The future of forklift power systems
The future of forklift power systems
Thirty years ago, internal combustion engines were the standard for forklifts, and the idea of switching to electric power made little sense. Propane-powered forklifts simply offered more efficient and longer-lasting performance than batteries.
Today, electricity has won the global market for powering forklift fleets: over 60% of forklifts sold now are electric. The triumph of electric power began with a shift in market demand. Forklifts transitioned from traditional outdoor use to indoor deployment, primarily in warehouses, creating a need for a quiet, safe, and emission-free option.
The second factor tipping the balance toward electricity was technological advancement. Since the late 1990s, rapid progress has been made, particularly with the development and refinement of lithium-ion batteries for mobile phones, laptops, and electric vehicles. Performance and power improved quickly, while battery prices dropped by 87% between 2010 and 2019.
Battery-powered forklift fleets have now become the dominant product in the market because:
Electric power is increasingly seen as more cost-effective.
Electric forklifts require less maintenance.
With electricity, there’s no need to replace gas cylinders or refill onboard fuel tanks.
Electric systems can recharge during lunch breaks or short production pauses, enabling 75% or higher uptime in three-shift operations.
Electricity is the most environmentally sustainable option, producing zero emissions.
Electric forklifts eliminate the risk of carbon monoxide poisoning and operate more quietly than internal combustion engines.
Thanks to the shift from DC to AC power, electric forklifts now deliver the same or better power and performance levels as propane-powered models.
Market Size and Growth
Kenneth Research notes that the global forklift battery market is a $6 billion industry, projected to grow at a compound annual growth rate (CAGR) of 8% between 2022 and 2030.
This anticipated growth is based on high demand for forklifts, advancements in storage capacity and battery life, and the fact that batteries do not emit harmful gases like nitrogen oxides or carbon monoxide. The Asia-Pacific market is expected to lead this growth, but Europe is also projected to see significant expansion due to the region’s numerous construction projects.
What’s the Future of Batteries?
Lithium-ion (Li-ion) batteries aren’t the only option—but you’d be forgiven for thinking so. First commercialized by Sony in 1990, most people now carry lithium batteries in their pockets or bags to power smartphones and other consumer electronics.
According to Alex Holland of UK-based tech research firm IDTechEx, ongoing improvements in lithium-ion technology will make it increasingly difficult for alternative battery chemistries to gain market share. While Li-ion remains dominant in consumer devices, electric vehicles, and stationary storage, Holland predicts that the late 2020s could bring supply disruptions to the lithium industry. This may open opportunities for cheaper, more widely available materials and battery chemistries that are safer for humans and the environment.
"The lithium market is expected to double again in the next five years, but lead-acid batteries—and their premium variants—will remain a viable choice for most applications."
EAXTRON International Sales Manager Alexandre Bourdy
Robin Schneider, Marketing Director of Green Cubes, cited industry consensus that lithium-ion batteries will shift from roughly 10% market share today to becoming the dominant power solution for Class 1, 2, and 3 forklifts within the next 5 to 10 years.
“Fuel cells are also expected to see increased adoption, but primarily for more niche applications,” she added.
David Cooper, Managing Director of Australian Industrial Batteries, noted an exponential rise in demand for electric forklifts as alternatives to internal combustion (IC) models.
“This is great news for the environment,” he emphasized. “Electric forklifts produce zero emissions, eliminate workers’ exposure to polluted air, and improve overall air quality.”
Tim Karimov, President of U.S.-based lithium battery manufacturer OneCharge, believes it’s inevitable that all industrial equipment—including construction and mining machinery—will electrify using lithium power.
“Lithium batteries are not only more economical to operate, but they also help companies reduce their carbon footprint and maintain workplaces free of ICE exhaust and pollutants,” he stressed.
Tamas J. Pataky, Head of Product Innovation at Stromcore Energy (an Ontario-based industrial lithium battery manufacturer), highlighted another major trend: automation for safer warehouse environments.
“With high-capacity, plug-and-play lithium charging technology, automated forklifts can operate largely independent of maintenance teams,” he noted.
While falling lithium battery costs (driven by increased production) are making long-term benefits more accessible, Alexandre Bourdy, International Sales Manager at battery connector specialist EAXTRON, believes lithium remains best suited for multi-shift or energy-intensive applications.
“The lithium market is expected to double again in the next five years, but lead-acid batteries—and their premium variants—will remain a practical choice for most use cases,” he maintained.
Looking for new dealers and distributors of SevenEco batteries
SevenEco, a China-based company, is a leader in lithium batteries for material handling and is looking for global partners for expansion. We are currently working with more than 36 battery distributors around the world. We continue to witness the growth of the forklift lithium battery replacement market. Welcome you to be a part of our inheritance of innovative industrial lithium battery products, smart power supply solutions and cutting-edge modular technology, and become one of the 118 dealers on our global market map! Choosing SevenEco is choosing the future, let's work side by side in this industry.
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