India Forklift Market was valued at USD xx Mn in 2019 and is expected to reach at USD xx Million by 2027 at a CAGR of 13.5% over forecast period 2020-2027.
India Forklift Market Drivers and Restrains:
India forklift market is experiencing XX% growth from the last five years. The speed, easy handling and flexibility make them ideal for material handling tasks especially in restricted areas like warehouses and yards. Make in India initiative, aims to increase the share of the manufacturing sector to the GDP to 25 % by 2022, from 16%, this further influences the India forklift market growth. However, current setback in industrial growth in India are analyzed in the report with its impact on forklift market. In addition, impact of GST implementation in short term and in long term has been studied and analyzed in the report that will help reader to understand the market dynamics in the industry.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
India’s manufacturing sector experienced a growth of 4.8 % during the year 2018-2019, which is much below than objective however in long run it is expected to grow at 7-8% ultimately driving the growth in retail sector. India’s organized chain store retail implying a CAGR of 32 % over the next 8 years. This would drive the construction of new stores, in turn leading to demand for forklift. Exponential growth and emerging competition in an organized retail in India is expected to stimulate India forklift market growth over forecast period.
However, third party logistics (3PL) services and high cost of battery operated and fuel cell forklift restrains the growth of India’s forklift market.
India Forklift Market Segmentation Analysis:
By type, an electric segment held 42% market share in 2019 and is expected to keep its dominance over forecast period. An electric segment is gaining momentum and is expected to accelerate the growth in the region. Electric forklifts are available with many special attachments for specific applications with a lower cost of ownership. End users have started preferring electric forklifts over diesel variants. LPG segment to grow at a very slow pace i.e. at XX% during the forecast period. An electric forklift will take lead over the diesel and LPG driven forklifts for the reason of environmental compliance as pollution control norms are getting stringent.
By capacity, light duty forklifts with the load capacity of 1 ton to 3 ton are dominating the sales volume as there have been many SME companies operating in the country. Light duty segment held 78 % followed by medium duty and heavy duty with 14% and 8 % respectively in 2019.
By class, market is sub-segmented into different classes. Class 1 forklifts are used on smooth floors and mainly for indoor operations. Class 2 forklift are used in narrow isle and in maximizing storage space in organizations. Class 3 forklift are manually operated. Class 4 and 5 forklifts are used for transporting palletized loads from loading dock to storage area. Among all of these class 4/5 segment is expected to hold highest market share over forecast period.
India Forklift Market Competitive Landscape
Report covers key development and company profiles of market leaders, followers and new entrants. Major players operating in Indian Forklift Market are Godrej & Boyce Manufacturing Company Limited, KION India Private Limited, Action Construction Equipment Ltd, and Toyota Material handling India PVT LTD, Mecneill Engineering Limited, Nilkamal Limited, Maini Group, Josts Engineering Private Limited, MHE NEXT Engineering Private Limited, and Hyundai Construction Equipment Private Limited. By using various organic and inorganic growth strategies such as expansion, joint ventures, merger & acquisitions, strategic alliances, new product launches, diversification and patent these players are increasing their business operations and revenues. For instance, recently KION India Pvt Ltd Group acquired Dematic (U.S.), a best-in-class automation provider and specialist in supply chain optimization.
KION India Private Limited holds major share India Forklift Market. KION India designs, manufactures, distributes services and supports Palletized Material Handling Equipment under the OM Voltas and OM brands for the Indian Market. They design comprehensive range of equipment ranging from 1.5T to 16T Diesel Forklift, 1.5T to 3.5T Electric Forklift. The OM and OM Voltas brands look to sustainably cater the needs of an ever modernizing Indian Industry.
The objective of the report is to present a comprehensive analysis of the India Forklift Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors in the market have been presented in the report.
External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding India Forklift Market dynamics, structure by analyzing the market segments and project the India Forklift Market size. Clear representation of competitive analysis of key players by application, price, financial position, Product portfolio, growth strategies, and regional presence in the India Forklift Market make the report investor’s guide.
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Scope of the India Forklift Market
India Forklift Market, by Class:
• Class 1
• Class 2
• Class 3
• Class 4/5
India Forklift Market, by Capacity:
• Light Duty
• Medium Duty
• Heavy Duty
India Forklift Market, by Type:
India Forklift Market, by Application:
• Wholesale & Retail Distribution
Key Player analyzed in the Report:
• Godrej & Boyce Manufacturing Company Limited
• KION India Private Limited
• Action Construction Equipment Ltd
• Toyota Material handling India PVT LTD
• Mecneill Engineering Limited
• Nilkamal Limited
• Maini Group
• Josts Engineering Private Limited
• MHE NEXT Engineering Private Limited
• Hyundai Construction Equipment Private Limited
• Mukand Ltd. Escorts Ltd.
• Ahluwalia Contracts [India] Ltd.
• Saico Engineers & Fabricators Ltd.
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