The global forklift battery market is valued at US$ 23.5 billion in 2022 and is anticipated to reach to a market valuation of US$ 44.7 billion by the end of 2032. This noteworthy jump in market size is because worldwide sales of forklift batteries are predicted to increase at a high-value CAGR of 6.6% over the next ten years.
Europe accounts for a dominant market share of around 45% of the global market, primarily due to the high adoption of electric forklifts across the continent, which can be linked to the high focus on sustainability in the region.
The market is expected to be driven by increasing industrialization, rapid expansion of the e-Commerce industry, growing warehousing activities, increasing focus on sustainability, and advancements in forklift battery technologies. Growing use of electric forklift trucks and other electric material handling equipment is expected to bolster forklift battery demand over the next ten years.
Forklift battery vendors are focusing on collaborations, partnerships, and mergers to enhance their market presence and increase revenue generation capacity.
- In March 2022, Exide Industries Ltd., a leading battery manufacturer, entered into a collaborative agreement with SVOLT Energy Technology Co. Ltd. Through this collaboration, Exide will use SVOLT’s licensed technology to manufacture lithium-ion cells in India.
Key Takeaways from Market Study
- Currently, the forklift battery market stands at a value of US$ 23.5 billion.
- From 2022 to 2032, the forklift battery market is set to evolve at a high-value CAGR of 6.6%.
- By 2032, the market is estimated to reach a valuation of US$ 44.7 billion.
- Growing focus on sustainability, subsidies for the use of electric industrial equipment, advancements in battery technology, and rapid industrialization are expected to primarily drive market growth over the coming years.
- High cost of lithium-ion batteries is projected to have a restraining effect on overall demand for forklift batteries.
- The Europe forklift battery market currently accounts for a significant market share of 45%.
- The market in Asia Pacific accounts for 30% share of the global forklift battery industry.
Forklift battery manufacturers are focusing on the research and development of innovative batteries and battery management solutions to optimize efficiency and costs.
detailed account of all the strategies adopted by major and minor market players has been listed in this new forklift battery market study by Fact.MR, a market research and competitive intelligence provider.
Forklift battery manufacturers are focusing on expanding their business scope by increasing their production capacity and launching new products that are incorporated with advanced technologies.
- 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.
- In December 2021, Eternity Technologies, a leading industrial battery manufacturer, launched a new line of batteries designed specifically for material handling applications such as forklifts. QUASAR, Carbon Nano Motive batteries are capable of being fully charged in four hours and hold up to 50% more power.
Key Companies Profiled
- Flux Power Holdings Inc.
- Exide Industries Ltd.
- Amara Raja Batteries Ltd.
- Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
- East Penn Manufacturing Industry Company
- Narada Power Source Co. Ltd