image

GST impact on logistics & Warehousing industries will boost up the Forklifts market: Bonafide Research

"Forklifts industry has shown huge potential in global market. Optimistic growth of forklift market in last few years has increased due to infrastructure growth and government Make in India campaign. New technology trends and GST impact has push up the growth of forklifts in industries. Advance forklift & warehousing equipment playing a vital role to speed up the efficiency of manufacturing & logistics industry. More focus on palletisation, Containerisation and the growth of E-commerce market are expected to boost the demand for forklifts equipments. Top players like Godrej, Voltas (KION) & Toyota are trying to upgrade technology & low maintenance cost. In addition, factors such as industrialization, infrastructure growth, technology trends across the globe are projected to fuel demand for forklift market". Forklift equipment is most popular category in Material handling segment are mainly used in the industries to lift and move heavy materials from one place to another. Forklift technology has shown tremendously progressed in last few years. Indian market has maximum potential for both diesel and electric forklift. Light duty electric forklift will be the major growth drivers since current trends are to have pollution free greener forklifts. Currently there are 3 options in India forklift market: diesel, duel fuel (petrol & LPG) and electric. Hydrogen cells forklift have not come yet but already gained prominence in matured markets. Major international players have started up their base in India like jugheinrich, Kion, Hangcha, and Komatsu etc. which are resulted into availability of new product design and latest technologies. Today companies are offering products with focus on operator comfort, safety and ultimate productivity in Mind. Products are designed to be more reliable, efficient and service friendly. Currently, AC drive forklift is the trend which reduces the maintenance and increases the up time. According to recently published report of Bonafide Research "India Forklift Market Overview" Essential Growth in organised sector retail, advent and rise of E-commerce, boost to manufacturing, renewed outlook and investments on warehousing and logistics, availability and adaption of IT system (WMS) and most importantly, GST implementation will fuel the demand for forklifts. 87% of the forklift market is driven by light forklifts in the range of 1.5T to 3.5T. Almost all industrial segments like automobile, chemical, fertilizer, pharma, glass, steel, Ferro-alloys rubber etc. are extensively using forklifts for their material handling needs. In current scenario, where most of the industries are off-loading their material handling needs to hiring contractor to avoid heavy investment and maintenance hassles hence, the hiring segment is a major driver of demand in the industry. With Make in India campaign & GST implementation, the manufacturing sector is expecting a boom in the coming years. With this will grow the warehouse industry as well. To optimize warehousing operations, employment of best in class material handling is required with right racking system. Thus, Growth of warehousing industry makes impact on Forklift market as well. Demand of Electric and warehousing equipment has risen up significantly while IC market remains stagnant. There has been a shift towards battery operated forklift trucks due to their environment friendliness. IC machines cannot replace by electric because of their own advantage in rugged outdoors application. Forklift industry is moving towards cleaner trends. Companies prefer electric over diesel because of low maintenance cost and lower total cost of ownership. Electric forklifts are now going with various customisations and also available with many special attachments for specific applications. Forklift market is confident of a huge growth in the 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.


Related Press Releases

image

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

Read More
image

GST reforms in India threatens import of cheap Chinese products: Bonafide Research

Read More
image

India Sanitaryware market gets boost because of tourism and hospitality industry: Bonafide Research

Read More
Subscribe