ASEAN: Market for Fork-Lift Trucks and Other Industrial Works Trucks and Tractors 2025

Exports of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors

Exports in ASEAN

After two years of growth, shipments abroad of fork-lift trucks and other industrial works trucks and tractors decreased by -25.5% to X units in 2022. Overall, exports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2021 with an increase of 371%. As a result, the exports attained the peak of X units, and then reduced dramatically in the following year.

In value terms, exports of fork-lift trucks and other industrial works trucks and tractors shrank modestly to $X in 2022. Total exports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +25.8% against 2018 indices. The pace of growth appeared the most rapid in 2013 with an increase of 33%. The level of export peaked at $X in 2021, and then reduced slightly in the following year.

Exports by Country

In 2022, Malaysia (X units) and Thailand (X units) represented the key exporters of fork-lift trucks and other industrial works trucks and tractors in ASEAN, together committing 66% of total exports. Singapore (X units) took the next position in the ranking, distantly followed by Vietnam (X units) and Indonesia (X units). All these countries together took approx. 33% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Vietnam (with a CAGR of +37.8%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Thailand ($X) and Singapore ($X) constituted the countries with the highest levels of exports in 2022, with a combined 78% share of total exports. Vietnam and Indonesia lagged somewhat behind, together comprising a further 20%.

Vietnam, with a CAGR of +29.8%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, jumping by 28% against the previous year. Overall, the export price, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2017 an increase of 65% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (-0.6%), while the other leaders experienced a decline in the export price figures.

Imports of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors

Imports in ASEAN

Imports of fork-lift trucks and other industrial works trucks and tractors expanded markedly to X units in 2022, increasing by 12% compared with the year before. In general, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 248%. Over the period under review, imports of hit record highs in 2022 and are likely to continue growth in the near future.

In value terms, imports of fork-lift trucks and other industrial works trucks and tractors skyrocketed to $X in 2022. The total import value increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Indonesia (X units) and Thailand (X units) were the main importers of fork-lift trucks and other industrial works trucks and tractors in 2022, finishing at near 27% and 25% of total imports, respectively. Vietnam (X units) held the next position in the ranking, followed by Singapore (X units), Malaysia (X units) and the Philippines (X units). All these countries together held near 47% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the Philippines (with a CAGR of +31.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest forklift truck and industrial works truck importing markets in ASEAN were Indonesia ($X), Singapore ($X) and Thailand ($X), with a combined 64% share of total imports. Vietnam, Malaysia and the Philippines lagged somewhat behind, together comprising a further 34%.

In terms of the main importing countries, the Philippines, with a CAGR of +11.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2022, rising by 20% against the previous year. Overall, the import price, however, faced a deep contraction. The pace of growth was the most pronounced in 2018 when the import price increased by 28% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Philippines ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (-6.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform