The forklift battery market size was valued at US$ 5.94 billion in 2024 and is expected to reach US$ 9.23 billion by 2031; it is estimated to record a CAGR of 6.6% from 2025 to 2031.
Battery-as-a-Service (BaaS) is an electric vehicle (EV) ownership concept that aims to separate the expensive battery component from the vehicle. BaaS offers an EV infrastructure solution in which users pay a subscription in exchange for the option to swap a depleted battery for a fully charged one at a swapping station. BaaS has emerged as one of the most promising trends shaping the future of the forklift battery market. This model is already gaining traction in the electric vehicle (EV) space, and it is now being introduced in electric forklift systems by leading companies such as Konecranes. With BaaS, the battery is not sold with the forklift. Instead, customers pay a monthly subscription to access, monitor, and upgrade batteries as needed—turning a high capital expense (CAPEX) into a more manageable operating expense (OPEX). Thus, the BaaS approach can significantly reduce the upfront cost of electric forklifts. By removing the burden of battery ownership and replacing it with a flexible usage model, BaaS makes electric forklifts more accessible and financially viable.
Further, battery swapping stations allow operators to quickly replace depleted batteries with fully charged ones—minimizing downtime and eliminating the need for long charging periods. This is especially valuable for operations with multi-shift or 24/7 demands. Real-time battery monitoring, e.g., monitoring services provided through Konecranes’ online platform, also ensures better battery performance, longer life, and easier maintenance. Beyond cost and convenience, BaaS supports sustainability goals by facilitating battery reuse and recycling, along with offering the possibility of feeding unused energy back into the grid.
As businesses across globe increasingly focus on cost efficiency, operational uptime, and environmental responsibility, BaaS is expected to become a key trend driving the wider adoption of battery-powered forklifts, contributing to the growth of the forklift battery market.
Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Crown Equipment Corp, Exide Industries Ltd, EnerSys, East Penn Manufacturing Company, Contemporary Amperex Technology Co Ltd, TotalEnergies SE, Amara Raja Energy & Mobility Ltd, GS Yuasa Corp, leoch International Technology Limited Inc, TAB d.d., and BSL NEW ENERGY THCHENOLOGY CO., LTD. are among the key forklift battery market players that are profiled in this market study.
The overall forklift battery market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the forklift battery market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the forklift battery market.
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Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the forklift battery market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the forklift battery market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
- 1. Introduction
- 1.1 The Insight Partners Research Report Guidance
- 1.2 Market Segmentation
- 2. Executive Summary
- 2.1 Analyst Market Outlook
- 2.2 Market Attractiveness
- 3. Research Methodology
- 3.1 Secondary Research
- 3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:
- 4. Forklift Battery Market Landscape
- 4.1 Overview
- 4.2 PEST Analysis
- 4.3 Ecosystem Analysis
- 4.3.1 List of Vendors in the Value Chain
- 4.3.2 List of Vendors in Value Chain
- 5. Forklift Battery Market – Key Market Dynamics
- 5.1 Forklift Battery Market – Key Market Dynamics
- 5.2 Market Drivers
