Forklift Battery Charger Market Size, Share, Opportunities, And Trends By Charging Type (Fast Charging, Conventional Charging), By Battery Type (Lead Acid, Lithium Ion), By Forklift Type (Counterbalance, Rough Terrain, Reach Trucks, Others), By Voltage Type (24 Volts, 48 Volts, 72 Volts, Others), And By Geography - Forecasts From 2024 To 2029

The forklift battery charger market is expected to grow at a CAGR of 8.29%, reaching a market size of US$3,241.43 billion in 2029 from US$2,176.922 billion in 2024.

The forklift battery charger market is projected to show steady growth during the forecast period. A forklift battery charger is a device that recharges the batteries of electric forklifts, ensuring optimal performance and durability. These chargers are specifically designed to provide the appropriate voltage and charging parameters for the specific forklift battery. The increasing shift from fuel to electric forklifts and favorable investments in electric forklifts are contributing to the forklift battery charger market growth.

Market Drivers

• Increasing shift towards electric forklifts propelling the forklift battery charger market growth.

Electric forklifts are more environmentally friendly compared to traditional fuel-powered forklifts as they emit zero emissions, thereby lowering carbon footprints and improving air quality in warehouses and distribution centers. Additionally, electric forklifts have lower long-term operating costs and are more energy-efficient, with lower fuel and maintenance costs as they are equipped with advanced battery chargers that recharge the batteries in a few minutes. The growing concern for environmental sustainability and harmful pollutants and hydrocarbons accelerate the conversion of fuel to electric forklifts, which has positively contributed to the market demand for forklift battery chargers thereby augmenting the overall market growth.

• Favorable investments in electric forklifts accelerated the forklift battery charger market growth.

Environmentally friendly operations are gaining more significance and businesses across multiple industries are shifting towards electric forklifts due to their lower carbon emissions and cost-efficient performance. This transition has necessitated the need for reliable and efficient battery chargers to power these electric forklifts and the increasing investments in electric forklifts are bolstering the market of forklift battery chargers. For instance, in February 2023, Midland Lead announced that they received a fleet of electric forklifts, a £217,000 investment toward their goal of becoming net-zero emissions. Additionally, in April 2023, BYD Europe B.V. and Shell EV Charging Solutions B.V. (Shell) collaboratively announced that they will provide at least 100,000 BYD batteries in Europe with fast, convenient, and reliable EV charging from Shell Recharge.

• Advanced cost-saving capabilities bolster the forklift battery charger market growth.

Electric forklifts powered by efficient battery chargers are less expensive than traditional internal combustion engine forklifts. In addition, electric forklifts can operate for longer periods without refueling, increasing productivity and reducing downtime due to the advanced battery capabilities that charge electric forklifts in less time. These advanced capabilities of electric forklifts make them an ideal option for numerous businesses and increase their adoption which positively contributed to the forklift battery charger market growth.

Asia Pacific is projected to grow significantly

Asia Pacific is expected to account for a significant share of the forklift battery charger market due to the growing electric forklift consumption and multiple product launches in the region. For instance, in July 2023, Vedanta Aluminium, the largest aluminium producer, announced the largest fleet of electric lithium-ion forklifts, with 44 units deployed across operations in Odisha and Chhattisgarh. They also installed India's first 10-ton electric lithium-ion forklift at its massive aluminium smelter in Jharsuguda, Odisha. Additionally, in October 2023, HD Hyundai Construction Equipment launched multiple products to strengthen its position in the infrastructure and material handling industry, including two new models of Electric Forklifts in 2.5ton and 3.0ton as material handling equipment.

Market Restraints

• High initial cost will restrain the forklift battery charger market growth.

Forklift battery chargers can be costly, particularly those with advanced features and technologies. The high initial cost can be a barrier for businesses, particularly smaller ones, who may struggle to invest in quality chargers which may hinder their adoption in numerous sectors. This may affect the market growth.

Market Development

• May 2023- Concentric introduced PowerHIVE, the first automated forklift battery and charger system that can recharge a battery in three minutes and allows high velocity, multi-shift facilities to reduce the hassle of existing battery swap systems and drive out costs while improving safety and sustainability.
• March 2023- Mitsubishi Logisnext Americas Group announced the launch of new Lithium-ion battery and charger solutions for the forklift product line that provide consistent performance even at low charge levels and eliminate the need for battery changes during shifts.

Company Products

• ETPH24-483/3/280- XtraPower Batteries provides the ETPH24-483/3/280 industrial charger, which is mainly utilized in conjunction with forklifts, reach trucks, lift trucks, pallet jacks, jiggers, hi-lo, stackers, and off-grid alternative energy solutions. It is for use with a 24-volt battery, has an AH output of 1650 to 1700 AH, and weighs 400 lbs.
• Access 50 Charger- Prime Power offers Access 50, a three-phase charger with a capacity of up to 5 kW. It generates statistics that can interact wirelessly with other chargers or laptops and are extremely efficient and powerful battery charger that can be used with most traction batteries. It includes an indicator that indicates which battery needs to be selected by turning on a green light on the monitor, making changing batteries quickly.
• V-Force V-HFM3 Forklift Battery Charger- V-Force V-HFM3 is a forklift battery charger offered by Crown Equipment Corporation that is more efficient than many other high-frequency chargers on the market. It effectively optimizes charge rates based on a variety of factors, reducing charging time and cost. It features smart sensors and bright displays, including automatic voltage sensing and color LED indicator lights, making charging simple, safe, and reliable.

Segmentation

• By Charging Type
  • Fast Charging
  • Conventional Charging
• By Battery Type
  • Lead Acid
  • Lithium Ion
• By Forklift Type
  • Counterbalance
  • Rough Terrain
  • Reach Trucks
  • Others
• By Voltage Type
  • 24 Volts
  • 48 Volts
  • 72 Volts
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

