With the ever-growing warehousing industry, India’s forklift market is expected to grow significantly in the coming years. Increasing disposable income, combined with rapid infrastructure development, is propelling the market forward. Furthermore, the growing trend of social distancing, combined with the expansion of the e-commerce sector, is boosting distribution facilities, which is increasing India’s Forklift Market Share. The increasing use of high-performance forklifts for material handling contributes to the market’s potential growth. Furthermore, the country’s growing economy, as well as development in various industries such as automobile, construction, and pharmaceutical, are propelling the Indian Forklift Market Growth.
The India Forklifts market report examines the market in detail by fuel type, application, class type, and region. The India Forklifts market outlook report provides an unbiased and detailed analysis of the current market trends, opportunities/high growth areas, and market drivers, assisting stakeholders in developing and aligning their market strategies with current and future market dynamics.
The Indian forklift market is expected to expand rapidly in the coming year. Forklifts are now designed to be more dependable, efficient, and easy to service. Forklifts are widely used in industries, ports, and the warehousing sector in India.
Infrastructure development, the Make in India campaign, and the implementation of GST have all pushed up demand in the industry. Furthermore, light-duty forklifts have dominated in India; however, a trend toward medium-duty forklifts is expected in the coming years. With companies and industries becoming more aware of the environmental impacts of diesel forklifts, demand for pollution-free greener forklifts has increased in the country.
The market is expected to grow positively between 2021 and 2026 as new emerging product types of battery-powered electric forklifts gain traction in the country. During the forecast period of 2021-2028, the volume of the forklift truck market will grow at a steady CAGR of 11.7%. Electric forklifts with many special attachments for specific applications are now available at a lower cost of ownership. Customers are increasingly preferring electric forklifts over diesel models.
The Indian forklift market is expected to gain traction in the coming years, owing to increased warehouse setups in the country as a result of rising e-commerce stores. Furthermore, the manufacturing sector is gaining traction in the country, particularly in some specific areas such as the textile, pharmaceutical, automobile, and food & beverage industries, which all require forklifts to manage large inventory stocks and ensure efficiency and time-saving processes, which is accelerating forklift deployment and is expected to bolster the impressive growth of the Indian forklift industry.
The Impact of COVID-19 on the Indian Forklift Market
The health emergency caused by the COVID-19 outbreak is expected to have a significant impact on India’s forklift market. The country’s partial or total lockdown disrupted the forklift supply chain. However, the market is expected to recover as a result of the removal of restrictions. Furthermore, the closure of manufacturing units slowed the growth of the Indian Forklift Market.
Conclusion:
India’s Forklift Market is expected to generate substantial growth during the upcoming years on account of the strengthening of the construction sector. There are currently numerous different specialized attachments for electric forklifts that have a lower total cost of ownership. The India Forklifts Market size is anticipated to register growth during 2020-2026. India’s Forklift Market is expected to grow at the highest CAGR on account of the increasing demand for material handling equipment. The manufacturing sector is gaining traction in the country, especially in some areas like the textile, pharmaceutical, automobile, and food & beverage industries. Light-generation trucks, Lift trucks and tow trucks are high-safety products with greater fuel efficiency which would drive the market.
