Europe Forklift Battery Market Size, Share, Trends, And Forecast (2021 - 2031) Baas And Electrification Drive 6.1% CAGR And US$ 2.36 Billion Market By 2031
Dublin, Oct. 06, 2026 (GLOBE NEWSWIRE) -- "Europe Forklift Battery Market Size and Forecast (2021 - 2031)" has been added to ResearchAndMarkets.com's offering.
The Europe Forklift Battery Market is projected to reach US$ 2,364.9 million by 2031, rising from US$ 1,575.9 million in 2024. The market is expected to record a compound annual growth rate (CAGR) of 6.1% from 2025 to 2031, supported by growing demand for electric forklifts, efficient warehouse operations, sustainable material handling equipment, and advanced battery technologies.
Europe Forklift Battery Market Overview
France, Germany, Spain, Italy, the UK, and the Rest of Europe represent the principal geographic markets. Germany, France, Italy, and the UK continue to lead the adoption of advanced industrial technologies, while differences in infrastructure and investment influence adoption rates across Nordic, Western, and Eastern Europe.
Automotive, pharmaceuticals, e-commerce, food and beverage processing, manufacturing, retail, construction, and logistics operations are major sources of demand. Expansion in these industries is increasing the need for reliable forklift battery systems that support productivity, fleet uptime, and lower-emission operations.
Regulatory developments are also strengthening the Europe forklift battery market outlook. In March 2024, the European Commission announced a political agreement with the European Parliament and the Council of the EU concerning on-road approval and market surveillance for non-road mobile machinery. The regulation is expected to improve the operational flexibility of equipment such as forklifts and encourage investment in sustainable electric machinery. As electric forklift deployment increases, demand for compatible lead acid and lithium-ion battery systems is anticipated to rise.
Market Segmentation
- By Type: The market includes Lithium Ion, Lead Acid, and Others. Lead Acid batteries accounted for the largest market share in 2024, supported by their established use across industrial forklift fleets. By Capacity: Categories include 0 to 600 Ahr, 600 to 1200 Ahr, and Above 1200 Ahr. The 0 to 600 Ahr segment led the market in 2024. By Application: Key applications include Manufacturing, Construction, Warehouse and Logistics, Automotive, Retail and Wholesale Stores, and other industrial operations. Manufacturing represented the largest application segment in 2024.
Battery-as-a-Service Supports Market Growth
Battery-as-a-Service (BaaS) is emerging as an important commercial model for electric forklift fleets. Under subscription-based arrangements, operators can access charged batteries and battery swapping infrastructure without purchasing each battery outright. Companies such as Konecranes are introducing related services within electric material handling operations.
BaaS shifts battery spending from capital expenditure (CAPEX) toward operating expense (OPEX), helping businesses reduce initial electric forklift costs. Battery swapping can also limit operational downtime in multi-shift and 24/7 facilities, including warehouses, distribution centers, manufacturing plants, and logistics hubs.
Real-time monitoring further supports battery performance, maintenance planning, and service life. The model also advances corporate sustainability objectives through battery reuse, recycling, responsible lifecycle management, and potential energy-grid integration. Increasing emphasis on cost control, operational continuity, and environmental performance is expected to accelerate adoption of battery-powered forklifts throughout Europe.
Germany Leads Regional Adoption
Germany is expected to maintain the largest country-level share of the Europe Forklift Battery Market. Its established manufacturing, automotive, warehousing, and logistics sectors continue to invest in electric material handling systems. Battery recycling is becoming increasingly important as German businesses seek to reduce environmental impact and dependence on newly extracted raw materials.
Kion Group AG and Li-Cycle Holding Corp have established a partnership focused on recycling used lithium-ion batteries from material handling equipment. The collaboration, scheduled to continue until 2030, is designed to recover up to 95% of valuable battery materials. This initiative supports circular economy objectives while reducing mining requirements and battery chemical disposal.
Product innovation is also contributing to demand. In October 2024, Hamburg-based STILL introduced its RCE 15-20 series of electric forklift trucks for businesses with moderate internal transport requirements. New electric forklift models are expected to increase demand for efficient battery systems, particularly lithium-ion solutions offering energy efficiency, extended service life, and suitability for intensive operations.
Competitive Landscape
Leading Europe forklift battery market companies include East Penn Manufacturing Company, EnerSys, GS Yuasa Corp, Exide Industries Ltd, Contemporary Amperex Technology Co Ltd, Leoch International Technology Limited Inc, TotalEnergies SE, Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Crown Equipment Corp, Amara Raja Energy & Mobility Ltd, TAB d.d., and BSL NEW ENERGY TECHNOLOGY CO., LTD.
These companies are strengthening their competitive positions through geographic expansion, product development, strategic partnerships, battery recycling initiatives, and mergers and acquisitions. Continued innovation in lithium-ion technology, battery monitoring, charging infrastructure, and service-based fleet solutions is expected to shape the Europe Forklift Battery Market through 2031.
