Forklift Battery Market Size, Share, Opportunities, And Trends By Battery Type (Lead Acid, Lithium Ion), By Forklift Type (Counterbalance, Rough Terrain, Reach Trucks, Others), And By Geography - Forecasts From 2024 To 2029

The forklift battery market is projected to show steady growth during the forecast period. Forklift batteries are rechargeable power sources made specifically for use in forklift trucks. Such batteries are typically made of lead-acid cells and are known for their high energy density and ability to provide consistent power to forklifts over long periods thereby allowing them to lift and transport heavy loads efficiently and safely. These batteries are used to provide electric energy for the operation of forklifts in numerous settings, such as warehouses, manufacturing plants, and distribution centers. Growing demand for electric forklifts and advancements in battery technologies are contributing to the forklift battery market growth.

Market Drivers

• Increasing demand for electric forklifts bolsters the forklift battery market growth.

Electric forklifts equipped with ion batteries are more environmentally friendly than standard fuel-powered forklifts as they emit zero pollutants. These forklifts operate using battery-powered electric motors, eliminating the need for harmful emissions generated by traditional internal combustion engines. It not only reduces pollution in the air but also enhances indoor air quality, making it ideal for enclosed areas such as warehouses and manufacturing facilities. With a growing emphasis on sustainability and lowering carbon emissions, many industries are opting for electric forklifts over traditional internal combustion engine forklifts which accelerated the forklift battery market growth. For instance, according to Mitsubishi Logisnext, in 2022, the company sold 1,483 thousand units of electric forklifts which represents 69.6% of total forklift units sold in the same year. Additionally, in September 2023, Toyota Material Handling (TMH), the industry leader in material handling innovation, introduced a new line of electric pneumatic forklifts in 48V and 80V configurations.

• Growing sustainability in warehouse management drives the forklift battery market expansion.

Improving environmental sustainability in the operation of warehouses has become a top priority for businesses around the world that surge a greater demand for electric forklifts equipped with long-lasting forklift batteries. These batteries are intended to reduce their carbon footprint by lowering toxic emissions and energy waste while providing more optimal performance compared with traditional fuel-powered forklifts. These factors result in businesses switching from traditional fuel-powered forklifts to electric forklifts, which drives the forklift battery market upward.

• Advancements in battery technologies contributed to the forklift battery market growth.

Innovations in battery technology have boosted the safety and reliability of forklift batteries, ensuring optimal performance and avoiding potential risks, making them an essential part of modern warehouses and industrial operations. Lithium-ion batteries are gaining popularity in the forklift market due to their high energy density, longer lifespan, and faster charging capabilities. This technology allows forklifts to operate for longer periods of time without requiring frequent battery changes, resulting in increased productivity and decreased downtime, and positively accelerating the market growth. For instance, in March 2023, Mitsubishi Logisnext Americas announced the launch of its latest Triathlon Lithium-ion battery for the forklift line.

Asia Pacific is anticipated to grow significantly

Asia Pacific is anticipated to account for a significant share of the forklift battery market due to rising demand for electric forklifts in major Asian countries such as China, Japan, and South Korea, which have experienced immense growth in the industrial and manufacturing sectors. The increasing demand for efficient and sustainable material handling equipment, including forklifts, has raised the need for high-quality batteries in such countries. For instance, according to Mitsubishi Logisnext data, in 2022, the company sold a total of 1,483,000 units of electric forklifts, of which China accounts for 37.3% of sales, and 4.5% of sales in Japan.

Market Restraints  

• High initial investment will restrain the forklift battery market growth.

The advanced electric forklifts equipped with modern batteries increase their overall cost. Businesses, particularly small ones, demand cost-effective solutions that may limit the adoption of innovative forklifts, owing to which the demand for batteries such as Lithium-ion- batteries may decrease and hinder the overall battery market growth.

Market Development

• March 2023- Stryten Energy LLC, a U.S.-based energy storage solutions provider, announced the launch of its premium line of industrial batteries, the M-Series Li510 and M-Series Li500, for usage in material handling, railway, military, and other industrial applications.

Company Products

• Long-Life Flooded Motive Battery- The Long-Life Flooded Motive Battery offered by Eternity Technologies comes in DIN, BS & BCI dimensions that are suitable for all traction needs. It features non-woven tubular sleeving, which helps to increase efficiency while maximizing performance, and its modern tubular design maximizes the active lead material and provides optimized energy. It is widely used in numerous applications such as forklift Trucks, electric vehicles, cleaning machines, lifting platforms, and road vehicles & tow tractors.
• 12-125-13 - 12-125-13 is a forklift battery offered by Blue Line. Blue Line 24V Lithium-Ion Power System is designed to improve performance on any type of Class III or Class II forklift equipment, including walkie riders, order pickers, and stackers. This plug-and-play battery solution offers a wide range of capacity options to suit any application. It features a capacity of 378ah to 567ah with a weight of 1408 lbs and a voltage of 24V.
• Nexsys Ion Battery- Nexsys Ion Battery consists of Lithium-ion (Li-ion) technology offered by EnerSys which is ideal for heavy-duty applications. NexSys Ion batteries can reduce downtime and battery ownership costs, resulting in more productive and profitable operations. It features wireless data connectivity that allows the battery and charger to communicate, ensuring safe, flexible, and optimized performance.

Segmentation

• By Battery Type
  • Lead Acid
  • Lithium Ion
• By Forklift Type
  • Counterbalance
  • Rough Terrain
  • Reach Trucks
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others