Forklift Battery Market Forecasts to 2030 – Global Analysis By Type (Lead-Acid, Lithium-Ion, Nickel-Cadmium, Sodium-sulfur Battery, Ni-MH Battery, Fuel Cells and Other Types), Voltage (24 Volts, 36 Volts, 48 Volts and 72 Volts), Sales Channel, Application

Forklift Battery Market Forecasts to 2030 – Global Analysis By Type (Lead-Acid, Lithium-Ion, Nickel-Cadmium, Sodium-sulfur Battery, Ni-MH Battery, Fuel Cells and Other Types), Voltage (24 Volts, 36 Volts, 48 Volts and 72 Volts), Sales Channel, Application and By Geography

According to Stratistics MRC, the Global Forklift Battery Market is accounted for $6.55 billion in 2024 and is expected to reach $10.73 billion by 2030 growing at a CAGR of 8.56% during the forecast period. Industrial environments require forklift batteries as a reliable source of power for heavy lifting and maneuvering. These batteries are made to resist the rigors of repeated cycles of charging and discharging; they are usually lithium-ion or lead-acid. In order to meet the unique needs of various forklift models and operational requirements, forklift batteries are sized based on voltage and amp-hour capacity. Moreover, longevity and peak performance are dependent on proper maintenance, which includes routine watering and equalization charging.

According to the European Federation of Material Handling, Innovative technologies such as automation and robotics are revolutionizing the logistics industry, enhancing efficiency and safety in warehouse environments.

Market Dynamics:

Driver:

Increasing automation in warehouses

Forklift batteries are essential to supporting this transformation as the trend toward warehouse automation gains momentum. They enable streamlined operations and effective material handling by supplying the power required for automated systems like robotic picking systems and automated guided vehicles (AGVs). Additionally, real-time battery usage monitoring and optimization are made possible by the integration of Internet of Things (IoT) technology, which raises the effectiveness and dependability of warehouse automation procedures even further.

Restraint:

Expensive initial outlay

The substantial initial outlay needed is one of the main barriers to the widespread use of forklift batteries. When considering their initial purchase price, electric forklifts with battery power tend to be more expensive than those with internal combustion engines. Furthermore, the initial investment burden for businesses is further increased by the cost of infrastructure upgrades, such as the installation of charging stations and the implementation of battery management systems.

Opportunity:

Alternative battery chemistry emerges

The market for forklift batteries is becoming more innovative and diversified as alternative battery chemistries like solid-state, hydrogen fuel cells, and lithium-ion batteries become more prevalent. Compared to conventional lead-acid batteries, these alternative technologies have benefits like higher energy density, quicker charging times, and longer lifespans. Moreover, businesses that make these kinds of research and development investments stand to benefit from a competitive edge as they meet consumer demands for battery solutions that are more efficient and clean.

Threat:

Raw material costs and disruptions in the supply chain

The production of forklift batteries is dependent on a convoluted international supply chain and raw materials like cobalt, lead, and lithium. Geopolitical tensions, natural disasters, trade restrictions, or other factors can cause supply chain disruptions that affect production costs and profitability by causing shortages and price volatility. Additionally, changes in the cost and availability of raw materials can put battery makers under even more cost pressure, which can have an impact on their pricing policies and profit margins.

Covid-19 Impact:

The market for forklift batteries has seen a variety of effects from the COVID-19 pandemic. Forklifts and related equipment saw a decline in demand at first due to widespread lockdowns and disruptions to manufacturing and supply chains, which had an impact on sales and production volumes. However, as companies adjusted to new safety regulations and saw a rise in e-commerce, the market for material handling equipment, such as forklifts, and warehouse automation saw a recovery. Businesses looking to reduce their reliance on manual labor and increase operational flexibility were driving demand for electric forklifts powered by batteries. This demand was further fueled by the shift towards online shopping and the need for efficient logistics solutions.

The Lead-Acid segment is expected to be the largest during the forecast period

The lead-acid battery segment holds the largest market share in forklift batteries. Forklifts have historically used lead-acid batteries because of their durability, affordability, and well-established recycling and disposal systems. But because of their higher energy density, longer lifespan, and quicker charging times, lithium-ion batteries are becoming more and more popular. Moreover, lead-acid batteries continue to rule the market in spite of this, especially in sectors where affordability and a track record of dependability are valued more highly than sophisticated features.

The 72 Volts segment is expected to have the highest CAGR during the forecast period

In the forklift battery market, the 72-volt segment presently has the highest CAGR. The 72-volt category denotes high-power battery systems that are generally employed in heavy-duty industrial settings where longer operating times and higher lifting capacities are necessary. Larger forklift models that operate in harsh environments like ports, manufacturing plants, and warehouses with high throughput requirements frequently use these batteries. Additionally, the robust growth of the segment is attributed to the growing need for reliable and efficient material handling equipment, as well as advancements in battery technology that improve the performance and dependability of 72-volt systems.

Region with largest share:

The Asia-Pacific region holds the largest market share for forklift batteries. Numerous factors, such as the region's thriving manufacturing sector, fast industrialization, and the presence of significant forklift manufacturers, contribute to this dominance. Significant market growth is being driven by the expansion of the e-commerce, automotive production, and logistics industries in countries like China, Japan, and South Korea. Furthermore, the need for forklift batteries in the area is also being driven by government programs encouraging the use of electric vehicles and strict emission standards.

Region with highest CAGR:

Latin America has the highest CAGR in the forklift battery market. Numerous factors, such as the region's growing industrialization, the development of its infrastructure, and the uptake of electric vehicles, are contributing to this growth. Significant investments in the manufacturing and logistics sectors are occurring in countries like Brazil, Mexico, and Argentina, which is increasing demand for material handling equipment like forklifts. Moreover, stricter environmental laws and a focus on sustainability are also hastening the transition to battery-powered electric forklifts.

Key players in the market

Some of the key players in Forklift Battery market include EnerSys, Amara Raja Batteries Ltd., Discover Energy Corp., Johnson Controls, East Penn Manufacturing Co., Inc., Iberdrola S.A., Storage Battery Systems, LLC, Flux Power Holdings Inc., Chloride Batteries S.E., Exide Industries Ltd., Total SA, Navitas Systems LLC, GS Yuasa International Ltd., Crown Equipment Corporation, Microtex Energy Private Limited , Trojan Battery Company, LLC and Midac S.p.A.

Key Developments:

In May 2024, Stored energy technologies provider EnerSys has entered into a definitive agreement to acquire for $208 million Bren-Tronics, a manufacturer of portable power products for defense customers. EnerSys said Thursday it expects to close the all-cash transaction by the second quarter of 2024.

In April 2024, Amara Raja Batteries Limited, a leading battery manufacturing company, has secured a significant contract with Greenko Energies Private Limited. The contract entails the supply and installation of a battery energy storage system (BESS) for Greenko's integrated renewable energy project.

In July 2023, Johnson Controls, a global leader for smart, healthy, and sustainable buildings announces an agreement with Constellation (NASDAQ: CEG), the nation’s largest producer of carbon-free energy, to support the development of two new solar plants and match the power needs of four major Johnson Controls manufacturing and research and development facilities.

Types Covered:
• Lead-Acid
• Lithium-Ion
• Nickel-Cadmium
• Sodium-sulfur Battery
• Ni-MH Battery
• Fuel Cells
• Other Types

Voltages Covered:
• 24 Volts
• 36 Volts
• 48 Volts
• 72 Volts

Sales Channels Covered:
• OEM
• Aftermarket

Applications Covered:
• Warehouses
• Manufacturing
• Construction
• Retail and Wholesale Stores
• Distribution Centers
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements