Current market situation and pattern

Currently, lead-acid batteries still occupy a large share in the forklift battery market. This is mainly due to their lower unit price and mature technical system. Among the existing electric forklifts in China, lead-acid batteries still account for more than half. While lithium batteries, with their unique advantages, are rapidly seizing the market. Globally, the proportion of lithium-ion batteries in the forklift sector in developed countries such as Europe and the United States has exceeded 50%, and the proportion in the Chinese market is also continuously increasing.

Technical performance comparison

Lithium battery advantages are significant

• Fast charging: The charging time from 10% to 100% is only 2 hours, supporting high-current charging, and in fast charging mode, it can charge to over 80% in 1 hour, allowing for supplementary charging during breaks, suitable for multi-shift operation scenarios.

• Long cycle life: High-quality lithium iron phosphate batteries can cycle more than 4,000 times, with an operation time of approximately 24,000 hours, and still retain more than 65% capacity after 4,000 charges.

• High energy density: The energy density of lithium batteries is 3 - 5 times that of lead-acid batteries, with the same capacity, it has a smaller volume and lighter weight, which can reduce the weight of the forklift and improve handling efficiency. However, when used in forklifts, additional weights need to be added to ensure vehicle balance.

• No charging memory: Random and intermittent charging is allowed, which does not affect battery life, with little energy loss, and always maintains the rated output power.

• Wide working temperature range: It can work normally in the temperature range of - 30°C to 60°C, and the discharge efficiency can still reach 80% - 90% at - 20°C.

• Low maintenance cost: Sealed structure, no need to add electrolyte, and almost no maintenance is required on a daily basis.

• Environmentally friendly: It does not contain heavy metals such as lead and cadmium, is more environmentally friendly, and the recycling processing cost is relatively lower.

Lead-acid battery features are prominent

• Lower cost: For the same capacity, lead-acid batteries usually cost only one-third to one-fourth of lithium batteries, which is attractive for enterprises with limited budgets.

• Complete recycling system: The batteries can be processed through professional recycling channels after disposal, with a high recycling rate.

• Slow charging speed: The charging time from 20% to 100% is 8 - 10 hours, and the fast charging mode also requires 3 - 5 hours, which affects the efficiency of forklift use.

• Short cycle life: The average cycle life is about 1,200 times, with an operation time of approximately 6,000 hours, and the capacity usually drops to less than 50% after 1,200 charges.

• Charging memory: Regular or intermittent charging is required, the charging operation is relatively complex, and it will damage the battery and shorten its lifespan.

• High maintenance workload: During use, regular checks of the electrolyte level and addition of distilled water are required.

• Poor cold resistance: The discharge efficiency is less than 30% at - 20°C.

Cost-benefit analysis

• Lithium battery: The initial purchase cost is high, but in the long run, due to its long cycle life, low maintenance cost, and high charging efficiency, the overall cost is more advantageous. With technological progress and large-scale production, the cost of lithium batteries is still continuously decreasing.

• Lead-acid battery: The initial purchase cost is low, but during use, frequent battery replacements, high maintenance costs, and operational efficiency losses due to long charging times mean that the long-term overall cost is not low.

Future development trend outlook

• Lithium battery: With further improvement in technology maturity and safety, cost continues to decline. Coupled with the implementation of new national standards, the market share of lithium batteries in the forklift sector will increase rapidly in the next five years, becoming the mainstream development direction. Some analysts predict that domestic lithium battery forklifts will gradually replace internal combustion and lead-acid forklifts, with an annual new market capacity of up to 40 - 80 billion yuan. • Lead-acid batteries: Although their market share will gradually be squeezed by lithium-ion batteries, there will still be certain market demand in some scenarios of small-tonnage forklifts that are cost-sensitive, have low operational intensity, and do not require continuous operation. At the same time, the lead-acid battery industry is also extending the cycle life and enhancing competitiveness through technological innovations, such as adding carbon additives and alloying the positive plate grid to prevent sulfation, and using intelligent charging algorithms to match the battery's state.