Forklift Battery Market by Type and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 120
  • SKU: IRTNTR45079

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 Forklift Battery Market - 2021-2025

The forklift battery market size is expected to reach a value of USD 2.28 billion, at a CAGR of 4.19%, during 2021-2025. This research study helps in a deep understanding of the underlying forces driving the market growth and current and potential target customers across segmentations. According to our comprehensive survey, factors such as increasing demand for electric forklift applications are projected to significantly support market growth during the forecast period. Our research experts have thoroughly evaluated and covered the latest trends and challenges that will have a far-reaching effect on the market growth.

Forklift Battery Market Size

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Forklift Battery Market Segments

From this Technavio report, get actionable insights on the forklift battery market segments to generate successful ROIs and focus your business strategy efforts where they are most likely to be effective. Navigate through market segmentation by type (lead-acid battery and Li-on battery) and geography (Europe, North America, APAC, South America, and MEA) in this forklift battery market report to pursue growth opportunities.

Also, our market research experts have evaluated the impact of COVID-19 across market segments for our clients to understand the long-term business implications and foresee opportunities for subsequent recovery. This research report entails a thorough qualitative and quantitative analysis on the post-pandemic forklift battery market predictions on consumer demand changes for 2021-2025.

Forklift Battery Market Vendors and Competitive Analysis

Technavio research specialists have included significant well-thought-out business planning approaches of key players in this report. The forklift battery market is fragmented and the vendors are deploying organic and inorganic growth strategies to gain a competitive advantage.

The unprecedented outbreak of COVID-19 last year impacted market segments that has had a ripple effect on various stakeholders. To make the most of the opportunities and recover from post COVID-19 impact, the market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Get the full report to understand the COVID-19 impact on the growth of the forklift battery market share during 2021-2025.

The forklift battery market forecast report comprises complete key vendor profiles. The profiles include information on the production, sustainability, prospects of the leading companies, and other crucial vendor landscape analysis.

Forklift Battery Market Vendors

Forklift Battery Market - Region Opportunities 2021-2025

35% of the forklift battery market growth will originate from APAC during the forecast period. China and Japan are the key markets for forklift battery market in APAC. This report encompasses exclusive information on potential business locations and understand the demographics of current and prospective customers.

Forklift Battery Market Share by Geography

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APAC has been exhibiting a significant growth rate for forklift battery market vendors. To view our in-depth analytical review on the micro and macroeconomic factors impacting businesses in the regions click on the image above.

The forklift battery market share growth in APAC will be faster than the growth of the market in other regions. The geographical segmentation in the report has assessed and included details on the competitive intelligence and regional opportunities in store for vendors.

Forklift Battery Market Insights by Type

Forklift Battery Market Share by Type

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The forklift battery market share growth by the lead-acid battery segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the forklift battery market size.

From the forklift battery market segmentation insights, players can achieve maximum market response by understanding the target consumers. The analytical data on the segmentations will allow vendors to position their services and products among the right audiences and gain significant exposure and growth. Also, get updated actionable market insights on post COVID-19 impact on each segment.

Forklift Battery Market Drivers & Trends

While it is crucial to have a solid understanding of the drivers and trends, it is also imperative that the market challenges are recognized to improvize business planning and sustain market competition. One of the key factors impeding forklift battery market growth is the replacement of electric forklifts with fuel cell forklifts. In this research report, our analysts have elucidated exhaustive all key industry trends, drivers, and challenges, which will help companies evaluate and develop growth strategies.

This forklift battery market analysis report provides detailed information on key trends, drivers, and challenges that is the essence of business planning and strengthening marketing strategies across regions and segmentations.

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Forklift Battery Market Report Outlook

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive forklift battery market growth during the next five years
  • Precise estimation of the forklift battery market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the forklift battery market across Europe, North America, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of forklift battery market vendors

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Forklift Battery Market Scope

Report Coverage


Page number


Base year


Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 4%

Market growth 2021-2025

$ 2.28 billion

Market structure


YoY growth (%)


Regional analysis

Europe, North America, APAC, South America, and MEA

Performing market contribution

APAC at 35%

Key consumer countries

US, China, Germany, France, and Japan

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH, Amara Raja Batteries Ltd., Camel Group Co. Ltd., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Flux Power Holdings Inc., GS Yuasa Corp., Narada Power Source Co. Ltd., and Trojan Battery Co. LLC

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.


Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases


Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts



  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis


  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The forklift battery market growth will increase by $1803.19 million during 2019-2024.
The forklift battery market is expected to grow at a CAGR of 7.04% during 2019-2024.
Technavio has segmented the forklift battery market by type (Lead-acid battery and Li-ion battery) and geographic (Europe, North America, APAC, South America, and MEA).
Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Amara Raja Batteries Ltd., Camel Group Co. Ltd., East Penn Manufacturing Co. Inc., EnerSys, Exide Technologies, Flux Power Holdings Inc., GS Yuasa Corp., Narada Power Source Co. Ltd., Trojan Battery Co. LLC are a few of the key vendors in the forklift battery market.
Europe will register the highest growth rate of 34.68% among the other regions. Therefore, the forklift battery market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the forklift battery market growth are:
  • Increasing demand for electric forklift applications
  • Legislative support for battery recycling
The forklift battery market vendors should focus on grabbing business opportunities from the lead-acid battery segment as it accounted for the largest market share in the base year.
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