Forklift Battery Market 2020: What’s Driving Growth?

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By Solus Group Marketing Team November 25, 2019

All the analysts seem to agree: The forklift battery market will continue to grow through 2020 (and, indeed, well into 2027). The numbers are compelling, but they don’t tell the whole story. In order to benefit from this booming market, company leaders need to understand exactly what’s driving the growth — and where it will be concentrated.

According to industrial intelligence service Market Reports World, the forklift battery market is expected to continue its compound annual growth rate (CAGR) of 8.86 percent through 2023. Here are a few details that help to explain this remarkable expansion:

  • It comes on the heels of nearly a decade of new forklifts hitting the aisles. The years between 2009 and 2018 saw a doubling of forklift orders worldwide. In the United States, forklift orders grew by a factor of 1.5 during the same period. This means there are a lot of newer trucks out there, many of them electric — and that will require lots of new forklift batteries throughout the study period.
  • The growth of the forklift battery market is part of a broader demand for industrial batteries of all types. The industrial battery market, which includes but does not consist entirely of forklift batteries, is projected to grow at a CAGR of 8.36 percent through 2024.
  • Most global regions will take part in the higher demand for forklift batteries through 2020 and beyond. The Markets Reports World analysis points to three areas to watch for growth in the forklift battery market: the Americas, Asia-Pacific, and Europe-Middle-East-Africa.
  • Above all, the growth in the forklift battery market comes from a shift toward electric forklifts in material handling applications. In 2018, electric lift trucks dominated 64 percent of the total forklift market, outpacing sales of IC trucks. As more workplaces make the switch from gas to electric-powered fleets, expect the demand for batteries to grow apace.

At Solus Group, we’re watching these trends closely. After all, along with forklift battery purchases, fleet managers will be on the lookout for forklift battery handling equipment that can provide a strong ROI.

Solus Group offers a wide range of specialized products designed to improve forklift battery lifespans, make battery handling safer and more efficient, and ensure fleet owners can get the most value possible from their investments.

Browse the Solus Group selection of forklift battery handling equipment here. If you have questions, call Solus Group at 314-696-0200. As the forklift battery market grows, Solus Group will remain a leading online provider of battery handling equipment. References: Forklift Battery Market 2019: Global Industry Trends, Sales Revenue, Industry Growth, Development Status, Top Leaders, Future Plans and Opportunity Assessment 2022.MarketWatch. MarketWatch, Inc., 25 Jun. 2019. Web. 30 Oct. 2019. “Industrial Battery Market - Growth, Trends, and Forecast (2019-2024).MordorIntelligence. Mordor Intelligence, 2019. Web. 30 Oct. 2019. McCrea, Bridget. “Top 20 Lift Truck Suppliers in 2019: Market reaches new heights.LogistisMGMT. Peerless Media, LLC, 14 Aug. 2019. Web. 30 Oct. 2019.

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