India Forklift Market

India Forklift Market, By Class (Class 1, Class 2, Class 3, Class 4/5), By Capacity (Light Duty, Medium Duty, Heavy Duty), By Fuel Type (Electric, Diesel, Gasoline & LPG/CNG), By Application (Chemical, Food & beverage, Industrial, Logistics, Retail & E-commerce, and Others) ; Trend Analysis, Competitive Market Share & Forecast, 2018-2028

  • Published Date: September 2022
  • Report ID: BWC22342
  • Available Format: PDF
  • Page: 114

Report Overview

India Forklift Market is flourishing owing to the world's thriving e-commerce sector, as well as recent revolutions in warehouse operations, which have resulted in an increasing demand for forklifts to transport high goods and work in tight and narrow places.

India Forklift Market - Industry Trends & Forecast Report 2028

India Forklift Market is predicted to grow at a CAGR of 11.7% during the forecast period (2022-2028). The rapid expansion of the market is predominantly due to the growing demand for forklifts that can withstand tough outside conditions. Also, the expanding construction industry fuels market growth. For general economic development, several government bodies are concentrating on strengthening the current infrastructure. The expansion can be linked to the booming global e-commerce industry as well as changes in warehouse operations over the past several years, which have raised the demand for forklifts to handle high loads and maneuver through confined places. Nationally expanding construction projects are also driving up demand for forklifts that can operate in difficult terrain and deliver bulky construction goods across long distances.

Forklift - Overview

Forklift trucks are strong, heavy-duty electric lift trucks that are frequently used to lift and move heavy objects over short distances, like containers, crates, and other similar components. These trucks primarily execute tasks like loading and unloading cargo from vehicles and moving packed cargo throughout the storage area in dockyards, warehousing activities, and recycling operations. Additionally, an internal combustion engine or electric battery often powers forklifts.

India Forklift Market Forecast and Trends

Growth Drivers

E-commerce Industry Expansion

The e-commerce market is expanding at a rapid clip. Increased demand for consumer products has increased the demand for warehouse space, which is used to keep products before they are distributed in bulk to retail establishments via pallet loads and cases. To get the products to their destination without damage, many distribution tactics and warehouse technologies are used. Forklift trucks are used in warehouses to properly place and arrange items or goods to save time and space. These trucks are available in a variety of variants, including counterbalanced sit-down riders, swing-reach turrets, and order pickers, as well as a variety of power options, including electric, natural gas, diesel, and gasoline.

Growing Demand from the Warehouse Sector for High-tech Forklifts for Inventory Loading and Unloading

Due to the rising need for material handling equipment in the warehousing sector, the India forklift market revenue is anticipated to grow at a CAGR of almost 13% through 2027. Statistics for the sector are also being driven by a growing logistics sector that uses high-performance forklifts to handle cargo. By 2025, the yearly investments in the logistics sector will total USD 500 billion, according to the India Brand Equity Foundation (IBEF). Forklifts are used in warehouses by logistical organizations to transfer inventory with efficiency. Pallet stackers, counterbalance forklifts, and forklifts with tight aisles will all be in great demand for usage in warehouses. With the increased demand for machines that can readily operate through constrained locations to transfer inventory, the market will gain traction. All these factors boost the growth of the India Forklift Market during the forecast period (2022-2028).

Increased Investment in Infrastructure Development

Various governments throughout the world have launched infrastructure development initiatives. Increased real estate investment drives up demand for forklift trucks. Furthermore, rising government investments and improving infrastructure around the world are likely to drive forklift truck demand during the projection period. For example, in August 2021, the Indian prime minister revealed the Indian government's plans to invest $1.35 trillion from 2021 to 2025 in infrastructure development across the country to strengthen the economy. Aside from that, forklift trucks are utilized to transport big or bulk items, increasing efficiency and lowering operational costs at construction sites. Thus, increased investment in infrastructure development in countries and the benefits of forklift truck material handling capacity are likely to boost the global forklift truck market forward.

