Latest 2023 Development of the India Forklift Market

India Forklift Market has been attaining immense growth on account of several growth factors and the latest developments. For instance, with the growing e-commerce sector in India, there has been an increasing demand for warehouse and logistics solutions, which has resulted in a growing demand for forklifts. The wide adoption of electric forklifts in India due to their lower emissions and increased efficiency compared to their diesel or petrol counterparts is one of the major developments in this industry. Also, the increasing focus on safety features such as safety cages, speed limiters, and backup cameras to improve the safety of forklift operations is uplifting the market to grow further.

Moreover, the increasing industrialization in India is driving the demand for forklifts in various industries logistics, manufacturing, and warehousing industries. Several forklift manufacturers in India are investing in research and development to develop eco-friendly forklifts that can cater to the evolving needs of the market. Thus, this factor is driving the forklift market in India. Apart from this, the development of infrastructure, such as seaports, airports, and logistics parks, is further propelling the demand for forklifts in India. Furthermore, the growth of the construction industry, particularly in the infrastructure and real estate sectors is fuelling the demand for forklifts for logistics and material handling.

India Forklifts Market Synopsis

India Forklifts market report thoroughly covers the market by fuel type, applications, class type, and regions. The India Forklifts market outlook report provides an unbiased and detailed analysis of the ongoing India Forklifts market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Forklift Market is expected to register rapid growth over the coming year. Forklifts are now designed to be more reliable, efficient, and service-friendly. In India, forklifts have found wide acceptance in industries, ports, and the warehousing sector. Infrastructure growth, the Make in India campaign, and GST implementation have pulled the demand in the industry. Moreover, Light duty forklifts have been dominating in India; however, a trend of medium-duty forklifts will be seen in the coming few years. Demand for pollution-free greener forklifts has also been increasing in the country with companies & industries becoming conscious of the environmental impacts of diesel forklifts.

According to 6Wresearch, the India Forklifts Market size is anticipated to register growth during 2020-2026F. The market is projected to record positive growth during 2021-2026 due to new emerging product types of battery-operated electric forklifts gaining momentum in the country. Electric forklifts are now available with many special attachments for specific applications with a lower cost of ownership. Customers have started preferring electric forklifts over diesel variants.

India forklifts market is projected to gain momentum in the coming timeframe baked by the increasing warehouse setups in the country due to rising e-commerce stores. Additionally, the manufacturing sector is gaining traction in the country, especially in some particular areas like the textile, pharmaceutical, automobile, and food & beverage industries with the rising domestic use and export practices, all require forklifts to manage the large inventory stocks and ensure efficiency and time-saving process and this is leading to accelerating the forklift deployment and is expected to bolster the Impressive growth of the India forklift market in the upcoming six years.

Market Analysis By Fuel Type

By Fuel Type, the battery segment is expected to gain significant growth during the upcoming years. Light generation trucks are high-safety products with higher reliability and greater fuel efficiency which would drive the market. Additionally, in warehouse trucks, manual movement of material is now replaced by a battery-operated Pallet truck. The trend is moving from reach truck to VNA and ASRS which are semi-automatic and automatic systems respectively.

Market Analysis By Application

On the basis of application, the manufacturing segment is expected to grow at the highest CAGR on account of the increasing demand for material handling equipment.

COVID-19 Impact on India Forklift Market

India Forklift Market is expected to suffer a major decline due to the health emergency caused by the outbreak of COVID-19. The partial or complete lockdown in the country led to disruption in the supply chain of forklifts. However, the market is expected to recover owing to the lifting of restrictions. Moreover, the shutting down of manufacturing units also put a halt to the growth of India Forklift Market.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2016 to 2019.
• Base Year: 2019.
• Forecast Data until 2026.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects. 

Key Highlights of the Report:

• India Forklifts Market Overview
• India Forklifts Market Outlook
• India Forklifts Market Forecast
• Historical Data of India Forklifts Market Revenues for the Period 2016-2019
• India Forklifts Market Size and India Forklifts Market Forecast of Revenues, Until 2026
• Historical Data of India Forklifts Market Revenues, By Product Type, for the Period 2016-2019
• Market Size & Forecast of India Forklifts Market Revenues, By Product Type, Until 2026
• Historical Data of India Forklifts Market Revenues, By Movement Mechanism, for the Period 2016-2019
• Market Size & Forecast of India Forklifts Market Revenues, By Movement Mechanism, Until 2026
• Historical Data of India Forklifts Market Revenues, By Applications, for the Period 2016-2019
• Market Size & Forecast of India Forklifts Market Revenues, By Applications, Until 2026
• Historical Data of India Forklifts Market Revenues, By Regions, for the Period 2016-2019
• Market Size & Forecast of India Forklifts Market Revenues, By Regions, Until 2026
• Market Drivers and Restraints
• India Forklifts Market Trends
• India Forklifts Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• India Forklifts Market Share, By Players
• India Forklifts Market Share, By Regions
• India Forklifts Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Markets Covered

The India Forklifts Market report provides a detailed analysis of the following market segments:

By Fuel Type:

• Diesel
• Battery- Electric
• Gasoline & LPG/CNG

By Class Type:

• Class 1
• Class 2
• Class 3
• Class 4&5

By Applications:

• Freight & Logistics
• Manufacturing
• Warehousing
• Others

Frequently Asked Questions About the Market Study: FAQs

1). Which segment based on application is expected to grow at the highest CAGR during the forecast period?

On the basis of application, the manufacturing segment is expected to grow at the highest CAGR.

2). Which segment based on fuel type is expected to gain significant growth during the forecast period?

By Fuel Type, the battery segment is expected to gain significant growth during the upcoming years.

3). Does the report include the impact of COVID-19?

Yes, the report includes the impact of COVID-19.

4). How is social distancing driving the growth of India Forklift Market?

The increasing trend of social distancing coupled with the expansion of the e-commerce sector is boosting the distribution facilities which is further adding to the India Forklift Market Share.