Electric Forklift Batteries Market

Market Overview

According to Reed Intelligence the Global Electric Forklift Batteries Market Size will approximately grow at a CAGR of 8.5% during the forecast period.

Electric forklifts are the vehicles which handle the material which use electric motors to power the lifting mechanism and the wheels. These lifters are generally used in indoor environments, such as warehouses and factories, where there are strict emissions regulations.

Forklift batteries are the important component of the forklift trucks as these are called the powerhouse of trucks supplying high energy and power to trucks. The formation and the components include lead-acid and lithium-ion which is the most prominently used battery in the power supply of these forklift trucks. Among these, lead acid batteries are utilized by most of the consumers owing to the economic cost of procurement. Lead acid batteries are preferred by all fork truck manufacturers as this helps to reduce the overall power supply costs, while 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. Lithium-ion batteries offer low battery charging time with prolonged power output.

Lithium-ion forklift batteries are more energy-efficient and charge faster than lead-acid batteries, saving you time and money. The Lithium-ion forklift batteries do not require traditional maintenance like watering or equalizing.

The technological advancements and reduction of use of fuel drives the market of the Electrical forklift batteries in various regions globally.

Market Dynamics

Electric Forklift Batteries Market Drivers

• Advancements In The Battery Technology

The advancements in battery technology in the electrical forklifts has increased the efficiency of the operations carried out in the manufacturing and logistics processes. The charging capabilities lead to high power outputs. The batteries with improved lifespan can increase the durability of the work which reduces the risk of frequent replacement. The owner can afford buying the battery rather than spending on the traditional forklifts which consume fuel which reduces the cost of using the forklifts. The advancements in the battery technology also help in reducing its impact on the environment by reducing the chances of pollution caused due to fuel consumption.

• Increased Adoption Of Electric Forklifts

The Electric forklifts have less impact on the environment as compared to the conventional gas powered which leads to toxic emissions. The industries are shifting towards electrical forklifts due to its features and convenience. There is an increase in demand for Electrical forklift due to its durable batteries which last long. The increase in retail and manufacturing plants due to increasing population of various regions the market is growing. The businesses `are investing more in research and development of the electrical forklifts to carry out more efficient and time saving operations in the facilities to increase the productivity. To reduce then excessive consumption of natural resources the businesses are shifting towards more electrical devices.

Electric Forklift Batteries Market Restraints

• High Cost

The cost of the electric forklifts is higher as compared to the conventional forklifts. This is because the components used in the electrical forklift are expensive. The business which invests in the electrical forklifts have to increase the costs of the products. This may restrict the purchase of the products. All these factors can restrict the businesses to invest in the electrical forklifts or bring any innovation in its products. This may result in slow operations in the industries dur to use of conventional forklifts which may cause bad effects on the environment. The affordability of the business is the major factor while investing in the electrical forklifts.

Market Scope

Segmental Analysis

Segment by Type

• Lead-Acid Batteries

Lead-Acid forklift batteries are rechargeable batteries with a very high power-to-weight ratio and are sought after due to their lower cost. They are known as motive batteries and are also known as the vehicle's motor. The common car battery weighs about 40 lbs on average, but a forklift battery can be between 800 to 4,000 lbs. Lead Acid battery costs around 5000$-12000$ depending upon the size and specs. The most common type of lead-acid battery used in forklifts is the flooded lead-acid battery. These batteries have a liquid electrolyte topped off using water after regular intervals. There are also sealed lead-acid batteries available. These batteries do not require water but are more expensive than flooded lead-acid batteries. The lifespan of a lead-acid battery in an electric forklift is typically 3-5 years.

• Lithium-Ion Batteries

Lithium-Ion forklift batteries are the ones which are rechargeable lithium and graphite batteries with a very high energy density, low discharge rate and no memory loss. While lithium is a much lighter material, these batteries also require a machine to move, weighing between 500 to 2,500 lbs. There is an additional metal plate to help provide additional weight to keep the forklift from tilting when carrying heavy loads. They require maintenance very rarely and saves the cost. Lithium-ion batteries generally last about 2,000-3,000 cycles which is almost double of the battery time of Lead Acid Battery. Lithium-ion batteries can provide a constant high-power supply which does not decline as the battery discharges. This means that the forklift will run with the same performance regardless of what the State of Charge (SOC) level is. It leads to increase in productivity.

