Forklift Battery Market to Tap in USD 44.7 billion by 2032
In 2022, the global forklift battery market is valued at US$ 23.5 billion and is anticipated to expand at a CAGR of 6.6% CAGR over the 2022-2032 forecast period, according to a new market study by Fact.MR.
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.
“Increasing focus on reducing carbon footprint & harmful emissions will promote the sales of forklift batteries over the decade,” says a Fact.MR analyst
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.
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.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global forklift battery market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of type (lithium-ion batteries, lead-acid batteries, nickel-cadmium batteries, others), voltage (24 volts, 36 volts, 48 volts, 72 volts, others), and end user (warehouses, wholesale stores, construction sites, manufacturing industry, others), across five major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).