India Forklift Market Size & Outlook, 2026-2033
Global Market
Related Markets
India forklift market highlights
- The India forklift market generated a revenue of USD 3,501.1 million in 2025 and is expected to reach USD 10,020.8 million by 2033.
- The India market is expected to grow at a CAGR of 13.9% from 2026 to 2033.
- In terms of segment, electric was the largest revenue generating power source in 2025.
- Electric is the most lucrative power source segment registering the fastest growth during the forecast period.
Forklift market data book summary
| Market revenue in 2025 | USD 3,501.1 million |
| Market revenue in 2033 | USD 10,020.8 million |
| Growth rate | 13.9% (CAGR from 2026 to 2033) |
| Largest segment | Electric |
| Fastest growing segment | Electric |
| Historical data | 2021 - 2024 |
| Base year | 2025 |
| Forecast period | 2026 - 2033 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Internal Combustion, Electric |
| Key market players worldwide | Doosan Heavy Industries & Construction, Crown Holdings Inc, Hyster-Yale Materials Handling Inc Class A, Jungheinrich AG Vorz-Inhaber-Akt stimmrechtslos, KION GROUP AG, Komatsu Ltd, Mitsubishi Corp, Toyota Motor Corp, Anhui Heli, Hangcha Forklift America |
Other key industry trends
- In terms of revenue, India accounted for 4.3% of the global forklift market in 2025.
- Country-wise, China is expected to lead the global market in terms of revenue in 2033.
- In Asia Pacific, China forklift market is projected to lead the regional market in terms of revenue in 2033.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 10,020.8 million by 2033.
India's automotive industry is considered one of the critical sectors that drive the country's economic growth and industrial development. With a growing focus on sustainability and operational efficiency, the automotive industry in India is rapidly shifting to electric forklifts as a sustainable solution for material handling needs.
As the automotive industry continues to prioritize technological innovation, the adoption of electric forklifts is expected to increase over the forecast period. Collaborations among the government, forklift manufacturers, and automotive companies are expected to play a pivotal role in promoting sustainable material handling practices within the Indian automotive industry.
For instance, in July 2023, Vedanta Aluminum & Power, an aluminum producer company, announced the deployment of 44 electric forklifts for operations in facilities located in Chhattisgarh and Odisha. Vedanta Aluminum & Power, in collaboration with Taron Lift & Move and GEAR (Gemini Equipment and Rentals) India, plans to make substantial progress toward decarbonizing its fleet of industrial vehicles.
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Publish Date: Dec 09, 2025
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Forklift Market Scope
Forklift Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Komatsu Ltd | View profile | 70,608 | 3-6 Akasaka 2-chome, Minato-ku, Tokyo, Japan, 107-8414 | www.komatsu.jp |
| Mitsubishi Corp | View profile | 105,267 | Mitsubishi Shoji Building 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan, 100-8086 | www.mitsubishicorp.com |
| Toyota Motor Corp | View profile | 380,793 | 1 Toyota-cho, Aichi Prefecture, Toyota, Japan, 471-8571 | www.global.toyota |
| KION GROUP AG | View profile | 42,325 | Thea-Rasche-Strasse 8, Frankfurt am Main, HE, Germany, 60549 | www.kiongroup.com |
| Jungheinrich AG Vorz-Inhaber-Akt stimmrechtslos | View profile | 48,492 | Friedrich-Ebert-Damm 129, Hamburg, Germany, 22047 | www.jungheinrich.com |
| Crown Holdings Inc | View profile | 25,000 | 14025 Riveredge Drive, Suite 300, Tampa, FL, United States, 33637-2015 | www.crowncork.com |
| Hyster-Yale Materials Handling Inc Class A | View profile | 8,600 | 5875 Landerbrook Drive, Suite 300, Cleveland, OH, United States, 44124-4069 | www.hyster-yale.com |
| Doosan Heavy Industries & Construction | View profile | 5001-10000 | Changwon, Kyongsang-namdo, South Korea, Asia | www.doosanheavy.com/ |
| Anhui Heli | View profile | 5001-10000 | Hefei, Anhui, China, Asia | www.helichina.com |
| Hangcha Forklift America | View profile | 11-50 | Charlotte, North Carolina, United States, North America | www.hcforkliftamerica.com |
India Forklift Market Outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Forklift Market Outlook will help companies and investors design strategic landscapes.
Electric was the largest segment with a revenue share of 88.37% in 2025.
Horizon Databook has segmented the India forklift market based on internal combustion, electric covering the revenue growth of each sub-segment from 2021 to 2033.
India's automotive industry is considered one of the critical sectors that drive the country's economic growth and industrial development. With a growing focus on sustainability and operational efficiency, the automotive industry in India is rapidly shifting to electric forklifts as a sustainable solution for material handling needs.
As the automotive industry continues to prioritize technological innovation, the adoption of electric forklifts is expected to increase over the forecast period. Collaborations among the government, forklift manufacturers, and automotive companies are expected to play a pivotal role in promoting sustainable material handling practices within the Indian automotive industry.
For instance, in July 2023, Vedanta Aluminum & Power, an aluminum producer company, announced the deployment of 44 electric forklifts for operations in facilities located in Chhattisgarh and Odisha. Vedanta Aluminum & Power, in collaboration with Taron Lift & Move and GEAR (Gemini Equipment and Rentals) India, plans to make substantial progress toward decarbonizing its fleet of industrial vehicles.
- India Forklift Market Power Source Outlook (Revenue, USD Million , 2021-2033)
- Internal Combustion
- Electric
- India Forklift Market Class Outlook (Revenue, USD Million , 2021-2033)
- Class 1
- Class 2
- Class 3
- Class 4/5
- India Forklift Market Tons Outlook (Revenue, USD Million , 2021-2033)
- Below 5 Ton
- 5-15 Ton
- Above 16 Ton
- India Forklift Market End use Outlook (Revenue, USD Million , 2021-2033)
- Industrial
- Logistics
- Chemical
- Food & Beverage
- Retail & E-Commerce
- Others End Use
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Horizon Databook provides a detailed overview of country-level data and insights on the India Forklift Market Outlook, including forecasts for subscribers. This country databook contains high-level insights into India Forklift Market Outlook from 2021 to 2033, including revenue numbers, major trends, and company profiles.
India Forklift Market, 2021-2033 (US$M)
India forklift market statistics, by power source, 2021-2033 (US$M)