Key Topics Covered
1. Introduction
1.1 Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis Formulation
3.2.2 Macroeconomic Factor Analysis
3.2.3 Developing Base Number
3.2.4 Data Triangulation
3.2.5 Country-level Data
4. Forklift Battery Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 List of Vendors in the Value Chain
5. Europe Forklift Battery Market - Key Market Dynamics
5.1 Market Drivers
5.2 Market Restraints
5.3 Market Opportunities
5.4 Future Trends
5.5 Impact of Drivers and Restraints
6. Forklift Battery Market - Europe Market Analysis
6.1 Europe Forklift Battery Market Revenue (US$ Million), 2024 - 2031
6.2 Europe Forklift Battery Market Forecast and Analysis
7. Europe Forklift Battery Market Revenue Analysis - by Type
7.1 Lithium Ion
7.1.1 Overview
7.1.2 Lithium Ion: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.2 Lead Acid
7.2.1 Overview
7.2.2 Lead Acid: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.3 Others
7.3.1 Overview
7.3.2 Others: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
8. Europe Forklift Battery Market Revenue Analysis - by Capacity
8.1 0 to 600 Ahr
8.1.1 Overview
8.1.2 0 to 600 Ahr: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
8.2 600 to 1200 Ahr
8.2.1 Overview
8.2.2 600 to 1200 Ahr: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
8.3 Above 1200 Ahr
8.3.1 Overview
8.3.2 Above 1200 Ahr: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9. Europe Forklift Battery Market Revenue Analysis - by Application
9.1 Manufacturing
9.1.1 Overview
9.1.2 Manufacturing: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9.2 Construction
9.2.1 Overview
9.2.2 Construction: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9.3 Warehouse and Logistics
9.3.1 Overview
9.3.2 Warehouse and Logistics: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9.4 Automotive
9.4.1 Overview
9.4.2 Automotive: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9.5 Retail and Wholesale Stores
9.5.1 Overview
9.5.2 Retail and Wholesale Stores: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
10. Europe Forklift Battery Market - Country Analysis
10.1 Europe
10.1.1 Europe Forklift Battery Market Revenue and Forecast and Analysis - by Country
10.1.2 Germany: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
10.1.2.1 Germany: Europe Forklift Battery Market Share - by Type
10.1.2.2 Germany: Europe Forklift Battery Market Share - by Capacity
10.1.2.3 Germany: Europe Forklift Battery Market Share - by Application
10.1.3 France: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
10.1.3.1 France: Europe Forklift Battery Market Share - by Type
10.1.3.2 France: Europe Forklift Battery Market Share - by Capacity
10.1.3.3 France: Europe Forklift Battery Market Share - by Application
10.1.4 United Kingdom: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
10.1.4.1 United Kingdom: Europe Forklift Battery Market Share - by Type
10.1.4.2 United Kingdom: Europe Forklift Battery Market Share - by Capacity
10.1.4.3 United Kingdom: Europe Forklift Battery Market Share - by Application
10.1.5 Italy: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
10.1.5.1 Italy: Europe Forklift Battery Market Share - by Type
10.1.5.2 Italy: Europe Forklift Battery Market Share - by Capacity
10.1.5.3 Italy: Europe Forklift Battery Market Share - by Application
10.1.6 Spain: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
10.1.6.1 Spain: Europe Forklift Battery Market Share - by Type
10.1.6.2 Spain: Europe Forklift Battery Market Share - by Capacity
10.1.6.3 Spain: Europe Forklift Battery Market Share - by Application
10.1.7 Rest of Europe: Europe Forklift Battery Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
10.1.7.1 Rest of Europe: Europe Forklift Battery Market Share - by Type
10.1.7.2 Rest of Europe: Europe Forklift Battery Market Share - by Capacity
10.1.7.3 Rest of Europe: Europe Forklift Battery Market Share - by Application
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 New Product Development
12.3 Merger and Acquisition
12.4 Other Strategic Developments
13. Company Profiles
13.1 East Penn Manufacturing Company
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 EnerSys
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 GS Yuasa Corp
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Exide Industries Ltd
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Contemporary Amperex Technology Co Ltd
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 leoch International Technology Limited Inc
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 TotalEnergies SE
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Crown Equipment Corp
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Amara Raja Energy & Mobility Ltd
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
13.11 TAB d.d.
13.11.1 Key Facts
13.11.2 Business Description
13.11.3 Products and Services
13.11.4 Financial Overview
13.11.5 SWOT Analysis
13.11.6 Key Developments
13.12 BSL NEW ENERGY TECHNOLOGY CO., LTD
13.12.1 Key Facts
13.12.2 Business Description
13.12.3 Products and Services
13.12.4 Financial Overview
13.12.5 SWOT Analysis
13.12.6 Key Developments
14. Appendix
14.1 About the Analyst
List of Tables [26]
List of Figures [29]
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