Report

Hyper growth in sectors like retail, e-commerce, manufacturing, warehousing and logistics has led to fast paced growth in the demand for forklifts in material handling. Forklift Trucks as an equipment has an important role in industries to handle material movement from one place to another place. Almost all the industrial segments including automobile, chemical, fertilizer, pharma, glass, steel, Ferro-alloys rubber etc. are extensively using forklifts equipments for their material handling needs. From a classification perspective, the entire range of forklift can be segregated into three categories i.e. Light duty (1 to 3 tonne), Medium duty (4 to 8 tonne), and heavy duty (10 tonne and above capacity). In India, 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, however a trend of medium duty forklifts is anticipated to be seen over the next few years. Push to go electric came into fork lift trucks much before it was even talked about in the auto sector as the demand for pollution free greener forklifts has been increasing in the country with companies & industries becoming conscious about environmental impacts of diesel forklifts. Players in forklift industry are offering products with focus on operator comfort, safety and ultimate productivity in mind. Products are designed to be more reliable, efficient and service friendly. Currently, AC drive forklifts are becoming popular as they reduce the maintenance and increase the operational uptime. New emerging product types of battery operated electric forklifts are gaining momentum in the country. Electric forklifts are now available with many special attachments for specific applications with lower cost of ownership. Customers have started preferring electric forklifts over diesel variants.

The growing attractiveness of fork lift truck market in India has drawn attention of lot of MNC companies that were vying for a piece of market share. Recently, Italian company KION’s Indian forklift truck brand, Voltas, joined hands with the long-established Italian brand OM in India. We anticipate many such collaboration, M&A, expansion will happen in the sector and that will be a win win for the end use industry segment as the industry will get to see innovation in the new product launches. Demand for forklifts from rental market has seen growing regularly. The growth of rental market has been more aggressive than what it had been 4-5 years back. Earlier the market was limited with small rental companies which were moreover localized and the fleet was utilized to make temporary arrangement to meet peak loads and stop-gap arrangement to meet the delivery schedule till the purchased equipment can be deployed. But now the scenario is changing due to OEMs providing complete solutions to the industry including rental services. Forklifts up to 5 tonne capacity is the major selling segment and contributes to almost 85 per cent of the total requirements. Though this segment will continue to be the major growth driver, a considerable growth in heavy-duty forklifts segment is anticipated due to increase in import/export activities and exponential growth in ICDs.

InfraInsights research report “Demand Outlook on Fork Lift Truck in India by 2025” aims to extrapolate the emerging demand for fork lift trucks by quantifying the underlying expansion in the economic activity across manufacturing, logistics and other sectors that influence demand for fork lift trucks in India. The report will also outline the product need gap, trend in going electric on fork lift trucks and the anticipated innovation in the industry to provide better product that can be operated with ease. The report will be an outcome of extensive primary research backed by secondary research.