Forklift Battery Market to Reach US$ 43.1 Bn by 2031: TMR Study

Electrification of forklifts in various end-use industries to propel growth of forklift battery market; abundant opportunities in warehousing operations application and manufacturing sector

Wilmington, Delaware, United States, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - A comprehensive assessment of insights on the forklift battery market over the years indicate that lithium-ion batteries and lead-acid batteries have been widely adopted in powering forklifts in various operations. Urge of manufacturing sector worldwide to reduce carbon footprint has led to electrification of forklifts, thus fueling the sales of forklift battery market. The market is projected to expand at CAGR of 6.8% from 2022 to 2031, the forecast period.

Rise in warehouse and logistics center together with shift toward electric forklifts has augmented the market value of forklift battery. An ebullient e-commerce sector globally has spurred the expansion of the warehousing and logistics sector, which has reinforced the prospects of forklift battery market. The warehouses segment held a major market share for forklift battery amounting to 30.1% in 2021.

Ongoing R&D on novel battery technologies such as sodium-sulfur battery will open up new frontiers for firms in forklift battery market. Of the various capacities, 36 Volts battery is widely used. Rise in demand for 3-wheel and 4-wheel forklifts will reinforce the prospects.

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Key Findings of Forklift Battery Market Study

  • Electrification of Forklifts in Warehouse and Manufacturing Industries Steer Revenue Generation: Businesses in warehouse and manufacturing industries are leaning on replacing fossil-fueled forklifts with electric forklifts. This has steered massive revenue streams for players in forklift battery market. Apart from this, the demand for the product is also lucrative due to the adoption of electric forklifts in retail, and food and beverages sectors.

  • Need for Durable and Reliable Batteries to Open Up New Revenue Streams: Need to adopt durable and high-performance batteries will open up profitable avenues in the forklift battery market. This might help end users to benefit from grid-scale energy storage systems.

  • Lithium-ion Batteries to Gather Popularity: Lithium-ion batteries have emerged as a popular product category, mainly due to their energy efficiency and cost-effectiveness. Additionally, they also score well on recharge efficiency. In the coming years, the segment is projected to expand at a promising pace during the forecast period, which will augment the market value of forklift battery considerably.

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Forklift Battery Market: Key Drivers

  • Focus on advancements in forklift operations particularly the adoption of autonomous forklifts in various industries such as construction, warehouse, and manufacturing, is driving the demand for forklift batteries.

  • Shift toward electric forklifts away from diesel-powered counterparts is driven by the several cost and performance advantages of the former. Emphasis of the industry players in the manufacturing sector on reducing the carbon footprint will drive the demand in forklift battery market.

Forklift Battery Market: Regional Growth Dynamics

  • Europe held a major share of the global forklift battery market in 2021, and is expected to expand at a promising pace during the forecast period. The study has found that Germany is a key market in the region.

  • Asia Pacific is also a lucrative regional market. It held a share of 31% in the same year. Rapidly expanding demand from multiple end-use industries in developing economies of the region, including India, China, and Brazil, are invigorating the revenue streams in the Asia Pacific market.

Forklift Battery Market: Key Players

The competition landscape is consolidated with relatively few vendors accounting for a majority of control over demand and supply in the market. Some of the key players are Crown Equipment Corporation, Iberdrola, Electrovaya, OneCharge, Trojan Battery Company, LLC, Narada Power Source Co. Ltd., GS Yuasa International Ltd., Flux Power Holdings Inc., ENERSYS, Amara Raja Batteries Ltd., and Exide Industries Ltd.

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Forklift Battery Market Segmentation

  • Type
    • Lithium-ion Battery
    • Lead-acid Battery
    • Nickel-cadmium Battery
    • Others
  • Voltage
    • 24 Volt
    • 36 Volt
    • 48 Volt
    • 72 Volt
    • Others
  • End-user
    • Warehouses
    • Wholesale Stores
    • Construction Sites
    • Manufacturing Industry
    • Others


  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa


  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia & CIS
  • China
  • Japan
  • India
  • GCC
  • South Africa
  • Mexico
  • Brazil

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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