Forklift Battery Market: Current Analysis and Forecast (2022-2028)


Emphasis on Type (Lithium-ion Batteries, Lead-acid Batteries, Nickel-cadmium Batteries); Voltage (24 Volts, 36 Volts, 48 Volts, 72 Volts); Application (Warehouses, Wholesale Stores, Construction Sites, Manufacturing Industry); Region/Country

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Research Methodology

Report Description

Forklift Battery Market
Forklift Battery Market


The global Forklift Battery Market is expected to grow at a significant rate of around 7% during the forecast period. It is mainly owing to the factors such as the soaring e-commerce industry across the globe is propelling the expansion of warehouses which is creating demand for forklifts in material movement applications, which, in turn, is escalating the growth of the forklift battery market. Further, the rising shift toward electric forklifts is expected to drive the global forklift battery market during the forecast period. Construction, warehouse, and manufacturing industries in developing countries such as India, China, and Brazil have been growing over the last few years. These industries are increasingly adopting electric forklifts to reduce their carbon footprint. For instance: In June 2022, Vedanta Aluminum, a leading producer of aluminum in India, commissioned the country’s largest electric fleet of 27 forklifts, powered by lithium-ion batteries.

OneCharge, Electrovaya, Flux Power Holdings Inc., Exide Industries Ltd., Amara Raja Batteries Ltd., ENERSYS, Narada Power Source Co. Ltd, Trojan Battery Company LLC, Iberdrola, and GS Yuasa International Ltd.

Insights Presented in the Report

“Amongst type, lead acid battery category to witness robust CAGR during the forecast period”

Based on the type, the forklift battery market is segmented into lithium-ion batteries, lead-acid batteries, and nickel-cadmium batteries. The lead acid battery also caters significant share of the forklift battery market and is anticipated to grow at a fueling CAGR in the forecast period. It is mainly owing to the technically advanced features such as fast charging that reduces operator downtime during operation and improves the cost-effectiveness of forklifts. Additionally, a lead-acid battery offers an efficient combination of power and essential counterbalance that makes it highly preferable.

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“Amongst application, manufacturing industry category to witness robust CAGR during the forecast period”

Based on application, the forklift battery market is classified into warehouses, wholesale stores, construction sites, and the manufacturing industry. The manufacturing industry segment caters to a significant market share. It is mainly owing to the evolving manufacturing industry that contributes to the economic shifts with innovation, productivity, and trade more than growth and employment. Further, the surge in industrial activity and rising investments in the development of the manufacturing sector across the globe are expected to propel the demand for forklift batteries. For instance: In April 2022, Kion Group AG, a German logistics equipment provider, announced the expansion of its lithium-ion battery manufacturing facility located in Karlstein am Main, Germany, which was opened in 2022 following its collaboration with BMZ Holding GmbH.

Forklift Battery Market Report Coverage

Forklift Battery Market
Forklift Battery Market

“Europe to hold a significant share in the market”

Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the high focus on sustainability and reducing carbon emissions in the region is the prime factor driving the adoption of sustainable solutions in the region. Further, the increasing use of electric forklifts and other electric equipment in manufacturing facilities, attractive government subsidies on the use of electric equipment, and growing manufacturing activity across the region is expected to drive the shipments of forklift batteries.

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  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
  • The study comprehensively covers the market across different segments.
  • Deep dive regional level analysis of the industry.

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1.1.Market Definitions
1.2.Main Objective
2.1.Research Process of the Forklift Battery Market
2.2.Research Methodology of the Forklift Battery Market
2.3.Respondent Profile
7.1.Lithium-ion Batteries
7.2.Lead-acid Batteries
7.3.Nickel-cadmium Batteries 
8.1.24 Volts 
8.2.36 Volts 
8.3.48 Volts 
8.4.72 Volt  
9.2.Wholesale Stores
9.3.Construction Sites
9.4.Manufacturing Industry
10.1.North America  
 10.1.3.Rest of North America
 10.2.6.Rest of Europe
 10.3.4.Rest of Asia-Pacific
10.4.Rest of the World 
11.1.Market Drivers
11.2.Market Challenges
11.3.Impact Analysis
14.1.Demand Side Analysis
14.2.Supply Side Analysis
18.1.Competitive Landscape
 18.1.1.Porters Fiver Forces Analysis
19.3.Flux Power Holdings Inc.
19.4.Exide Industries Ltd.
19.5.Amara Raja Batteries Ltd.
19.7.Narada Power Source Co. Ltd
19.8.Trojan Battery Company LLC
19.10.GS Yuasa International Ltd.

Research Methodology

         Research Methodology for the Forklift Battery Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global forklift battery market were the three major steps undertaken to create and analyze the adoption of forklift battery in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Forklift battery market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:


Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Forklift battery market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Forklift battery market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, voltage, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Forklift battery market. Further, we conducted factor analysis using dependent and independent variables such as increasing demand for material handling equipment a thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Forklift battery market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Forklift Battery market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of revenue (USD) and the adoption rate of the Forklift battery market across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the global Forklift battery market in terms of the product offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

 Forklift Battery Market
Forklift Battery Market

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Forklift Battery market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, voltage, and application in the global Forklift Battery market.

The main objective of the Global Forklift Battery Market Study

The current & future market trends of the global Forklift battery market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of the forklift battery market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of type, voltage, and application.
  • Define and analysis of the regulatory framework for the forklift battery
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
  • Analyze the current and forecast market size of the forklift battery market for the major region.
  • Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
  • Company profiles of the forklift battery market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?