Forklift batteries are essential for forklifts, providing them with the required power. Forklift batteries are mainly divided into lead-acid batteries and lithium batteries.
According to the survey, the global forklift battery market size will be approximately US$2.399 billion in 2023 and is expected to reach US$4.107 billion in 2030, with a compound annual growth rate (CAGR) of 7.1% during 2024-2030. In the next few years, this industry will have significant uncertainty. The forecast data for 2024-2030 in this article is based on the historical development of the past few years, the views of industry experts, and the views of the analysts in this article.
Electric Forklift Market and Manufacturers Overview
The leading global forklift battery manufacturers include EnerSys, Hitachi Chemical, GS Yuasa, Hoppecke, Tianneng Battery Group, LEOCH, etc. The top six global forklift battery manufacturers account for over 50% of the market share. China is the world’s largest forklift battery production market, accounting for approximately 42% of the market share, and other markets account for nearly 14%.
This article also focuses on analyzing the competitive landscape of the forklift battery industry, including the competitive landscape of major manufacturers in the global market and the competitive landscape of major manufacturers in the Chinese domestic market, focusing on analyzing the production capacity, sales, revenue, price and market share of forklift batteries of major global manufacturers, the distribution of global forklift battery production areas, China’s forklift battery imports and exports, and industry mergers and acquisitions.
In addition, a detailed analysis of the product classification, application, industry policy, industrial chain, production model, sales model, favorable factors for industry development, unfavorable factors, and entry barriers of the forklift battery industry is also made.
Major global and Chinese manufacturers include Hitachi Chemical, GS Yuasa, Hebei, East Penn Manufacturing, Exide Industries, Amara Raja, MIDAC Sunlight, TAB, Crown Battery, BAE Batterien, Keheng, Banner Batteries, Tianneng, Guangdong Oakley Group, Huizhou Best New Energy Technology, Jiangsu Furui Battery Technology.
Trend towards electrification and lithium batteries for forklifts
In terms of cost-effectiveness, the price of a lithium-powered forklift of the same tonnage is higher than that of an internal combustion forklift. Still, the energy consumption costs and maintenance costs are significantly lower, resulting in higher overall benefits. Taking a 3-ton counterbalanced forklift as an example, the unit price of a lithium-powered forklift is about twice that of a fuel forklift. However, the annual energy consumption costs are reduced by 80%, and no maintenance costs exist. The yearly energy and maintenance savings for using a lithium-ion forklift are 59,600 yuan/unit, which can offset the purchase price difference with an internal combustion forklift. Long-term use will bring even more significant economic benefits.
From an environmental perspective, electric forklifts have no carbon emissions or exhaust emissions and are, therefore, more environmentally friendly. Take a 3-ton counterbalanced forklift as an example. The annual carbon emissions of an internal combustion forklift are 6883.2kg, while the carbon emissions of a lithium battery forklift are zero. Each forklift can reduce carbon emissions by about 6883.2 kilograms per year.
| internal combustion forklift | Lithium forklift | |
| Energy consumption | 4L diesel | 6Kwh |
| Daily operating time | 8h | 8h |
| Number of operating days per year | 300/ day | 300/ day |
| Annual energy consumption | 9600 | 14400 |
| Fuel price | $1.10 | $0.13 |
| Energy cost | $10,000 | $1,872 |
| Maintenance cost | $1000/unit | $0/unit |
| Usage cost | $11000/unit | $2000/unit |
| Purchase cost | $8,000 | $10,000 |
In terms of performance, lithium-powered forklifts are superior to lead-acid battery forklifts in terms of operating efficiency, battery life, service life, and environmental protection. Electric forklifts can be divided into lead-acid battery forklifts and lithium forklift batteries, depending on the type of power battery. According to Hangcha Group data, lithium batteries’ service life, power efficiency, energy density, and power density are significantly higher than those of lead-acid batteries, and the charging cost and maintenance costs are substantially lower than those of lead-acid batteries. According to Researchgate data, under the premise that the driving distance, lifting height, and pallet weight do not differ significantly, the average number of pallets moved per hour by a lithium battery forklift is higher than that by a lead-acid battery forklift.
Lithium electric forklift technology is constantly being iterated, and bottlenecks such as tonnage, driving speed, and continuous working hours are gradually broken through, making it possible to replace combustion forklifts in a broader range of application scenarios.
| Type | Total operating time (hours) | Total pallet movements (units) | Pallet movement efficiency (units/hour) |
| Lead-acid forklift truck | 221 | 3991 | 18.1 |
| Lithium forklift truck | 190 | 4008 | 21.1 |
Global market for electric forklifts
Compared to Europe, the electrification rate of counterbalanced forklifts in the Americas and Asia has room for improvement of about 30 pct. From 2010 to 2022, the overall electrification rate of counterbalanced forklifts worldwide has increased from 25.41% in 2010 to 36.18% in 2022. Regionally, the European market has the highest electrification rate; the American market is close to the global level, while the electrification rates of the Asian, African, and Oceanian markets are lower than the worldwide level. Compared with the European market, there is about 30 percent room for improvement in the electrification rate of counterbalanced forklifts in the American and Asian markets.
Electric forklifts: Lead-acid forklifts are still the mainstream. According to Forkify data, lead-acid forklifts accounted for as much as 64% of the UK’s electric forklift market in 2023; lithium forklifts accounted for only 28%, but the growth momentum is relatively strong, and it is expected to increase to 50% by 2027. According to CALSTART’s forecast, in 2023, the share of lead-acid forklifts in the US electric forklift market will be 61.37%, and the share of lithium-ion forklifts will be 36.43%. The share of lithium-ion forklifts is expected to continue to increase, reaching 61.48% in 2029, while the share of lead-acid forklifts will continue to decline.
China's forklift exports and year-on-year growth rate
According to SNE Research data, in 2023, among the top ten enterprises in the world in terms of new power battery installation volume, six are Chinese enterprises, with a total installed capacity of 190.4 GWh and a market share of 62.6%. The global leader in power batteries, CATL, had an installation volume of 112 GWh, an increase of 56.2% compared to last year, and a global market share of 36.8%, ranking first in the world for the sixth consecutive year.
| Rank | Company Name | 2022 Global Installed Capacity (GWh) | 2023 Global Installed Capacity (GWh) | Year-on-Year Growth | 2022 Global Market Share | 2023 Global Market Share |
|---|---|---|---|---|---|---|
| 1 | CATL | 71.7 | 112.0 | 56.2% | 35.4% | 36.8% |
| 2 | BYD | 23.6 | 47.7 | 102.4% | 11.6% | 15.7% |
| 3 | LG Energy Solution | 29.3 | 44.1 | 50.3% | 14.5% | 14.5% |
| 4 | Panasonic | 16.4 | 22.8 | 39.2% | 8.1% | 7.5% |
| 5 | SK On | 13.7 | 15.9 | 16.1% | 6.8% | 5.2% |
| 6 | CALB | 8.2 | 13.0 | 58.5% | 4.1% | 4.3% |
| 7 | Samsung SDI | 9.8 | 12.6 | 28.2% | 4.8% | 4.1% |
| 8 | EVE Energy | 2.6 | 6.6 | 151.7% | 1.3% | 2.2% |
| 9 | Gotion High-Tech | 5.5 | 6.5 | 17.8% | 2.7% | 2.1% |
| 10 | Sunwoda | 3.2 | 4.6 | 44.9% | 1.6% | 1.5% |
Conclusion
This article introduces the market size, major manufacturers, development trends, and export status of electric forklift batteries.
Forklift batteries are mainly divided into lead-acid batteries and lithium batteries. The global forklift battery market size is about US$2.399 billion in 2023 and is expected to reach US$4.107 billion by 2030. The world’s leading forklift battery manufacturers include EnerSys, Hitachi Chemical, GS Yuasa, Hoppecke, Tianneng Battery Group, etc. China is the world’s largest forklift battery production market.
