India Forklift Market Overview, 2022-28

India Forklift Market Overview, 2022-28

India forklift market is showing optimistic growth from the last few years in terms of value as well as volume. Top international players have started setting their base in India and this is resulting into availability of new technologically advanced products and product designs. Forklifts are now designed to be more reliable, efficient and service friendly. In India, forklifts have found wide acceptance in industries, ports and warehousing sector. Infrastructure growth, Make in India campaign and GST implementation has pulled the demand in the industry. New emerging product types of battery operated electric forklifts are gaining momentum in the country. Electric forklifts are now available with many special attachments for specific applications with lower cost of ownership. Customers have started preferring electric forklifts over diesel variants.

According to India Forklift Market Overview, 2022-28, forklift market is anticipated to grow with more than 18% CAGR. In India, majority of forklifts are counterbalance and the rest are used as warehousing equipment forklifts. Major players operating in the industry are Godrej & Boyce, KION India (Voltas), Toyota Material Handling India, Nilkamal, Jost Engineering and Action Construction Equipment. In March 2016, Hyundai launched its forklift business in India with a complete range of forklifts and warehousing equipments. The entire range of forklift can be segregated into three categories according to their load capacity: Light duty (1 to 3 tonne), Medium duty (4 to 8 tonne), and heavy duty (10 tonne and above capacity). Light duty forklifts have been dominating in India; however a trend of medium duty forklifts will be seen in the coming few years. Demand for pollution free greener forklifts have also been increasing in the country with companies & industries becoming conscious about environmental impacts of diesel forklifts.

Industries like automobile, logistics, chemicals, pharma etc are growing enormously in the Indian economy and thus they are contributing majorly to the demand of forklifts. The market will gradually move towards electric version and eventually the diesel forklifts will remain in the outdoor applications only. Light generation trucks are high safety products with higher reliability and greater fuel efficiency. In warehouse trucks, manual movement of material is now replaced by battery operated Pallet truck. The trend is moving from reach truck to VNA and ASRS which are semi-automatic and automatic systems respectively. E-commerce has been a big boom for forklift market in India as a lot of warehousing operations got a boost because of that. Many 3PL companies, which have entered India, are doing their job very efficiently. Demand for forklifts from rental market has also been seen growing and the growth has been more aggressive from the last few years. Rental segment is dominant by unorganised players, but now the scenario is changing due to OEM providing complete solutions to the industry including rental services.

Key Product Types
• Diesel Forklift
• Electric/ Battery Operated Forklift
• LPG Forklift

“India Forklift Market Overview, 2022-28” discusses the following aspects of forklift in India:
How it will help solving your strategic decision making process??
The report gives an in-depth understanding of forklift market in India:
- India Material Handling Equipment Market Outlook
- India Material Handling Equipment Market Size By Value & Forecast
- India Forklift Market Outlook
- India Forklift Market Size By Value & Forecast
- India Forklift Market Size By Volume & Forecast
- India Forklift Market Segmental Analysis: By Company, By Product Type, By End User, By Load Capacity
- India Rental Forklift Market Overview
- Product Price & Variant Analysis
- The key vendors in this market space

This report can be useful to Industry consultants, manufacturers and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

Report Methodology
The information contained in this report is based upon both primary and secondary research. Primary research included interviews with various channel partners of forklifts in India. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.