Restraints

Concerns about Forklift Truck Safety

The forklift truck training technical manager disclosed that the frequency of accidents involving forklift trucks has increased in recent years at the Safety & Health Expo in July 2019. Drivers or pedestrians who exited the car are responsible for more than half of the injuries. The forklift is also among the most hazardous workplace vehicles because it is frequently used close to pedestrians and is more prone to become unstable, especially if it is not managed and loaded properly. According to the Occupational Safety and Health Administration (OSHA), forklift accidents caused 85 deaths and 34,900 serious injuries in 2020. According to the National Institute for Occupational Safety and Health (NIOSH), the three most prevalent types of injuries include forklift rolling or overturning, forklift operator falling from a forklift, and workers being hit, crushed, or pinned by a forklift. Furthermore, according to the Industrial Truck Association, 11% of the 850,000 forklifts in the United States are engaged in an accident. Thus, rising safety concerns and incidents using forklift trucks are expected to stymie market expansion during the projection period.

Impact of COVID-19 on India Forklift Market

The influence of COVID-19 on the forklift truck market is unpredictable, and it is projected to be in effect for a few years. The COVID-19 outbreak compelled governments throughout the world to impose strict lockdowns and ban the import-export of raw materials and parts for the majority of 2020 and a few months in 2021. This resulted in a rapid decrease in the availability of critical raw materials used in the manufacture of forklift trucks. Furthermore, the statewide lockdown compelled forklift truck system manufacturing factories to shut down partially or fully. The COVID-19 epidemic caused widespread delays in actions and projects aimed at developing sophisticated forklift truck systems.

India Forklift Market - By Class

Based on the class, the India Forklift Market is segmented into Class 1, Class 2, Class 3, and Class 4/5. Among these, class 3 accounts for the largest share in the India Forklift Market. The market will expand as a result of rising demand for Class III forklifts to unload goods from tractor-trailers. The global Class III forklift market was valued at over USD 15 billion in 2020, and it is anticipated to grow at a 10% CAGR from 2021 to 2027. The market statistics are expected to increase due to the growing need for forklifts in warehouses for material handling applications. Electric motor hand and hand rider trucks are included in Class III lift trucks. These battery-operated trucks are available in walk-behind and ride-on models. They are most suited for use in small warehouses due to their high maneuverability. All these factors propel the growth of the India Forklift Market during a forecast period (2022-2028).

India Forklift Market

India Forklift Market – By Capacity

Based on capacity, the India Forklift Market is segmented into Light Duty, Medium Duty, and Heavy Duty. Among these, the heavy-duty segment holds the largest market share. A large capacity forklift or an industrial forklift are other names for a huge forklift. Heavy loads can be lifted, moved, and placed with this kind of lift truck. When compared to electric warehouse forklifts, they are typically much larger. All these factors boost the growth of the India Forklift Market during the forecast period (2022-2028).

India Forklift Market - By Application

Based on application, the India Forklift Market is segmented into Chemical, Food & beverage, Industrial, Logistics, Retail & E-commerce, and Others. The growing retail and e-commerce sectors in India will increase demand for forklifts for loading and unloading activities. The India forklift market is driven by the region's expanding retail and e-commerce industries, which use high-performance material handling equipment to automate warehouses. There is a growing demand for machines that arrange goods at heights in racks. All these factors boost the growth of the India Forklift Market during the forecast period (2022-2028).

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.

 

Recent Development

  • In August 2021, Hyundai Construction Equipment Co announced a plan to develop small-sized forklift trucks in cooperation with S-Fuelcell Co, and these forklift trucks run by hydrogen fuel cells.

Scope of the Report

Attributes Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Million
Product Service/Segmentation By Class, By Capacity, By Fuel Type, By Application
Key Players 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.

