India Forklift Market Set to Reach USD 21.98 Billion by 2033, Driven by 13.20% CAGR

India Forklift Market : Report Introduction

According to IMARC Group's report titled "India Forklift Market Size, Share, Trends and Outlook 2033", the report offers a comprehensive analysis of the industry, including market share, growth, trends, and regional insights.

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India Forklift Market Overview

The India forklift market size reached USD 7.20 Billion in 2024. Projected to grow at a CAGR of 13.20% during the forecast period from 2025 to 2033, the market is expected to reach USD 21.98 Billion by 2033. The growth is driven by rising e-commerce activities, warehouse expansions, infrastructure development, manufacturing automation, increasing demand in the logistics sector, and government initiatives promoting smart forklift adoption and electrification.

India Forklift Market Key Takeaways

• Current Market Size: USD 7.20 Billion in 2024
• CAGR: 13.20% (2025-2033)
• Forecast Period: 2025-2033

• The industry is witnessing a significant shift from internal combustion engine (ICE) forklifts to electric forklifts driven by emission norms and sustainability efforts.

• Government plans to electrify 30% of the vehicle market by 2030 support increased electric forklift adoption.

• Infrastructure development plans with a proposed investment of USD 1.35 Trillion (2021-2025) further boost forklift demand.

• Advanced technologies like telematics, IoT integration, and automation enhance operational efficiency and safety.

• IoT-enabled forklifts have shown to reduce workplace accidents by 10% in pilot programs.

• Predictive maintenance via telematics and IoT could reduce downtime by 20% in Indian forklift operations.
India Forklift Market Growth Factors

• Rapid growth of e-commerce is driving the need for larger and more efficient warehouses.

• Increased investment in infrastructure and government-led development spending is supporting market expansion.

• Rising manufacturing automation is fueling higher adoption of forklifts in industrial operations.

• In logistics, efficient material handling is becoming a key competitive differentiator.

• Growing adoption of smart forklifts equipped with advanced safety and operational technologies.

• Government initiatives promoting green industries and electric vehicles (EVs) are boosting demand for electric forklifts.

• Increasing imports and exports are driving demand for logistics, warehousing, and material handling equipment.

• Expansion of flexible forklift rental models to meet short-term and peak-demand requirements.

• Stricter enforcement of safety regulations is increasing demand for advanced and compliant forklift solutions.

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India Forklift Market Trends

• Active transition from internal combustion engine (ICE) forklifts to electric forklifts for environmental and operational benefits.

• Electric forklifts produce significantly lower emissions and noise, making them suitable for indoor and urban operations.

• India's target of 30% electric vehicle adoption by 2030 is supporting the growth of electric forklifts.

• Government infrastructure investments are expected to
boost demand for electric forklifts, with substantial annual budget allocations.

• Around 30% of Indian forklift manufacturers are adopting automation features such as autonomous navigation.

• Telematics, Internet of Things (IoT), and automation enable real-time monitoring, predictive maintenance, and efficient fleet management within the MRO ecosystem.

• Pilot deployments of IoT-enabled forklifts have demonstrated up to a 10% reduction in workplace accidents.

• Telematics- and IoT-driven predictive maintenance can reduce equipment downtime by up to 20%.

• Advancements in autonomous navigation and collision avoidance systems are enhancing operational safety and productivity.

India Forklift Market Segmentation

• Class Insights:
• Class 1
• Class 2
• Class 3
• Class 4/5

The market is segmented by forklift class, with detailed analysis for Class 1 through Class 4/5 models.

• Power Source Insights:
• Internal Combustion Engine (ICE)
• Electric

Market analysis covers ICE and electric-powered forklifts.

• Load Capacity Insights:
• Below 5 Ton
• 5-15 Ton
• Above 16 Ton

Load capacity segments include forklifts with capacities below 5 tons, between 5 and 15 tons, and above 16 tons.

• Electric Battery Insights:
• Lithium-ion (Li-ion)
• Lead Acid

The electric forklift battery types analyzed are Li-ion and lead acid.

• End User Insights:
• Industrial
• Logistics
• Chemical
• Food & Beverage
• Retail & E-Commerce
• Others

Market segmentation by end user sectors such as industrial, logistics, chemical, food & beverage, retail & e-commerce, and others is provided.

Regional Insights

• North India
• South India
• East India
• West India

The North India region dominates the forklift market with the largest share, supported by robust industrial and infrastructure growth. The market is expected to exhibit a CAGR of 13.20% during 2025-2033 across all regions.

Recent Developments & News

• August 2024: Godrej & Boyce launched India's first lithium-ion battery-powered forklift trucks featuring an indigenously developed Battery Management System (BMS) ensuring secure and self-sufficient operation.

• August 2024: Hikrobot introduced the Forklift Latent Mobile Robot QF-1000 at Automation Expo-Mumbai, designed for low-floor load-bearing, with 360° protection and Wi-Fi communication capabilities.

Key Highlights of the Report

• Comprehensive quantitative analysis of market segments and trends from 2019-2033.

• Detailed assessment of market drivers, challenges, and opportunities.

• Porter's five forces analysis evaluating competitive intensity and industry attractiveness.

• In-depth competitive landscape analysis with company positioning and strategy insights.

• Coverage of technological advancements and regulatory impacts on the market.

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