US Forklift Battery Market 

The U.S. forklift battery market size was valued at USD 810.5 million in 2020, and is projected to reach USD 1,785.3 million by 2030, growing at a CAGR of 8.5% from 2021 to 2030. Batteries that provide power supply to forklift trucks or used in forklift trucks are usually known as forklift batteries. They need high power and energy density. Generally, lead-acid and lithium-ion batteries are used in the forklift trucks as per convenience during material handling operations. Lead-acid batteries come with a mixture of electrolyte, water, and sulphuric acid; on the other hand, lithium-ion batteries are waterless that makes them maintenance-free. 

The growth of the U.S. forklift battery market is driven by emergence of fuel cell forklifts as an alternative to the electric forklift. In addition, expansion of warehouse spaces & manufacturing industry is projected to fuel the U.S. forklift battery market growth. However, high cost associates with the lithium-ion battery is the key factor restraining the market growth in the upcoming years. On the contrary, rise in penetration of green logistics is expected to create lucrative opportunity for the key players in the forklift battery market.

For the purpose of analysis, the U.S. forklift battery market is segmented into type, capacity, and application. The study highlights various types of forklift batteries available in the market such as lithium-ion battery, lead acid battery, fuel cell battery, and others. The fuel cell segment is further segmented into Proton Exchange Membrane Fuel Cell (PEMFC) and Direct-Methanol Fuel Cell (DMFC). the basis of battery capacity, the report includes revenue generated through forklift battery capacities with different ranges, including 0-600 Ahr, 600-1200 Ahr, and above 1,200 Ahr. The applications covered in the study include warehouses, manufacturing, construction, retail & wholesale stores, and others.

These key players are adopting various strategies such as product launch, acquisition, partnership, products launch, and agreement to stay competitive in the forklift battery market.

For instance, Exide Technologies (A battery manufacturer) launched new lithium material handling battery named GNB Sonnenschein. It is used to reduce the total cost of ownership in material handling applications. This has enhanced the product portfolio of the company.

Other players operating in the U.S. forklift battery market are NITCO, American Battery Company, Power Battery Company, Inc., Dyno Battery, Inc., Union Battery Corporation, and others.

The U.S. forklift battery market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021-2030. The report includes the study of the U.S. forklift battery market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

By Type

By type, the lead acid battery segment held the largest market share in 2020. This is attributed to rise in demand for material handling equipment from manufacturing process, warehouses, construction, retail & wholesale, and others. Characteristics of lead acid batteries such as high load bearing capacity and high discharge rate are acting as the drivers in the growth of the U.S. forklift battery market.

By Capacity

On the basis of capacity, the 0-600 Ahr segment dominated the U.S. forklift battery market in 2020, in terms of share, owing to increase in demand for light weight forklifts from various applications such as retail, wholesale, and other light load applications.

By Application

By application, the warehouses segment dominated the highest share in the U.S. forklift battery market in 2020, and is expected to maintain the same during the forecast period. This is attributed to increase in demand for material handling equipment from warehouses for loading, unloading, and handling of materials or products in various industries.