Market Forecast 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) and competitive landscape
|Product Code: ETC002554||Publication Date: Aug 2023||Product Type: Report|
|Publisher: 6Wresearch||No. of Pages: 70||No. of Figures: 35||No. of Tables: 5|
India Forklifts Market registered a growth of 15.27% in value shipments in 2022 as compared to 2021 and an increase of 11.61% CAGR in 2022 over a period of 2017. In Forklifts Market India is becoming less competitive as HHI index in 2022 was 3307 while in 2017 it was 2072. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on imports to meet its growing demand in Forklifts Market.
India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Forklifts Market in 2022 was 2.41 while in 2017 it was 5.71. China, Japan, Rep. of Korea, Germany and Netherlands were among the top players of the market in 2022, where China acquired the largest market share of 51.75% with a shipment value of 44.96 million USD in 2022 China also offered the product below the average market price thus having a competitive advantage over others In 2017 China had the largest market share of 30.76% with the shipment value of 12 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As China price is lower than the average price, it provided a significant edge among other competitor in 2017.
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 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.
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.
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.
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.
The India Forklifts Market report provides a detailed analysis of the following market segments:
|1. Executive Summary|
|2.1. Report Description|
|2.2. Key Highlights of The Report|
|2.3. Market Scope & Segmentation|
|2.4. Research Methodology|
|3. India Forklift Market Overview|
|3.1. India Forklift Market Revenues, 2016-2026F|
|3.2. India Forklift Market Revenue Share, By Fuel Types, 2019 & 2026F|
|3.3. India Forklift Market Revenue Share, By Applications, 2019 & 2026F|
|3.4. India Forklift Market Revenue Share, By Class Types, 2019 & 2026F|
|3.5. India Forklift Market Revenue Share, By Regions, 2019 & 2026F|
|3.6. India Forklift Market - Industrial Life Cycle, 2019|
|3.7. India Forklift Market - Porter’s Five Forces, 2019|
|4. India Forklift Market Dynamics|
|4.1. Impact Analysis|
|4.2. Market Drivers|
|4.3. Market Restraints|
|5. India Forklift Market Trends|
|6. India Forklift Market Overview, By Fuel Type|
|6.1. India Diesel Market Revenues, 2016-2026F|
|6.2. India Battery- Electric Market Revenues, 2016-2026F|
|6.3. IndiaGasoline & LPG/CNG Market Revenues,2016-2026F|
|7. India Forklift Market Overview, By Applications|
|7.1. India Forklift Market Revenues, By Freight & Logistics, 2016-2026F|
|7.2. India Forklift Market Revenues, By Manufacturing, 2016-2026F|
|7.3. India Forklift Market Revenues, By Warehousing, 2016-2026F|
|7.4. India Forklift Market Revenues, By Others, 2016-2026F|
|8. India Forklift Market Overview, By Class Type|
|8.1. India Forklift Market Revenues, By Class 1|
|8.2. India Forklift Market Revenues, By Class 2|
|8.3. India Forklift Market Revenues, By Class 3|
|8.4. India Forklift Market Revenues, By Class 4&5|
|9. India Forklift Market - Key Performance Indicators|
|10. India Forklift Market Overview, By Regions|
|11. India Forklift Market Opportunity Assessment|
|11.1. India Forklift Market Opportunity Assessment, By Fuel Types, 2026F|
|11.2. India Forklift Market Opportunity Assessment, By Applications, 2026F|
|11.3. India Forklift Market Opportunity Assessment, By Class Types, 2026F|
|11.4. India Forklift Market Opportunity Assessment, By Regions, 2026F|
|12. India Forklift Market Competitive Landscape|
|12.1. India Forklift Market Competitive Benchmarking, By Operating & Technical Parameters|
|12.2. India Forklift Market Revenue Share, By Companies, 2019|
|13. Company Profiles|
|14. Key Strategic Recommendations|