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%.
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 |
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.
