According to a new report by Allied Market Research, the forklift battery market was valued at $5.9 billion in 2022 and is projected to grow to $11.2 billion by 2032, registering a CAGR of 6.5% from 2023 to 2032.
Forklift batteries are rechargeable power sources designed to operate the electric motors, lifting mechanisms, and other electrical systems of electric forklifts. They are commonly available in 24V, 36V, and 48V configurations, with energy storage capacity measured in ampere-hours (Ah)—higher capacity batteries provide longer run times.
Key Market Drivers
- Economic and government incentives for clean energy adoption
- Improved energy efficiency
- Technological advancements in battery chemistry and management systems
Regional Insights
Asia-Pacific and North America dominated the market share in 2022, with strong industrial growth and adoption of electric forklifts.
Major Industry Players
- Iberdrola S.A.
- Amara Raja Batteries Ltd.
- EnerSys
- East Penn Manufacturing Co., Inc.
- EXIDE INDUSTRIES LTD.
- Trojan Battery Company, LLC
- GS Yuasa International Ltd.
- Flux Power
- Zhejiang Narada Power Source Co., Ltd.
- Electrovaya
The growing shift toward electrification of industrial fleets, coupled with evolving energy storage technologies, is expected to continue driving market expansion throughout the forecast period.
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