Global Forklift Battery Market Size to Hit $48.65 Billion by 2034: Fact.MR

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Jun 26, 2024, 10:01 ET

Adoption of Li-ion Forklift Batteries Enhancing Dependability and Efficiency of Material Handling

ROCKVILLE, Md., June 26, 2024 /PRNewswire/ -- According to a recently updated industry report by Fact.MR, worldwide revenue from Forklift Battery Market is set to reach US$ 25.67 billion in 2024 and further rise at 6.6% CAGR from 2024 to 2034. Lithium-ion (Li-ion) batteries and other advancements in battery technology are transforming forklift operations by contributing to increased energy efficiency.

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Compared to conventional lead-acid batteries, Li-ion batteries have higher energy efficiency, a longer lifespan, and faster charging speeds. By lowering maintenance requirements and downtime, these advances help manufacturers maximize forklift operations, which boosts overall productivity and lowers costs. As a result, the transition to Li-ion batteries is picking up speed quickly and is significantly increasing the dependability and efficiency of material handling procedures.

Demand for forklift batteries is increasing in Germany because of the rapid shift to electric forklifts, which is being pushed by pollution regulations and environmental concerns. As electric forklifts are believed to be more cost-effective and ecologically benign over the long run, the need for forklift batteries is growing. Due to advancements in battery technology, forklift batteries now operate more effectively and last longer, which is appealing to businesses looking to replace their equipment in the country.

Key Takeaways from Market Study

The global forklift battery market is projected to reach US$ 48.65 billion by the end of 2034.
North America is analyzed to account for 26.7% of the global market share by 2034.
Sales of lead-acid batteries are evaluated to reach US$ 28.51 billion by the end of 2034.
The United States is estimated to account for 81.4% market share in North America in 2024.
The France market is forecasted to expand at a CAGR of 6.8% from 2024 to 2034.
Revenue from the sales of forklift batteries in the United Kingdom is forecasted to ascend to US$ 1.59 billion by the end of 2034.
The market in Western Europe is set to reach a valuation of US$ 5.47 billion in 2024.

"Adoption of battery-operated forklifts is being driven by an increasing focus on sustainability and lowering emissions from fossil fuels; this trend is projected to support demand for forklift batteries through 2034," says a Fact.MR analyst.

Key Companies Profiled: OneCharge, Electrovaya, Flux Power Holdings Inc., Exide Industries Ltd., Amara Raja Batteries Ltd., EnerSys, Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, East Penn Manufacturing Industry Company, Narada Power Source Co. Ltd., Trojan Battery Company LLC, Iberdrola, GS Yuasa International Ltd., Crown Equipment Corporation.

Cost-effectiveness of Lead-acid Batteries Driving Their Use in Forklifts

Lead-acid batteries for forklifts are in great demand because they are more dependable and long-lasting than other battery types. These batteries are the best option for a variety of applications as they have the lowest self-discharge rate of any battery type on the market. During the projection period, the lead-acid battery category will hold a significant worldwide market share. The cost-effectiveness and energy efficiency of these batteries are driving their demand.

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Recent Developments:

Key competitors in the forklift battery market are focusing on expanding their business by increasing manufacturing capacity and introducing new products that combine modern technology.

In January 2024, Hyster announced Power Cellect, an optional package for 27 Hyster electric forklift models that enables easy switching between low-maintenance battery alternatives.

BSL New Energy Technology Company introduced a 24-volt lithium-ion pallet jack battery and charger with a 20-year lifespan in November 2023.

Kion Group AG extended its lithium-ion battery production facility in Karlstein am Main, Germany, in April 2022 as part of a collaboration with BMZ Holding GmbH.

In December 2021, Eternity Technologies introduced QUASAR, Carbon Nano Motive batteries, developed for material handling applications like as forklifts, with a four-hour full charge and 50% more power.

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Market for lead acid batteries is valued at US$ 57.1 billion, with projections estimating it will reach US$ 96.5 billion by the end of 2033.

Forklift truck market is projected to be valued at US$ 62,252.2 million in 2024. With a compound annual growth rate (CAGR) of 7.5% expected through 2034, the market is anticipated to reach a valuation of US$ 128,303.7 million by the end of 2034.

Lithium-ion Battery Cathode Market Analysis by Cylindrical, Prismatic, and Polymer Cell Lithium-ion Battery Cathodes from 2023 to 2033

Lithium-ion battery pack market size is estimated at US$ 63.32 Billion in 2023, and is projected to reach US$ 88.46 Billion by 2033.

Lead Acid Battery Market Analysis by Flooded, Gel, and AGM for Transportation, Motive Industrial, Stationary Industrial, Commercial, Residential, and Grid Storage from 2023 to 2033

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the forklift battery market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on type (lithium-ion batteries, lead-acid batteries, nickel-cadmium batteries), voltage (24 volts, 36 volts, 48 volts, 72 volts), and end user (warehouses, wholesale stores, construction sites, manufacturing industry), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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