From GlobeNewswire: 2025-06-03 08:48:00

The global forklift battery market is on the rise due to the growing shift towards electric forklifts and increased industrialization globally. The market is expected to reach $9.23 billion by 2031, with a CAGR of 6.6%. Forklift batteries are essential for providing power to forklifts and other industrial trucks, with lithium-ion batteries gaining popularity for their efficiency and sustainability.

The expansion of warehousing and e-commerce is driving the demand for forklifts and forklift batteries. The e-commerce sector is growing rapidly, with companies like Amazon investing in battery-powered forklift fleets to support efficient warehouse operations. The North American market, including the US, Canada, and Mexico, is witnessing growth due to increased construction activity and commercial vehicle production.

In 2024, Asia Pacific dominated the forklift battery market, followed by Europe and North America. The market is segmented based on type (lithium-ion, lead-acid), capacity (0-600 Ahr, 600-1200 Ahr, above 1200 Ahr), and application (manufacturing, construction, warehouse & logistics, automotive, retail & wholesale stores). The lead-acid segment and manufacturing applications led the market in 2024.

Key players in the forklift battery market include companies like EnerSys, Crown Equipment Corp, and TotalEnergies SE. Recent investments include Exide Industries Ltd’s capital infusion in Exide Energy Solutions for a new lithium battery manufacturing facility. The market is trending towards forklifts, lithium-ion batteries, pallet trucks, and electric forklift trucks.

The rise of e-commerce and industrialization is driving the growth of the forklift battery market. Electric forklifts are preferred for indoor environments due to their clean and efficient performance. Innovations in fast-charging technology and Battery-as-a-Service models are shaping the market’s future. Stakeholders can leverage the insights from The Insight Partners’ report to navigate and capitalize on market opportunities.



Read more at GlobeNewswire: Forklift Battery Market Size Expected to reach US$ 9.23