Forklift battery market to hit $38.5 billion by 2030

The global forklift battery market is projected to grow from $27.08 billion in 2025 to $38.5 billion by 2030 as warehouse automation, electric forklifts and lithium-ion adoption accelerate. North America led the market in 2025, while Asia-Pacific is expected to grow fastest through 2030. Why it matters: - Forklift batteries are becoming a bigger piece of industrial electrification as warehouses, factories and construction sites shift to electric material-handling equipment. - The market’s growth points to rising demand for batteries that can charge faster, last longer and reduce downtime in high-use logistics operations. What happened: - The Business Research Company published its Forklift Battery Market Report 2026, covering market size, trends and a global forecast for 2026-2035. - The report values the forklift battery market at $27.08 billion in 2025. - The market is projected to reach $28.81 billion in 2026. - The market is forecast to hit $38.5 billion by 2030. - The report says the market is growing at a 6.4% CAGR from 2025 to 2026 and at a 7.5% CAGR through 2030. The details: - The report ties growth to early adoption of electric forklifts, rising warehouse automation, heavy use of lead-acid batteries and stronger demand for material-handling equipment. - Lithium-ion batteries are gaining share because they offer longer life, faster charging and lower maintenance needs. - E-commerce warehousing is increasing demand for battery systems that can power electric forklifts and automated equipment. - Sustainability requirements and the need for better charging infrastructure are pushing investment in fast charging and opportunity charging. - Expanding use of automated guided vehicles in logistics and warehousing is driving demand for battery management systems. - Forklift batteries are deep-cycle batteries that power electric forklifts. - Forklift batteries also serve as counterweights that help stabilize forklifts and reduce tipping risk. - Construction activity is adding to demand for forklift batteries because electric forklifts are used to move heavy materials and equipment. - Australian Bureau of Statistics data showed 240,813 dwellings under construction in the March quarter of 2023, up from 240,065 in 2022. - New housing construction in Australia rose to 103,778 in 2023 from 101,240 in 2022. - North America held the largest forklift battery market share in 2025. - Asia-Pacific is expected to lead market growth during the forecast period. - The report also covers South East Asia, Western Europe, Eastern Europe, South America, the Middle East and Africa. - The company says the 2026 reports include market attractiveness scoring, total addressable market analysis, company scoring matrix graphics and tables, Excel-based forecasting dashboards, market hotspots infographics and updated trend analysis. - The report includes a free sample and the full market report . Between the lines: - The shift toward lithium-ion suggests the market is moving away from older battery formats as operators prioritize efficiency and lower maintenance. - Growth in Asia-Pacific signals where future warehouse buildout and industrial electrification may create the most new battery demand. - Construction demand adds another layer of support, making forklift batteries less dependent on one end market. What’s next: - The market will likely track investment in warehouse automation, charging infrastructure and electric fleet conversion. - Wider deployment of AGVs and opportunity charging systems could increase demand for advanced battery management tools. - The Business Research Company will continue selling updated market models, forecasts and regional analysis through its Global Market Model platform.