Development of Lithium Batteries in Forklifts and Industrial Equipment

The application of lithium batteries in industrial equipment is developing rapidly. The global market size of lithium batteries for industrial equipment is about US$2 billion in 2020 and is expected to grow to US$5 billion by 2025. As the world's largest lithium battery producer and consumer, China's market size for lithium batteries for industrial equipment is about US$500 million in 2020 and is expected to grow to US$1.5 billion by 2025.
The rapid development of forklifts lithium batteries and industrial equipment lithium battery is primarily due to their numerous advantages over traditional lead-acid batteries.

     Environmental Regulations: Governments worldwide are increasingly stringent on environmental requirements, driving the adoption of lithium batteries in industrial equipment. For example, the EU's Green Deal and China's New Energy Vehicle Industry Development Plan both support the use of lithium batteries.
      Cost Reduction: Advances in technology and economies of scale have gradually reduced the cost of lithium batteries, making them more economically competitive.
     Technological Advancements: Continuous improvements in lithium battery technology, such as increased energy density, faster charging speeds, and extended lifespan, have further propelled their application.
      High Energy Density: Through material innovation and process optimization, the energy density of lithium batteries has continuously improved, extending equipment operating times. The energy density of lithium batteries has increased by about 50% over the past decade, from 150Wh/kg to 225Wh/kg, and is expected to reach 300Wh/kg by 2025.
      Fast Charging Technology: Advances in fast charging technology have reduced the charging time of lithium batteries from 8 hours to 1-2 hours, with expectations to further reduce it to under 30 minutes in the future.
      Intelligent Management: The increasing intelligence of battery management systems (BMS) allows real-time monitoring and optimization of battery performance, extending battery life.
      Safety Enhancements: The application of new materials and designs, such as lithium iron phosphate batteries (LiFePO4), has improved the safety and thermal stability of lithium batteries.
      Lifespan: The cycle life of lithium batteries has increased from 1,000 cycles to 2,000-5,000 cycles, with expectations to reach 10,000 cycles in the future.
      Total Cost of Ownership (TCO): The TCO of lithium batteries is already lower than that of lead-acid batteries and is expected to decrease further.
      Subsidy Policies: Government subsidies for new energy vehicles and renewable energy have further driven the development of lithium batteries.

Applications of Lithium Batteries in Industrial Equipment Include:

      Electric forklifts: Electric forklifts are the largest application area of lithium batteries in industrial equipment, accounting for more than 60% of the market share. The market size of lithium batteries for electric forklifts is expected to reach            US$3        billion by 2025.
      Automated Guided Vehicles (AGVs): The lithium battery market for AGVs was approximately US$300 million in 2020 and is expected to grow to US$1 billion by 2025.
      Warehousing equipment: The lithium battery market for warehouse equipment was approximately US$200 million in 2020 and is expected to grow to US$600 million by 2025.
      Port equipment: The lithium battery market for port equipment was approximately US$100 million in 2020 and is expected to grow to US$300 million by 2025.
      Construction equipment: The lithium battery market for construction equipment was approximately US$100 million in 2020 and is expected to grow to US$250 million by 2025.

Major Cells Suppliers in the Lithium Battery Industry: