The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

 

 

The forklift battery market has witnessed robust growth, escalating from $23.76 billion in 2023 to an estimated $25.67 billion in 2024. This impressive growth is underlined by a compound annual growth rate (CAGR) of 8.0%. The industrial growth, the surge in e-commerce, increased adoption of alternative energies, and the growing demand for lithium-ion forklift batteries have been pivotal factors contributing to this expansion.

 

 

Anticipating Strong Growth Ahead

The trajectory for the forklift battery market continues to climb, with projections indicating a further increase to $33.45 billion by 2028, showcasing a CAGR of 6.8%. The anticipated growth in the forecast period can be attributed to the increasing demand for electric forklifts, a growing emphasis on green initiatives, government support, the rising demand for material handling, and an upswing in fuel cell forklifts.

 

 

Increasing Construction Activities Propel Growth in the Forklift Battery Market

Empowering Construction Activities

The forklift battery market is set to receive a significant boost from the increasing construction activities globally. Construction processes, spanning from building delivery to the end of their life cycles, heavily rely on electric forklifts powered by forklift batteries. With the global construction output projected to surge by 42%, reaching $15.2 trillion by 2030, the demand for forklift batteries in construction is poised for substantial growth.

 

 

Companies in Forklift Battery Market Embrace Lithium-Ion Technology

Lithium-ion Technology Takes Center Stage

Major players in the forklift battery market are strategically shifting towards lithium-ion technology to enhance performance and sustainability. Lithium-ion batteries, with their maintenance-free nature, zero emissions, charging flexibility, and extended performance, are becoming the preferred choice. Flux Power Holdings Inc., for instance, introduced a lithium-ion battery pack for 3-wheel forklifts in March 2022, promising better efficiency and reliability than conventional lead-acid batteries.

 

 

Kion Group AG Partners with Li-Cycle Holdings Corp. for Sustainable Recycling

Advancing Sustainable Practices

In a move towards sustainability, KION GROUP AG, a German forklift truck battery producer, joined forces with Li-Cycle Holdings Corp. in March 2023. The partnership focuses on the recycling of lithium-ion batteries through an intricate process, aiming to achieve an impressive recycling rate of up to 95%. Li-Cycle Holdings Corp., recognized as KION’s preferred global recycling partner, aligns with KION’s commitment to sustainable practices in battery recycling.

 

 

Market Segmentation and Regional Dynamics

Diverse Offerings and Global Expansion

The forklift battery market presents diverse segmentation to cater to varied applications:

1. Type: Lithium-Ion Battery, Lead-Acid Battery, Nickel-Cadmium Battery, Other Types
2. Voltage: 24 Volt, 36 Volt, 48 Volt, 72 Volt, Other Voltages
3. Application: Warehouses, Manufacturing, Construction, Retail and Wholesale Stores, Other Applications

 

 

Regional Dynamics

In 2023, North America led the forklift battery market, underscoring the region’s significance in the industry. Looking ahead, Asia-Pacific is slated to emerge as the fastest-growing region in the forecast period, reflecting the global nature of the forklift battery market.

 

 

Major Trends Shaping the Forklift Battery Market’s Future

Adaptation and Innovation

The forecast period brings forth several major trends shaping the future of the forklift battery market:

• Advancements in Battery Technology: Constant evolution and improvement in battery technology.
• Automation and Robotics Integration: Integration of forklifts with automation and robotics for enhanced efficiency.
• Smart Battery Management: Utilizing smart technologies for effective battery management.
• Transition to Lithium-Ion Technology: A widespread shift towards lithium-ion technology for improved performance.
• Wireless Charging Technology: Adoption of wireless charging solutions for convenience.
• Advanced Battery Testing and Diagnostics: Incorporating sophisticated testing and diagnostic capabilities.
• Energy-Efficient Material Handling Solutions: Focus on sustainable and energy-efficient material handling practices.

 

 

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The Forklift Battery Global Market Report 2023  provides an overview of the forklift battery market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The forklift battery market forecast analyzes forklift battery market size, forklift battery market share, leading competitor and their market positions.

 

 

The Table Of Content For The Forklift Battery Market Include:

1. Forklift Battery Market Executive Summary
2. Forklift Battery Market Segments
3. Forklift Battery Market Size And Forklift Battery Market Growth Rate
4. Key Forklift Battery Market Trends
5. Major Forklift Battery Market Drivers
……
25. Key Mergers And Acquisitions In The Forklift Battery Market
26. Top Forklift Battery Companies
27. Forklift Battery Market Opportunities And Strategies
28. Forklift Battery Market, Conclusions And Recommendations
29. Appendix

 

 

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