The latest AC technology is overtaking the DC technology due to its benefits such as higher efficiency, zero pollution and lower maintenance. There is expected to be more demand due to the increased focus on protecting environment, rising cost of diesel, more emission compliance in the industry, and the growing awareness about the advantages of electric forklifts.Īnother reason for the growing acceptance of battery powered forklifts is the rapid advancements in its technologies like AC drive motor technology, Li-ion Battery technology etc. ![]() Interestingly, the market is gradually moving towards greener technology with products like battery-operated electric forklifts, which held 42% market share in 2019. It is expected that the industry will continue to grow at CAGR of 12-15% over the next 3 years. The growing market of forklift trucks in India is attracting many foreign OEMs, who are setting up base here and bringing more technologically advanced products, designed to be more efficient, reliable, service-friendly, with greater operator comfort and safety - thereby yielding higher productivity for the buyers.ĭespite the sharp fall during the lockdown, India’s forklift industry has revived sharply this fiscal and is at the same level as 2019-20. However, a trend of medium duty forklifts (4 to 8 tons) and considerable growth in the heavy-duty forklifts (of 10 ton and above capacity) is also anticipated over the next few years, due to an increase in import/export activities and exponential growth in ICDs. Scarcity of labour and realization of mechanized handling to improve throughput and reduce dependence of labour, post Covid, is also driving the demand for forklift trucks in the SME sector.Īccording to ‘India Forklift Market Outlook, 2022’, light duty forklifts with the load capacity of 1 ton to 3 ton are dominating the sales volume as there are many SME companies operating in the country. The demand for forklifts is also being driven by industries in the infrastructure sector, which includes steel, cement, electrical cables, tiles, wood, brick & blocks and other items that go into an infra project. The growth in sectors like e-commerce, retail, manufacturing, warehousing and logistics has bolstered demand for forklift trucks in the material handling sector.
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