- 5.2.1 Expansion of Warehousing and E-Commerce
- 5.2.2 Growth of Industrialization
- 5.2.3 Shift Toward Electric Forklift
- 5.3 Market Restraints
- 5.3.1 Safety and Operational Challenges
- 5.4 Market Opportunities
- 5.4.1 Developments in Fast and Opportunity Charging Features
- 5.4.2 Smart Battery Management
- 5.5 Future Trends
- 5.5.1 Incorporation of Battery-as-a-Service in Forklifts
- 5.6 Impact of Drivers and Restraints:
- 6. Forklift Battery Market – Global Market Analysis
- 6.1 Forklift Battery Market Revenue (US$ Million), 2021–2031
- 6.2 Forklift Battery Market Forecast Analysis
- 7. Forklift Battery Market Analysis – by Type
- 7.1 Lithium Ion
- 7.1.1 Overview
- 7.1.2 Lithium Ion: Forklift Battery Market – Revenue and Forecast to 2031 (US$ Million)
- 7.2 Lead Acid
- 7.2.1 Overview
- 7.2.2 Lead Acid: Forklift Battery Market – Revenue and Forecast to 2031 (US$ Million)
- 7.3 Others
- 7.3.1 Overview
- 7.3.2 Others: Forklift Battery Market – Revenue and Forecast to 2031 (US$ Million)
- 8. Forklift Battery Market Analysis – by Capacity
- 8.1 0 to 600 Ahr
- 8.1.1 Overview
- 8.1.2 0 to 600 Ahr: Forklift Battery Market – Revenue and Forecast to 2031 (US$ Million)
- 8.2 600 to 1200 Ahr
- 8.2.1 Overview
- 8.2.2 600 to 1200 Ahr: Forklift Battery Market – Revenue and Forecast to 2031 (US$ Million)
- 8.3 Above 1200 Ahr
- 8.3.1 Overview
- 8.3.2 Above 1200 Ahr: Forklift Battery Market – Revenue and Forecast to 2031 (US$ Million)
- 9. Forklift Battery Market Analysis – by Application
- 9.1 Manufacturing
- 9.1.1 Overview
- 9.1.2 Manufacturing: Forklift Battery Market – Revenue and Forecast to 2031 (US$ Million)
- 9.2 Construction
- 9.2.1 Overview
- 9.2.2 Construction: Forklift Battery Market – Revenue and Forecast to 2031 (US$ Million)
- 9.3 Warehouse and Logistics
- 9.3.1 Overview
- 9.3.2 Warehouse and Logistics: Forklift Battery Market – Revenue and Forecast to 2031 (US$ Million)
- 9.4 Automotive
- 9.4.1 Overview
- 9.4.2 Automotive: Forklift Battery Market – Revenue and Forecast to 2031 (US$ Million)
- 9.5 Retail and Wholesale Stores
- 9.5.1 Overview
- 9.5.2 Retail and Wholesale Stores: Forklift Battery Market – Revenue and Forecast to 2031 (US$ Million)
- 9.6 Others
- 9.6.1 Overview
- 9.6.2 Others: Forklift Battery Market – Revenue and Forecast to 2031 (US$ Million)
- 10. Forklift Battery Market – Geographical Analysis
- 10.1 Overview
- 10.2 North America
- 10.2.1 North America Forklift Battery Market Overview
- 10.2.2 North America: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.2.3 North America: Forklift Battery Market Breakdown, by Type
- 10.2.3.1 North America: Forklift Battery Market – Revenue and Forecast Analysis – by Type
- 10.2.4 North America: Forklift Battery Market Breakdown, by Capacity
- 10.2.4.1 North America: Forklift Battery Market – Revenue and Forecast Analysis – by Capacity
- 10.2.5 North America: Forklift Battery Market Breakdown, by Application
- 10.2.5.1 North America: Forklift Battery Market – Revenue and Forecast Analysis – by Application
- 10.2.6 North America: Forklift Battery Market – Revenue and Forecast Analysis – by Country
- 10.2.6.1 North America: Forklift Battery Market – Revenue and Forecast Analysis – by Country
- 10.2.6.2 United States: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.2.6.2.1 United States: Forklift Battery Market Breakdown, by Type
- 10.2.6.2.2 United States: Forklift Battery Market Breakdown, by Capacity
- 10.2.6.2.3 United States: Forklift Battery Market Breakdown, by Application
- 10.2.6.3 Canada: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.2.6.3.1 Canada: Forklift Battery Market Breakdown, by Type
- 10.2.6.3.2 Canada: Forklift Battery Market Breakdown, by Capacity
