Forklift Battery Market to tap in USD 44.7 billion by 2032

Forklift Battery Market to tap in USD 44.7 billion by 2032
Forklift Battery Market to tap in USD 44.7 billion by 2032

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.

Key Takeaways from Market Study

  • The global forklift battery market is projected to reach US$ 44.7 billion by 2032.
  • Asia currently represent 30% market share and
  • Lead-acid Batteries led the global market with 60% share at the end of 2022
  • Europe accounts for a dominant market share of around 45% of the global market
  • Growing adoption of electric forklifts in warehousing and manufacturing applications and technological advancements in forklift batteries are prominent factors driving market growth.

Which Type of Batteries are Most Widely Used in Forklifts?

“Low Self Discharge Property Makes Lead-acid Batteries the Preferred Choice”

The global forklift battery market, based on type, is segmented into lithium-ion batteries, lead-acid batteries, nickel-cadmium batteries, and others.

The market is set to exhibit high demand for lead-acid batteries going forward. This high demand for forklift lead-acid batteries can be ascribed to their durable and reliable nature as compared to other battery types.

These batteries also have the lowest self-discharge rate among all the types of batteries available on the market, which makes them the preferred choice for various applications. As a result, it is no surprise that the segment accounts for a commanding 60% share of the global market at present.

However, demand for forklift lithium batteries is anticipated to rise at a faster pace in the future owing to them being cost-effective and energy-efficient. Faster charging time, high recharge efficiency of more than 98%, and no cool-down period are some other prominent factors that will favor the sales growth of lithium-ion forklift batteries over the coming years.

Competitive Landscape

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.

These insights are based on a report on Forklift Battery Market by Fact.MR.