India Forklift Market to Grow at a CAGR of 11.7%, during Forecast Period
Published | 06 September 2022
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.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India Forklift Market is predicted to grow at a CAGR of 11.7%, by the end of 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 fueled 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, are likely to stymie market expansion.
Development of Forklifts Powered by Hydrogen Fuel Cells
The use of electric powered forklifts has grown over the past few years, and manufacturers are working extremely hard to outperform internal combustion (IC) engines in terms of performance. 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).
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Increasing Infrastructure Development Investment
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 August 2021. In addition, forklift trucks are used to move large or bulky products, which improves 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, are expected to propel the India forklift market ahead.
Challenge: Concerns Concerning the Safety of Forklift Trucks
At the Safety & Health Expo in July 2019, the technical manager for forklift truck training revealed that the frequency of accidents involving forklift trucks has increased in recent years. More than half of the injuries were caused by drivers or pedestrians who got out of the vehicle. Because it is regularly used close to pedestrians and is more likely to become unstable, especially if it is not controlled and loaded properly, the forklift is one of the most dangerous workplace vehicles. The Occupational Safety and Health Administration (OSHA) reports that forklift accidents resulted in 34,900 serious injuries and 85 fatalities in 2020. Forklift rolling or overturning, forklift operator falling off forklift, and workers being hit, crushed, or pinned by a forklift are the three most common forms of accidents, according to the National Institute for Occupational Safety and Health (NIOSH).
Segmental Coverage
India Forklift Market - By Fuel Type
Based on fuel type, the India Forklift Market is segmented into Electric, Diesel, Gasoline & LPG/CNG. Electric forklifts are a more environmentally friendly alternative to gasoline and diesel-powered forklifts. Furthermore, compared to vehicles powered by conventional combustion engines, electric vehicles have fewer maintenance costs. Several countries around the world, including the United Kingdom, India, and France, are in the process of discontinuing sales of combustion engine automobiles. Electric car benefits and favorable government measures are expected to promote demand for electric vehicles over the projection period. This influences the electric segment to dominate the market share in the upcoming years.
Impact of COVID-19 on India Forklift Market
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.
Competitive Landscape
The leading market players in the India Forklift Market are Godrej & Boyce, KION, Toyota Material handling India Pvt. Ltd., Mecneill Engineering Limited, Nilkamal Limited, Hyundai Construction Equipment Private Limited, Escorts Ltd., TELCON, Maini Group, Josts Engineering Private Limited, Mukand Ltd., ACE Ltd., Voltas, TIL, and other prominent players. The India Forklift Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India Forklift Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Forklift Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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