- 10.2.6.3.3 Canada: Forklift Battery Market Breakdown, by Application
- 10.2.6.4 Mexico: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.2.6.4.1 Mexico: Forklift Battery Market Breakdown, by Type
- 10.2.6.4.2 Mexico: Forklift Battery Market Breakdown, by Capacity
- 10.2.6.4.3 Mexico: Forklift Battery Market Breakdown, by Application
- 10.3 Europe
- 10.3.1 Europe Forklift Battery Market Overview
- 10.3.2 Europe: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.3.3 Europe: Forklift Battery Market Breakdown, by Type
- 10.3.3.1 Europe: Forklift Battery Market – Revenue and Forecast Analysis – by Type
- 10.3.4 Europe: Forklift Battery Market Breakdown, by Capacity
- 10.3.4.1 Europe: Forklift Battery Market – Revenue and Forecast Analysis – by Capacity
- 10.3.5 Europe: Forklift Battery Market Breakdown, by Application
- 10.3.5.1 Europe: Forklift Battery Market – Revenue and Forecast Analysis – by Application
- 10.3.6 Europe: Forklift Battery Market – Revenue and Forecast Analysis – by Country
- 10.3.6.1 Europe: Forklift Battery Market – Revenue and Forecast Analysis – by Country
- 10.3.6.2 Germany: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.3.6.2.1 Germany: Forklift Battery Market Breakdown, by Type
- 10.3.6.2.2 Germany: Forklift Battery Market Breakdown, by Capacity
- 10.3.6.2.3 Germany: Forklift Battery Market Breakdown, by Application
- 10.3.6.3 France: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.3.6.3.1 France: Forklift Battery Market Breakdown, by Type
- 10.3.6.3.2 France: Forklift Battery Market Breakdown, by Capacity
- 10.3.6.3.3 France: Forklift Battery Market Breakdown, by Application
- 10.3.6.4 United Kingdom: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.3.6.4.1 United Kingdom: Forklift Battery Market Breakdown, by Type
- 10.3.6.4.2 United Kingdom: Forklift Battery Market Breakdown, by Capacity
- 10.3.6.4.3 United Kingdom: Forklift Battery Market Breakdown, by Application
- 10.3.6.5 Italy: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.3.6.5.1 Italy: Forklift Battery Market Breakdown, by Type
- 10.3.6.5.2 Italy: Forklift Battery Market Breakdown, by Capacity
- 10.3.6.5.3 Italy: Forklift Battery Market Breakdown, by Application
- 10.3.6.6 Spain: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.3.6.6.1 Spain: Forklift Battery Market Breakdown, by Type
- 10.3.6.6.2 Spain: Forklift Battery Market Breakdown, by Capacity
- 10.3.6.6.3 Spain: Forklift Battery Market Breakdown, by Application
- 10.3.6.7 Rest of Europe: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.3.6.7.1 Rest of Europe: Forklift Battery Market Breakdown, by Type
- 10.3.6.7.2 Rest of Europe: Forklift Battery Market Breakdown, by Capacity
- 10.3.6.7.3 Rest of Europe: Forklift Battery Market Breakdown, by Application
- 10.4 Asia Pacific
- 10.4.1 Asia Pacific Forklift Battery Market Overview
- 10.4.2 Asia Pacific: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.4.3 Asia Pacific: Forklift Battery Market Breakdown, by Type
- 10.4.3.1 Asia Pacific: Forklift Battery Market – Revenue and Forecast Analysis – by Type
- 10.4.4 Asia Pacific: Forklift Battery Market Breakdown, by Capacity
- 10.4.4.1 Asia Pacific: Forklift Battery Market – Revenue and Forecast Analysis – by Capacity
- 10.4.5 Asia Pacific: Forklift Battery Market Breakdown, by Application
- 10.4.5.1 Asia Pacific: Forklift Battery Market – Revenue and Forecast Analysis – by Application
- 10.4.6 Asia Pacific: Forklift Battery Market – Revenue and Forecast Analysis – by Country
- 10.4.6.1 Asia Pacific: Forklift Battery Market – Revenue and Forecast Analysis – by Country
