The Lithium Battery Forklifts Become an Industry Development Trend

At present, lead-acid batteries or lithium batteries are mainly used as power sources for electric forklifts in China. Lithium batteries, due to their long lifespan and high endurance, have already gained the advantage of replacing lead-acid batteries in terms of the total life cycle cost. Traditional electric forklifts usually use lead-acid batteries. Lead-acid batteries have few charge and discharge cycles, a short service life, high maintenance requirements, a significant impact on the environment, and a long charging time. Compared with lead-acid batteries, lithium batteries have the characteristics of being lighter in weight, smaller in size and higher in energy density. In addition, lithium batteries charge faster, have a longer service life, lower maintenance costs and are more environmentally friendly than lead-acid batteries.

From the perspective of the product structure of motor industrial vehicles, the market share of electric forklifts is increasing day by day. According to the data from the World Industrial Vehicle Statistics Association, the global sales volume of electric forklifts increased from 534,700 units in 2013 to 1.4128 million units in 2022, with a compound annual growth rate of 11.40%, which is higher than the overall industry level. During the same period, the sales volume of internal combustion forklifts increased from 454,100 units to 590,500 units, with a compound annual growth rate of only 2.96%, which was much lower than that of electric forklifts and the overall industry level. In terms of sales proportion, the sales volume of electric forklifts accounted for 54.08% of the total sales volume of motor industrial vehicles during the same period, increasing from 54.08% in 2013 to 70.52% in 2022, showing a stable upward trend. The market share of electric forklifts in industrialized countries and regions is generally significantly higher than that of internal combustion forklifts. In contrast, the market share of electric forklifts in developing regions is relatively low. According to the data from the World Industrial Vehicle Statistics Association, the global market share of electric forklifts was 70.52% in 2022. In Europe, it was as high as 88.31%, while in Africa, it was only 52.12%. There is a certain gap between developing regions and developed countries. With the continuous advancement of industrialization, electric forklifts in developing regions will have broad development space in the future.

Against the backdrop of the continuous development of the electrification trend, the demand for lithium battery forklifts is also on the rise. According to the latest forecast of Interact Analysis, lithium-ion batteries in China and some European countries will surpass lead-acid batteries in the share of electric forklifts (Class1-3*) by 2025. It is expected that by 2030, the global market share of lithium-ion vehicles will exceed 50%, and Class3.1 will become the first subcategory to achieve more than 50% lithium-ion battery use. By 2032, Class3.1 will be fully lithium-powered in many regions including China.