1.8. Key Benefits to the stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. CXO Perspective

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. FORKLIFT BATTERY CHARGER MARKET BY CHARGING TYPE

5.1. Introduction

5.2. Fast Charging

5.2.1. Market Trends and Opportunities

5.2.2. Growth Prospects

5.2.3. Geographic Lucrativeness

5.3. Conventional Charging

5.3.1. Market Trends and Opportunities

5.3.2. Growth Prospects

5.3.3. Geographic Lucrativeness

6. FORKLIFT BATTERY CHARGER MARKET BY BATTERY TYPE

6.1. Introduction

6.2. Lead Acid 

6.2.1. Market Trends and Opportunities

6.2.2. Growth Prospects

6.2.3. Geographic Lucrativeness

Lithium Ion 

6.2.4. Market Trends and Opportunities

6.2.5. Growth Prospects

6.2.6. Geographic Lucrativeness

7. FORKLIFT BATTERY CHARGER MARKET BY FORKLIFT TYPE

7.1. Introduction

7.2. Counterbalance

7.2.1. Market Trends and Opportunities

7.2.2. Growth Prospects

7.2.3. Geographic Lucrativeness

7.3. Rough Terrain

7.3.1. Market Trends and Opportunities

7.3.2. Growth Prospects

7.3.3. Geographic Lucrativeness

7.4. Reach Trucks

7.4.1. Market Trends and Opportunities

7.4.2. Growth Prospects

7.4.3. Geographic Lucrativeness

7.5. Others

7.5.1. Market Trends and Opportunities

7.5.2. Growth Prospects

7.5.3. Geographic Lucrativeness

8. FORKLIFT BATTERY CHARGER MARKET BY VOLTAGE TYPE

8.1. Introduction

8.2. 24 Volts

8.2.1. Market Trends and Opportunities

8.2.2. Growth Prospects

8.2.3. Geographic Lucrativeness

8.3. 48 Volts

8.3.1. Market Trends and Opportunities

8.3.2. Growth Prospects

8.3.3. Geographic Lucrativeness

8.4. 72 Volts

8.4.1. Market Trends and Opportunities

8.4.2. Growth Prospects

8.4.3. Geographic Lucrativeness

8.5. Others

8.5.1. Market Trends and Opportunities

8.5.2. Growth Prospects

8.5.3. Geographic Lucrativeness

9. FORKLIFT BATTERY MARKET BY GEOGRAPHY

9.1. Introduction

9.2. North America

9.2.1. By Charging Type

9.2.2. By Battery Type

9.2.3. By Forklift Type

9.2.4. By Voltage Type 

9.2.5. By Country

9.2.5.1. United States

9.2.5.1.1. Market Trends and Opportunities

9.2.5.1.2. Growth Prospects

9.2.5.2. Canada

9.2.5.2.1. Market Trends and Opportunities

9.2.5.2.2. Growth Prospects

9.2.5.3. Mexico

9.2.5.3.1. Market Trends and Opportunities

9.2.5.3.2. Growth Prospects

9.3. South America

9.3.1. By Charging Type

9.3.2. By Battery Type

9.3.3. By Forklift Type

9.3.4. By Voltage Type

9.3.5. By Country

9.3.5.1. Brazil

9.3.5.1.1. Market Trends and Opportunities

9.3.5.1.2. Growth Prospects

9.3.5.2. Argentina

9.3.5.2.1. Market Trends and Opportunities

9.3.5.2.2. Growth Prospects

9.3.5.3. Others

9.3.5.3.1. Market Trends and Opportunities

9.3.5.3.2. Growth Prospects

9.4. Europe

9.4.1. By Charging Type

9.4.2. By Battery Type

9.4.3. By Forklift Type

9.4.4. By Voltage Type

9.4.5. By Country

9.4.5.1. United Kingdom

9.4.5.1.1. Market Trends and Opportunities

9.4.5.1.2. Growth Prospects

9.4.5.2. Germany

9.4.5.2.1. Market Trends and Opportunities

9.4.5.2.2. Growth Prospects

9.4.5.3. France

9.4.5.3.1. Market Trends and Opportunities

9.4.5.3.2. Growth Prospects

9.4.5.4. Italy

9.4.5.4.1. Market Trends and Opportunities

9.4.5.4.2. Growth Prospects

9.4.5.5. Spain

9.4.5.5.1. Market Trends and Opportunities

9.4.5.5.2. Growth Prospects

9.4.5.6. Others

9.4.5.6.1. Market Trends and Opportunities

9.4.5.6.2. Growth Prospects

9.5. Middle East and Africa

9.5.1. By Charging Type 

9.5.2. By Battery Type

9.5.3. By Forklift Type

9.5.4. By Voltage Type

9.5.5. By Country

9.5.5.1. Saudi Arabia

9.5.5.1.1. Market Trends and Opportunities

9.5.5.1.2. Growth Prospects

9.5.5.2. UAE

9.5.5.2.1. Market Trends and Opportunities

9.5.5.2.2. Growth Prospects

9.5.5.3. Others

9.5.5.3.1. Market Trends and Opportunities

9.5.5.3.2. Growth Prospects

9.6. Asia Pacific

9.6.1. By Charging Type 

9.6.2. By Battery Type

9.6.3. By Forklift Type

9.6.4. By Voltage Type

9.6.5. By Country

9.6.6. Japan

9.6.6.1.1. Market Trends and Opportunities

9.6.6.1.2. Growth Prospects

9.6.7. China

9.6.7.1.1. Market Trends and Opportunities

9.6.7.1.2. Growth Prospects

9.6.8. India

9.6.8.1.1. Market Trends and Opportunities

9.6.8.1.2. Growth Prospects

9.6.9. South Korea

9.6.9.1.1. Market Trends and Opportunities

9.6.9.1.2. Growth Prospects

9.6.10. Taiwan

9.6.10.1.1. Market Trends and Opportunities

9.6.10.1.2. Growth Prospects

9.6.11. Thailand

9.6.11.1.1. Market Trends and Opportunities

9.6.11.1.2. Growth Prospects

9.6.12. Indonesia

9.6.12.1.1. Market Trends and Opportunities

9.6.12.1.2. Growth Prospects

9.6.13. Others

9.6.13.1.1. Market Trends and Opportunities

9.6.13.1.2. Growth Prospects

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis

10.2. Market Share Analysis

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Competitive Dashboard

11. COMPANY PROFILES

11.1. OneCharge

11.2. BYD Motors Inc.

11.3. XtraPower Batteries 

11.4. Prime Power

11.5. Crown Equipment Corporation

11.6. Webasto Group

11.7. AMETEK Prestolite Power

11.8. Toyota Material Handling

OneCharge

BYD Motors Inc.

XtraPower Batteries 

Prime Power

Crown Equipment Corporation

Webasto Group

AMETEK Prestolite Power

Toyota Material Handling