- 10.4.6.2 China: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.4.6.2.1 China: Forklift Battery Market Breakdown, by Type
- 10.4.6.2.2 China: Forklift Battery Market Breakdown, by Capacity
- 10.4.6.2.3 China: Forklift Battery Market Breakdown, by Application
- 10.4.6.3 Japan: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.4.6.3.1 Japan: Forklift Battery Market Breakdown, by Type
- 10.4.6.3.2 Japan: Forklift Battery Market Breakdown, by Capacity
- 10.4.6.3.3 Japan: Forklift Battery Market Breakdown, by Application
- 10.4.6.4 India: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.4.6.4.1 India: Forklift Battery Market Breakdown, by Type
- 10.4.6.4.2 India: Forklift Battery Market Breakdown, by Capacity
- 10.4.6.4.3 India: Forklift Battery Market Breakdown, by Application
- 10.4.6.5 South Korea: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.4.6.5.1 South Korea: Forklift Battery Market Breakdown, by Type
- 10.4.6.5.2 South Korea: Forklift Battery Market Breakdown, by Capacity
- 10.4.6.5.3 South Korea: Forklift Battery Market Breakdown, by Application
- 10.4.6.6 Australia: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.4.6.6.1 Australia: Forklift Battery Market Breakdown, by Type
- 10.4.6.6.2 Australia: Forklift Battery Market Breakdown, by Capacity
- 10.4.6.6.3 Australia: Forklift Battery Market Breakdown, by Application
- 10.4.6.7 Rest of APAC: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.4.6.7.1 Rest of APAC: Forklift Battery Market Breakdown, by Type
- 10.4.6.7.2 Rest of APAC: Forklift Battery Market Breakdown, by Capacity
- 10.4.6.7.3 Rest of APAC: Forklift Battery Market Breakdown, by Application
- 10.5 Middle East and Africa
- 10.5.1 Middle East and Africa Forklift Battery Market Overview
- 10.5.2 Middle East and Africa: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.5.3 Middle East and Africa: Forklift Battery Market Breakdown, by Type
- 10.5.3.1 Middle East and Africa: Forklift Battery Market – Revenue and Forecast Analysis – by Type
- 10.5.4 Middle East and Africa: Forklift Battery Market Breakdown, by Capacity
- 10.5.4.1 Middle East and Africa: Forklift Battery Market – Revenue and Forecast Analysis – by Capacity
- 10.5.5 Middle East and Africa: Forklift Battery Market Breakdown, by Application
- 10.5.5.1 Middle East and Africa: Forklift Battery Market – Revenue and Forecast Analysis – by Application
- 10.5.6 Middle East and Africa: Forklift Battery Market – Revenue and Forecast Analysis – by Country
- 10.5.6.1 Middle East and Africa: Forklift Battery Market – Revenue and Forecast Analysis – by Country
- 10.5.6.2 South Africa: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.5.6.2.1 South Africa: Forklift Battery Market Breakdown, by Type
- 10.5.6.2.2 South Africa: Forklift Battery Market Breakdown, by Capacity
- 10.5.6.2.3 South Africa: Forklift Battery Market Breakdown, by Application
- 10.5.6.3 United Arab Emirates: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.5.6.3.1 United Arab Emirates: Forklift Battery Market Breakdown, by Type
- 10.5.6.3.2 United Arab Emirates: Forklift Battery Market Breakdown, by Capacity
- 10.5.6.3.3 United Arab Emirates: Forklift Battery Market Breakdown, by Application
- 10.5.6.4 Saudi Arabia: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.5.6.4.1 Saudi Arabia: Forklift Battery Market Breakdown, by Type
- 10.5.6.4.2 Saudi Arabia: Forklift Battery Market Breakdown, by Capacity
- 10.5.6.4.3 Saudi Arabia: Forklift Battery Market Breakdown, by Application
- 10.5.6.5 Rest of Middle East and Africa: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.5.6.5.1 Rest of Middle East and Africa: Forklift Battery Market Breakdown, by Type
