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India Forklift Market Outlook, 2027-28

India Forklift Market Outlook, 2027-28

Bonafide Research 07-10-2022 78 Pages Figures : 11 Tables : 16
Region : Asia-Pacific Category : Manufacturing & Industry Industrial Automation & Engineering

1. Action Construction Equipment Limited

2. KION India Private Limited

3. Godrej & Boyce Manufacturing Company Limited

4. Hyundai Construction Equipment India Private Limited

5. Josts Engineering Company Limited

More...

The expansion of forklift demand in India's material handling equipment business has been supported by the rapid rise in industries including retail, e-commerce, manufacturing, warehousing, and logistics. In order to carry tools from one location to another, forklifts play a significant role in trades. The entire line of forklifts can be divided into three classes, namely Light duty, Medium duty, and Heavy duty, from a category perspective. Due to the large number of SME businesses operating there, light-duty forklifts account for the majority of sales volumes in India. On the other hand, a tendency toward medium-duty forklifts is anticipated during the projected period. India Forklift Market is flourishing owing to the advancements in the e-commerce industry, increasing infrastructure development investments, and rising usage of electric forklift trucks are expected to drive market expansion.

According to the report, “India Forklift Market Outlook, 2027-28” published by Bonafide Research, the market is anticipated to grow with more than 18% CAGR for 2022-2028. The India Forklift Market is booming because of the market is rapidly developing primarily as a result of the rising demand for forklifts that can endure adverse weather conditions. Additionally, the market expansion is fuelled by the rising construction sector. Many government organizations are focusing on bolstering the current infrastructure in order to promote overall economic development. The rising e-commerce sector and changes in warehouse operations over the past few years, which have increased demand for forklifts to manage heavy loads and fit through tight spaces, may both be attributed to the expansion. The demand for forklifts that can operate in challenging terrain and transport large construction supplies over long distances is also increasing as a result of the nation's burgeoning building projects. However, an increase in forklift truck safety issues, as well as the high cost of forklift truck maintenance, is likely to stymie market expansion.

Companies in the forklift market are proposing products with an emphasis on operator comfort, safety & eventually efficiency in mind. Products are aimed to be more dependable, efficient & service friendly. Now, AC drive forklifts are becoming famous as they decrease the maintenance & raise the operational uptime. The momentum to go electric came into forklift much before it was even spoke about in the auto segment. With governments becoming more & more aware about eco-friendly influences of diesel forklifts, the demand for pollution-free greener forklifts has been growing in the nation. Also, new developing product types of electric forklifts are attaining thrust in the country. Electric forklifts are now offered with many extraordinary attachments for precise applications with lesser cost of ownership. Consumers have started choosing electric forklifts over diesel forklifts.

The need for long-term and sustainable renewable energy solutions is also increased by environmental concerns and the availability of natural resources like coal, oil, and gas. Hydrogen fuel is an impressive alternative to traditional methods of powering machinery and equipment when it comes to material handling equipment, industries, and cars. For instance, in August 2021, Hyundai Construction Equipment Co. announced a plan to work with S-Fuelcell Co. to produce small-sized forklift trucks that are powered by hydrogen fuel cells. As a result, the India Forklift Market is predicted to develop at a significant rate during the forecast period (2022-2028).

Across the nation, numerous regions have started infrastructure building efforts. Forklift truck demand is rising as a result of increased real estate investment. Furthermore, during the projection period, demand for forklift trucks is likely to be driven by rising government investments and expanding infrastructure globally. For instance, the Indian prime minister announced the country's plans to invest $1.35 trillion in infrastructure development from 2021 to 2025 in order to boost the economy. In addition, forklift trucks are used to move large or bulky products, which improve productivity and lowers operating expenses at construction sites. Increasing investment in infrastructure development in countries, as well as the advantages of forklift truck material handling capability, is expected to propel the India forklift market ahead. 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.

The growing attractiveness of the fork lift truck market in India has drawn attention from of lot of MNC companies that were vying for a piece of market share. Recently, the Italian company KION's Indian forklift truck brand, Voltas, joined hands with the long-established Italian brand OM in India. It is anticipated many such collaborations, M&As and expansion will happen in the sector and that will be a win for the end use industry segment as the industry will get to see innovation in new product launches. Demand for forklifts from the rental market has seen growing regularly.

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.

Godrej & Boyce the leading firm of the Godrej Group, declared recently that its business, Godrej Material Handing goals to hold more than 30 percent market share of the offset forklift market by the end of 2024 starting with the introduction of the innovative Uno Electric Forklift Truck. With progressive ergonomics, increased safety, enhanced visibility, & an extensive runtime on every charge, the Uno is a workhorse in the 1.5 - 3-ton forklift types. Its performance is similar to a diesel forklift in the same weight category with the added profit of it being mild on the environment & rough on the job. In addition to that, Hyundai launched its forklift business in India with a complete range of forklifts and warehousing equipments.

Covid-19 Impacts:
COVID-19's impact on the forklift truck market is unpredictable, and it is expected to be in effect for a few years. Because of the COVID-19 breakout, governments around the world were forced to enforce stringent lockdowns and ban import-export of raw materials and parts for the majority of 2020 and a few months in 2021. As a result, crucial raw materials utilized in the construction of forklift trucks became increasingly scarce. Furthermore, the nationwide lockdown forced factories that manufacture forklift truck systems to shut down partially or completely. The COVID-19 outbreak slowed down efforts and projects aimed at building complex forklift truck systems.

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

“India Forklift Market Outlook, 2027-28” 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 Material Handling Equipment Market Segmental Analysis: By Product, By End User, By Production
- 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
- Competitive Landscape & Strategic Recommendations

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.



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