lose power. This ensures uninterrupted operations in food and pharmaceutical logistics.
Ports & Shipping Yards: Electric forklifts with advanced batteries handle cargo in ports, reducing emissions. Amara Raja and BYD offer high-power batteries for heavy-duty lifting. Fast-swappable battery systems minimize delays, making them ideal for busy ports.
Retail & Distribution Centers: Retail giants like Walmart use lithium-ion forklift batteries for inventory management. These batteries last longer and require less maintenance, optimizing supply chain efficiency. Companies prefer lithium-ion for its compact size and energy density.

Recent Developments

1. Amara Raja Batteries

Amara Raja Batteries has expanded its lithium-ion forklift battery portfolio, focusing on energy efficiency and longer life cycles. The company is investing in advanced manufacturing facilities to meet rising demand in material handling. They are also partnering with global players to enhance technology.

2. BYD

BYD has introduced its new “Iron Phosphate (LiFePO4) Forklift Batteries”, offering fast charging and zero maintenance. Their batteries are being adopted in warehouses worldwide due to high energy density and safety. BYD is also integrating smart battery management systems (BMS) for real-time monitoring.

3. Crown Equipment

Crown Equipment has developed “XpressCharge” lithium-ion batteries, reducing charging time. Their forklifts now feature swappable battery systems, improving operational efficiency. Crown is also focusing on sustainability with recyclable battery components.

4. East Penn Manufacturing

East Penn launched the “Deka FlexPower” lithium-ion series, designed for heavy-duty forklifts. The batteries provide rapid charging and extended runtime. The company is also expanding its EcoGard line, emphasizing eco-friendly lead-acid alternatives.

5. Electrovaya

Electrovaya’s “Infinity Battery Technology” enhances forklift performance with ultra-fast charging and longer cycle life. Their systems are being deployed in large logistics centers, reducing downtime. Electrovaya is also working on solid-state battery prototypes for future forklifts.

Conclusion

The Forklift Battery Market is poised for steady growth. This expansion is driven by the rising adoption of electric forklifts, fueled by the global emphasis on sustainability and the need for efficient material handling solutions. The surge in e-commerce has led to the proliferation of warehouses and distribution centers, thereby escalating the demand for reliable and long-lasting battery systems. Technological advancements, particularly in lithium-ion battery technology, offer benefits such as faster charging times, longer lifespans, and reduced maintenance, making them increasingly popular over traditional lead-acid batteries.