- 10.5.6.5.2 Rest of Middle East and Africa: Forklift Battery Market Breakdown, by Capacity
- 10.5.6.5.3 Rest of Middle East and Africa: Forklift Battery Market Breakdown, by Application
- 10.6 South and Central America
- 10.6.1 South and Central America Forklift Battery Market Overview
- 10.6.2 South and Central America: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.6.3 South and Central America: Forklift Battery Market Breakdown, by Type
- 10.6.3.1 South and Central America: Forklift Battery Market – Revenue and Forecast Analysis – by Type
- 10.6.4 South and Central America: Forklift Battery Market Breakdown, by Capacity
- 10.6.4.1 South and Central America: Forklift Battery Market – Revenue and Forecast Analysis – by Capacity
- 10.6.5 South and Central America: Forklift Battery Market Breakdown, by Application
- 10.6.5.1 South and Central America: Forklift Battery Market – Revenue and Forecast Analysis – by Application
- 10.6.6 South and Central America: Forklift Battery Market – Revenue and Forecast Analysis – by Country
- 10.6.6.1 South and Central America: Forklift Battery Market – Revenue and Forecast Analysis – by Country
- 10.6.6.2 Brazil: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.6.6.2.1 Brazil: Forklift Battery Market Breakdown, by Type
- 10.6.6.2.2 Brazil: Forklift Battery Market Breakdown, by Capacity
- 10.6.6.2.3 Brazil: Forklift Battery Market Breakdown, by Application
- 10.6.6.3 Argentina: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.6.6.3.1 Argentina: Forklift Battery Market Breakdown, by Type
- 10.6.6.3.2 Argentina: Forklift Battery Market Breakdown, by Capacity
- 10.6.6.3.3 Argentina: Forklift Battery Market Breakdown, by Application
- 10.6.6.4 Rest of South and Central America: Forklift Battery Market – Revenue, 2021 - 2031 (US$ Million)
- 10.6.6.4.1 Rest of South and Central America: Forklift Battery Market Breakdown, by Type
- 10.6.6.4.2 Rest of South and Central America: Forklift Battery Market Breakdown, by Capacity
- 10.6.6.4.3 Rest of South and Central America: Forklift Battery Market Breakdown, by Application
- 11. Competitive Landscape
- 11.1 Heat Map Analysis by Key Players
- 11.2 Company Positioning and Concentration
- 12. Industry Landscape
- 12.1 Overview
- 12.2 Market Initiative
- 12.3 Product Development
- 12.4 Mergers & Acquisitions
- 13. Company Profiles
- 13.1 Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
- 13.2 Crown Equipment Corp
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
- 13.3 Exide Industries Ltd
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
- 13.4 EnerSys
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
- 13.5 East Penn Manufacturing Company
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
- 13.6 Contemporary Amperex Technology Co Ltd
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
- 13.7 TotalEnergies SE
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
- 13.8 Amara Raja Energy & Mobility Ltd
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
- 13.9 GS Yuasa Corp
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
- 13.10 leoch International Technology Limited Inc
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments
- 13.11 TAB d.d.
- 13.11.1 Key Facts
- 13.11.2 Business Description
- 13.11.3 Products and Services
- 13.11.4 Financial Overview
- 13.11.5 SWOT Analysis
- 13.11.6 Key Developments
- 13.12 BSL NEW ENERGY THCHENOLOGY CO., LTD
- 13.12.1 Key Facts
- 13.12.2 Business Description
- 13.12.3 Products and Services
- 13.12.4 Financial Overview
- 13.12.5 SWOT Analysis
- 13.12.6 Key Developments
- 14. Appendix
- 14.1 Appendix
- 14.2 About The Insight Partners
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