Forklift Battery Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Forklift Battery Market is Segmented by Battery Type (Lithium-Ion, Lead-Acid Battery, and Others ), Application (Warehouse, Manufacturing, Construction, Retail and Wholesale Stores, and Others) and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The Report Offers Market Size and Forecast of the Forklift Battery Market in Value (USD billion) for the Above-mentioned Segments.

Market Snapshot

Forklift Battery Market Size
Study Period: 2018-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: >7.83 %

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Market Overview

The forklift battery market was valued at USD 5 billion in 2021 and is estimated to surpass a net valuation of USD 8.47 with a solid CAGR of over 7.83% during the forecast period 2022-2027.

Recent COVID-19 has led to declining sales due to low industrial activities and growth. North America has witnessed a production decline of approximately 30% in Class 4-8 industrial truck production due to an economic slump, combined with a decline in new orders.

Countries like India, China, and ASEAN nations have been key growth enablers for demand for forklift batteries suffered badly during the COVID-19 crisis. Although after Q2 2021, demand for forklift batteries is seen in the growth phase owing to increased logistics and transportation activities across the globe.

Forklift batteries remained the much crucial component of the forklift trucks as these are called the powerhouse of trucks supplying high energy and power to trucks. In addition, battery chemistry, including lead-acid and lithium-ion, is the most prominently used battery in the power supply of these forklift trucks. Among these, lead acid batteries are utilized by most consumers owing to the economical cost of procurement. Lead acid batteries are preferred by all fork truck manufacturers as this helps to reduce the overall power supply costs. In addition, lithium-ion batteries are under the new battery chemistry introduced by battery manufacturers for forklift trucks to improve the material handling capabilities during dynamic operations. Also, lithium-ion batteries offer low battery charging time with prolonged power output.

Scope of the Report

A forklift battery refers to a battery that is used to power the forklift truck during different dynamic operations. The report covers a comprehensive study of the forklift battery market and relevant regulatory frameworks adopted by governments to promote the adoption of battery chemistry in the forklift truck segment.

The forklift battery market has been segmented by battery type into lithium-ion, lead-acid battery, and others, by application Warehouse, Manufacturing, Construction, Retail and wholesale stores, and others, and Geography by North America, Europe, Asia-Pacific, and the Rest of the World, with country-level analysis. For each segment, the market sizing and forecasting are based on value (USD billion).

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Key Market Trends

Lead-Acid Battery Is Expected to Witness High Growth

Among all the battery chemistry available for the forklift truck, lead acid has been found to be the most reliable in terms of power backup and cost. Manufacturers across the globe have preferred lead acid batteries as the only solution for power supply in commercial forklift trucks.

Discovered in the late 1920's lead-acid battery has made revolutionary changes in the segment of forklift trucks since its inception. These batteries are rechargeable and provide a high power-to-weight ratio for the forklift trucks, thus gauzing the manufacturers' attention. With a high power-to-weight ratio, these batteries have proved themself as the most reliable power-saving source in forklift trucks.

These batteries come in the combination of lithium and graphite, which carries high energy density and lower discharge rates compared to other available battery chemistry. In addition, the net weight of the complete battery module is comparatively much less, thus offering higher power output to the trucks during dynamic utility.

Moreover, lead-acid batteries require less maintenance compared to other battery chemistry, making them a perfect choice for manufacturers and consumers fighting with challenges of battery maintenance. Although with time after 2012, the lithium-ion battery has also emerged as another substitute for lead acid batteries in forklift trucks, the adoption rates of the lead-acid battery have been much prominent in the segment and are expected to increase during the forecast period 2022-2027.

Forklift Battery Market Report

Asia-Pacific likely to Exhibit the Highest Growth Rate during the Forecast Period

The Asia-pacific region has been the key growth enabler for the forklift battery market. The region is identified as the epicenter for battery production, with widely spared several downstream industries, including semiconductors, electronics, and chemicals. In addition, countries like China, South Korea, India, and ASEAN have been the major pillars of battery production globally.

During Covid-19, the demand for batteries reduced owing to lockdowns announced across the globe. Further, the production also got reduced after social distancing measures were announced by governments. Yet, this has affected the demand for forklift batteries moderately. Production has seen back in the growth phase soon after Q2 2021, and China leads the forefront to maintain strong supply chain abilities to deliver batteries to forklift truck manufacturers across the globe.

Transit agencies, warehouses, and logistics across various countries have been significantly promoting the adoption of forklift trucks to keep the process of material handling seamless. This helps the demand for the battery as the key power of the house of forklift trucks to grow. Therefore considering all the mentioned factors, demand for forklift batteries are expected to witness the highest growth in Asia-pacific during the forecast period 2022-2027.

Forklift Battery Market Outlook

Competitive Landscape

The market studied is captured by major players, like Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, Amara Raja Batteries Ltd., and Exide Industries Limited. The market is moderately fragmented, with the presence of several well-known players across the world.

Players are adopting several market penetration strategies, including aligning themselves with key forklift manufacturers and battery distributors to increase their market positioning. Although the present market is under the growth phase, which is driven by changing battery chemistry every ten years, battery manufacturers are consistently reflecting innovation in the present offerings.

Recent Development

  • In March 2022, Flux power launched a vista-based lithium-ion battery for the forklift truck segment. The company announced that this L-36 lithium-ion battery is capable of powering 3-wheel forklifts.
  • In July 2021, Hangcha launched new XH series 2.0t-3.5t electric forklift truck with high voltage lithium-ion batteries, which can be fully charged within one hour to power for up to 12 hours.
  • In July 2021, KION Group AG set up a new industrial truck plant in the Polish town of Kołbaskowo, near Szczecin. The site will produce counterbalance trucks for all brand companies within the KION Industrial Trucks & Services segment.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 PESTLE Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Battery Type

      1. 5.1.1 Lead-Acid

      2. 5.1.2 Lithium-Ion

      3. 5.1.3 Others

    2. 5.2 Application Type

      1. 5.2.1 Warehouse

      2. 5.2.2 Manufacturing

      3. 5.2.3 Construction

      4. 5.2.4 Retail & Wholesale Stores

      5. 5.2.5 Others

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Russia

        5. 5.3.2.5 Spain

        6. 5.3.2.6 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 India

        2. 5.3.3.2 China

        3. 5.3.3.3 Japan

        4. 5.3.3.4 South Korea

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 South America

        2. 5.3.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Crown Equipment Corporation

      2. 6.2.2 East Penn Manufacturing Company

      3. 6.2.3 Enersys

      4. 6.2.4 Amara Raja Batteries Ltd.

      5. 6.2.5 Exide Industries Limited

      6. 6.2.6 Storage Battery Systems, LLC

      7. 6.2.7 Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH

      8. 6.2.8 Flux Power Holdings Inc.

      9. 6.2.9 Narada Power Source Co. Ltd.

      10. 6.2.10 Trojan Battery Co. LLC

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The Forklift Battery Market market is studied from 2018 - 2027.

The Forklift Battery Market is growing at a CAGR of >7.83% over the next 5 years.

The Forklift Battery Market is valued at 5 Billion USD in 2018.

The Forklift Battery Market is valued at 8 Billion USD in 2027.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, Amara Raja Batteries Ltd., Exide Industries Limited are the major companies operating in Forklift Battery Market.

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