Segment by Application

• Industrial

Electric forklifts are generally used in manufacturing processes to move materials from one place to another in the factory. They are usually used with automated guided vehicles (AGVs) which helps to create a more efficient and productive manufacturing process. They are used in warehouses to move pallets of goods around the facility. They are often used with racking systems to safely and efficiently store goods in the racks. Electric forklifts are used in distribution centres to move goods from receiving to shipping. They are usually used with conveyor systems for a more efficient and streamlined distribution process. They are also used with shelving systems to store merchandise safely and efficiently.

• Commercial

Electric forklifts have many advantages over traditional gas-powered forklifts. They have many advantages, such as there are lower emissions which makes them less toxic to the environment. The electric forklifts do not require fuel to operate. This reduces its cost making it more affordable. The operations are carried out with minimal sound, which reduces noise pollution. They do not catch fire like the gas-powered forklifts, making them a safer option. They are used in airports to handle cargo containers to move goods in the facility. They are also used in cold storage environments as they can operate efficiently in low temperatures, do not need ventilation, and handle goods efficiently in refrigerated storage facilities.

Regional Analysis

North America

The expansion of warehouse spaces & manufacturing industry is increasing the demand for Electric Forklifts in US. The continuous technological advancements in battery technology and the growing retail industry are expected to drive the Canadian forklift battery market. The key players in the market are opening warehouses to cope up with the demands of the expanding e-commerce and retail industries in the region. As the warehouse operators require a forklift to transport and organize their items. Hence the forklift battery market is expected to grow in the region. The growth of the retail and manufacturing sector in the region is driving the electric forklift market in the region.

Europe

The government of France offers several incentives for businesses that purchase electric forklifts, such as tax breaks and subsidies. It has made it affordable for industries in France to purchase electric forklifts for the purpose of operations in retail and manufacturing industry. The use of Electric Forklifts is increasing in the region rapidly. In 2021, electric forklifts accounted for 35.2% of the total forklift market in Germany, which was 25% in 2016. The food and beverage industry are a major driver of growth in the electric forklift market in Germany. This is because the food and beverage industry have strict hygiene requirements. Electric forklifts are a good option for the food and beverage industry because they do not produce emissions or fumes that can contaminate food products. Electric forklifts accounted for over 60% of all new forklifts sold in the UK in 2021. This indicates the demand for electric forklift batteries in the region.

Asia Pacific

The Electric forklift battery market in Asia Pacific is expected to grow at CAGR of 8.2% from 2023 to 2031. The forklift battery market is growing significantly in several countries due to the rising industrialization and urbanization in Asia Pacific. The increased industrialization in Asia Pacific countries can be attributed to government support for the proliferation of manufacturing industries, and low operating costs in the region due to cheap labour wages. The Indian government has launched the Make in India campaign to encourage companies to set their manufacturing units in India and boost the domestic manufacturing industry. The implementation of this campaign was done successfully and the government is providing subsidies to investors. The Chinese government has launched “Made in China 2025” plan to increase investments in its manufacturing industry for becoming a global high-tech manufacturing region. This is increasing the demand of Electric forklift battery market in the region.

South America

The Electric forklift battery market is expected to grow at a CAGR of 5.6%. Brazil is the largest manufacturing region in South America. The use of Electrical forklift is majorly done in the manufacturing industry. Thus, electrical forklifts are popular in the region. In 2019, the government launched the Rota 2030 program, which aims to reduce greenhouse gas emissions by 43% by 2030. The program includes incentives for the purchase of electric vehicles, including electric forklifts. Hid drives the demand for electrical forklifts and electrical forklift batteries. In Columbia the market faces challenges such as high costs and lack of technological advancements.

Middle East and Africa

There is a steady growth of Electric Forklifts batteries market in the region due to lack of awareness and technological advances. The business is not so well developed and hence cannot afford investing in the electrical forklifts. This affects the market of the forklifts in the region.

Key Players

1. Triathlon Batteries Solutions
2. EnerSys
3. PowerCan
4. Camel Group Co
5. Tianneng Group
6. HAWKER
7. Hoppecke
8. KOBE
9. GS Yuasa
10. Faam
11. Zibo Torch Energy Co
12. Yantai Goldentide Unikodi Battery Co
13. Leoch International Technology Limited
14. Anhui Xunqi

Recent Developments

2023: Xinyi Solar announced the launch of a new line of bifacial solar panels that are made with TOC photovoltaic glass fulfilling the demand for the solar panels.

2022: Asahi Glass announced the development of a new type of TOC photovoltaic glass that is more efficient and durable than previous generations of glasses.