Forklift Battery Market Report 2026

The forklift battery market size has grown strongly in recent years. It will grow from $27.08 billion in 2025 to $28.81 billion in 2026 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to increasing warehouse automation, widespread use of lead acid batteries, rise in material handling equipment demand, early adoption of electric forklifts, growing industrial fleet electrification.

The forklift battery market size is expected to see strong growth in the next few years. It will grow to $38.5 billion in 2030 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to rising shift to lithium ion chemistries, growth in e commerce warehousing, increasing sustainability mandates, rising need for fast charging infrastructure, expansion of automated guided vehicles (agvs). Major trends in the forecast period include growing adoption of lithium ion forklift batteries, rising shift toward fast charging and opportunity charging solutions, increasing use of battery management systems in industrial fleets, expansion of electric forklifts in warehousing and logistics, growing demand for maintenance free and long life battery technologies.

The rise in construction activities is expected to drive the growth of the forklift battery market. Construction activities encompass the processes involved in delivering buildings, infrastructure, industrial facilities, and related projects throughout their life cycle. Forklift batteries are essential for powering electric forklifts, which are widely used on construction sites to move heavy materials and equipment. For example, in July 2023, the Australian Bureau of Statistics, a government agency, reported that 240,813 dwellings were under construction in the March 2023 quarter, up from 240,065 in 2022. Of these, 103,778 were new houses in 2023, compared to 101,240 in 2022. This growth in construction activity is driving increased demand for forklift batteries.

Key companies operating in the forklift battery market are prioritizing technological advancements, such as UTTL and UTL lithium-ion forklift models, to improve energy efficiency, operational uptime, and sustainability. UTTL and UTL lithium-ion forklift models integrate high-performance lithium-ion battery systems with rapid-charging and zero-maintenance features, enabling continuous operation and reduced lifecycle costs in material-handling environments. For example, in January 2024, Hyster Company, a U.S.-based industrial truck manufacturer, launched the J32-40UTTL and J30-70UTL forklift models equipped with factory-installed lithium-ion battery packs, fast-charging capability (reaching full charge in about 2.5 hours), opportunity-charging support, and zero battery maintenance requirements. While this trend supports fleet electrification, lowers total cost of ownership, and improves ergonomics, it also demands higher initial investment, upgraded charging infrastructure, and careful battery-system integration.

In March 2023, KION GROUP AG, a German company known for manufacturing lithium-ion batteries for forklift trucks, established a collaboration with Li-Cycle Holdings Corp. to implement an intricate process for recycling lithium-ion batteries. This partnership's primary objective is to create a closed-loop system for lithium recycling, with the goal of achieving an impressive recycling rate of up to 95%. Li-Cycle has been designated as KION's preferred global recycling partner, playing a crucial role in helping KION achieve its sustainability objectives. Li-Cycle Holdings Corp. is a Canadian company specializing in the recycling of lithium-ion batteries.

Major companies operating in the forklift battery market are EnerSys, GS Yuasa Corporation, Exide Technologies, East Penn Manufacturing Co. Inc., Anhui Heli Industrial Vehicle Battery Co. Ltd., Camel Group Co. Ltd., Exide Industries Limited, Amara Raja Batteries Limited, Zhejiang Narada Power Source Co. Ltd., Trojan Battery Company, Crown Battery Manufacturing, Hoppecke Batteries Inc., Flux Power Holdings Inc., Storage Battery Systems LLC, Navitas Systems, Electrovaya Inc., Microtex Energy Private Limited, DAEHAN Battery Co. Ltd., OneCharge Inc., GNB Industrial Power, Systems Sunlight, Douglas Battery, GMP Industrial.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs on imported battery cells, raw materials, and charging components have increased manufacturing and procurement costs for forklift batteries, particularly affecting lithium ion and advanced chemistries sourced from Asia Pacific. Warehousing, manufacturing, and construction applications experience the greatest impact due to high volume battery requirements. However, tariffs are encouraging domestic battery production, boosting local supply chain investment, and accelerating innovation in cost efficient industrial battery technologies.

The forklift battery market research report is one of a series of new reports that provides forklift battery market statistics, including forklift battery industry global market size, regional shares, competitors with a forklift battery market share, detailed forklift battery market segments, market trends and opportunities and any further data you may need to thrive in the forklift battery industry. This forklift battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

A forklift battery is a specific type of deep-cycle battery designed to supply power to electric forklifts. It plays a crucial role in the operation of electric forklifts, providing the necessary power for vehicle functionality and serving as a counterweight to ensure the forklift's stability, thus preventing tipping.

The primary varieties of forklift batteries include lithium-ion batteries, lead-acid batteries, nickel-cadmium batteries, and others. Lithium-ion batteries represent a modern battery technology that heavily relies on lithium ions in its electrochemical processes. These batteries come in various voltage options, such as 24-volt, 36-volt, 48-volt, 72-volt, and more, and find applications in diverse sectors like warehouses, manufacturing, construction, retail and wholesale operations, and more.North America was the largest region in the forklift battery market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the forklift battery market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the forklift battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The forklift battery market consists of sales of flooded lead-acid batteries, nickel-iron batteries and lithium-iron-phosphate batteries. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 1-3 business days.