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Demand of Electric Forklifts and Rental Services will be major growth Drivers for Forklift Industry in India : Bonafide Research

In Indian Forklift Market has seen a huge change in products and technology trends in last few years. Clients began handling heavier loads inside the Manufacturing units/warehouse; there arose demand for Environmental friendly trucks would handle loads up to 5 tonnes without creating pollution. A new series of electric forklifts is in demand in manufacturing/warehousing unit to deliver speed and power almost at the level of diesel forklifts. Clients are gradually shifting towards electric forklift. Rental forklift market is growing at a spectacular rate. Rental market is mainly dominated by unorganised players in forklift market but the international players are also shifting to rental services with bunch of value added service in India" India forklift market have wide acceptance in industries to handle material movement from one place to another place. India forklift market has shown moderate growth as consumers are bending towards rental segment rather than to purchase forklifts and innovation products like electric products has change preference of consumers. Compared to the global rental business, the rental business in India is growing at a snail's pace and the majority of this business is controlled by the unorganised sector. New technology trends in forklift market from cleaner end have created huge demand of electric forklift over diesel forklift in Indian market. According to recently published report of Bonafide Research, "India Forklift Market Outlook 2022" Demand of diesel forklift is expected to remain dominant due to heavy load movement in ports and warehouses. GST implementation, Infrastructure growth and Make in India campaign has boost the demand of forklift in industries. Clients are shifting from diesel forklift to electric forklifts but still diesel forklift is leading the forklift market. Godrej & Boyce commands major share in India forklift market followed by Kion (Voltas) & Toyota. Godrej & Boyce is leader in India forklift market operates in diesel forklift range 1.5 to 25 tonne capacity & electric forklift range of 1 to 5 tonne capacity. In addition, they also offer special forklift for container stuffing, de stuffing and empty container handling in the range of 16-32 tonne capacity in association with CVS Ferrari. KION group provides Voltas brand IC forklift trucks with capacity ranging from1.5 tonne to 16 tonne. These comply with BS III emission standards and are most fuel-efficient in their class. E-trucks are provided in capacities of 1.5 to 3.5 tonne. Battery operated pallet truck, stackers with height up to 6.3m and reach trucks with heights up to 9.6m cater to warehousing needs. Toyota MHE offers 1 to 10 tonne range and can go up to 25 tonne. These ranges are available for ICE trucks and for 1-7 tonne comes as battery operated ones. The engine powering the counterbalance machines comply with Euro III norms and battery forklifts are zero emission products. Top Players is focus on increasing distribution dealers in all across India to boost up sales and services to maintain leadership in Indian forklift market. Implementation of GST and infrastructure growth will pull the demand of forklift in coming years. Major Companies operate in India Forklift markets are Godrej & Boyce manufacturing private limited, KION India Private Limited (Voltas), Toyota material handling private limited, Action Construction Equipment Private Limited, Mechneill Engineering Limited, Josts Engineering Limited, Hyundai Construction Equipment Limited.


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