 

 

By Class

  • Class 1
  • Class 2
  • Class 3
  • Class 4/5

By Capacity

  • Light Duty
  • Medium Duty
  • Heavy Duty

By Fuel Type

  • Electric
  • Diesel
  • Gasoline & LPG/CNG

By Application

  • Chemical
  • Food & beverage
  • Industrial
  • Logistics
  • Retail & E-commerce
  • Others
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation
  3. Executive Summary
  4. India Forklift Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Advancement/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. India Forklift Market Overview
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
      2. By Volume (Thousand Units)
    2. Market Share & Forecast
      1. By Class
        1. Class 1
        2. Class 2
        3. Class 3
        4. Class 4/5
      2. By Capacity
        1. Light Duty
        2. Medium Duty
        3. Heavy Duty
      3. By Fuel Type
        1. Electric
        2. Diesel
        3. Gasoline & LPG/CNG
      4. By Application
        1. Chemical
        2. Food & beverage
        3. Industrial
        4. Logistics
        5. Retail & E-commerce
        6. Others
  6. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
  7. Impact of Covid-19 on India Forklift Market
  8. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Godrej & Boyce
    2. KION
    3. Toyota Material Handling India Pvt. Ltd.
    4. Mecneill Engineering Limited
    5. Nilkamal Limited
    6. Hyundai Construction Equipment Private Limited
    7. Escorts Ltd.
    8. TELCON
    9.     Maini Group
    10. Josts Engineering Private Limited
    11. Mukand Ltd.
    12. ACE Ltd.
    13. Voltas
    14. TIL
    15. Other prominent players

 

  1. Key Strategic Recommendations

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on the in-depth secondary for the final deliverable

 

List of Figures

 

Figure 1        India Forklift Market Segmentation

Figure 2        India Forklift Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        India Forklift Market Size, By Value (USD Million), 2018-2028

Figure 5        India Forklift Market Size, By Volume (Thousand Units), 2018-2028

Figure 6        India Forklift Market Share, By Class, By Value, 2018-2028

Figure 7        India Forklift Market Share, By Class, By Volume, 2018-2028

Figure 8        India Forklift Market Share, By Capacity, By Value, 2018-2028

Figure 9        India Forklift Market Share, By Fuel Type, By Value, 2018-2028

Figure 10       India Forklift Market Share, By Application, By Value, 2018-2028

 

List of Tables

 

Table 1         India Forklift Market Size, By Class, By Value, 2018-2028 (USD Billion)

Table 2         India Forklift Market Size, By Class, By Volume, 2018-2028 (Thousand Units)

Table 3         India Forklift Market Size, By Capacity, By Value, 2018-2028 (USD Billion)

Table 4         India Forklift Market Size, By Fuel Type, By Value, 2018-2028 (USD Billion)

Table 5         India Forklift Market Size, By Application, By Value, 2018-2028 (USD Billion)

Table 6         Godrej & Boyce Company Overview

Table 7          Godrej & Boyce Financial Overview

Table 8         KION Company Overview

Table 9          KION Financial Overview

Table 10        Toyota Material Handling India Pvt. Ltd. Company Overview

Table 11        Toyota Material Handling India Pvt. Ltd. Financial Overview

Table 12        Mecneill Engineering Limited Company Overview

Table 13        Mecneill Engineering Limited Financial Overview

Table 14        Nilkamal Limited Company Overview

Table 15        Nilkamal Limited Financial Overview

Table 16        Hyundai Construction Equipment Private Limited Company Overview

Table 17        Hyundai Construction Equipment Private Limited Financial Overview

Table 18        Escorts Ltd. Company Overview

Table 19        Escorts Ltd. Financial Overview

Table 20        TELCON Company Overview

Table 21        TELCON Financial Overview

Table 22        Maini Group Company Overview

Table 23        Maini Group Financial Overview

Table 24        Josts Engineering Private Limited Company Overview

Table 25        Josts Engineering Private Limited Financial Overview

Table 26        Mukand Ltd. Company Overview

Table 27        Mukand Ltd. Financial Overview

Table 28        ACE Ltd. Company Overview

Table 29        ACE Ltd. Financial Overview

Table 30        Voltas Company Overview

Table 31        Voltas Financial Overview

Table 32        TIL Company Overview

Table 33        TIL Financial Overview       

 

Market Segmentation

By Class

  • Class 1
  • Class 2
  • Class 3
  • Class 4/5

By Capacity

  • Light Duty
  • Medium Duty
  • Heavy Duty

By Fuel Type

  • Electric
  • Diesel
  • Gasoline & LPG/CNG

By Application

  • Chemical
  • Food & beverage
  • Industrial
  • Logistics
  • Retail & E-commerce
  • Others
No data available

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