Forklift Battery Market Size, Share, Growth Analysis, By Battery type(Lead-Acid, Lithium-Ion, and Others), By Application(Warehouses, Manufacturing, Construction, Retail & Wholesale Stores), By Region - Industry Forecast 2024-2031

Forklift Battery Market size was valued at USD 4.90 Billion in 2022 and is poised to grow from USD 5.17 Billion in 2023 to USD 7.93 Billion by 2031, at a CAGR of 5.50% during the forecast period (2024-2031).

They can produce substantially more power despite having a reduced volume of cells since they have a low energy-to-weight and energy-to-volume ratio. They are therefore frequently used in warehouses, manufacturing facilities, building sites, and retail establishments. The market's expansion is further aided by the widespread use of electric forklifts across sectors. Numerous product improvements, such as the creation of rapid battery charging systems for reduced downtime and extended forklift operational life, are also contributing to the industry's growth.

For instance, A lithium-ion battery for forklift trucks based on Vista was introduced by Flux Power in March 2022. The L-36 lithium-ion battery can power 3-wheel forklifts, according to the manufacturer. Along these lines, the use of forklift batteries for home purposes is fostering market expansion. Solar and off-grid energy systems can be powered by lead-acid batteries because they are very recyclable. The market is predicted to rise as a result of a number of other reasons, such as the widespread adoption of green logistics and the implementation of advantageous government policies supporting sustainable infrastructural development.

US Forklift Battery Market is poised to grow at sustainable CAGR for the next forecast year.