Asia: Non-Self-Propelled Fork-Lift Truck Market 2025

Non-Self-Propelled Fork-Lift Truck Market Size in Asia

The Asian non-self-propelled fork-lift truck market reduced slightly to $X in 2022, shrinking by -3.1% against the previous year. The market value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Non-Self-Propelled Fork-Lift Truck Production in Asia

In value terms, non-self-propelled fork-lift truck production reduced modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when the production volume increased by 19%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Non-Self-Propelled Fork-Lift Truck Exports

Exports in Asia

Non-self-propelled fork-lift truck exports expanded sharply to X units in 2022, increasing by 7.7% on the previous year. Total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.9% 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 +38.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 29% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, non-self-propelled fork-lift truck exports skyrocketed to $X in 2022. Total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.5% 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 +76.2% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 39%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

In 2022, China (X units) was the largest exporter of non-self-propelled fork-lift trucks, mixing up 79% of total exports. Vietnam (X units) ranks second in terms of the total exports with a 13% share, followed by Malaysia (5.4%).

Exports from China increased at an average annual rate of +3.7% from 2012 to 2022. At the same time, Vietnam (+85.7%) and Malaysia (+60.0%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia, with a CAGR of +85.7% from 2012-2022. Vietnam (+13 p.p.) and Malaysia (+5.3 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -18.4% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest non-self-propelled fork-lift truck supplier in Asia, comprising 82% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 4.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +6.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+46.6% per year) and Malaysia (+24.6% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2022, surging by 18% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The level of export peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.9%), while the other leaders experienced a decline in the export price figures.

Non-Self-Propelled Fork-Lift Truck Imports

Imports in Asia

In 2022, purchases abroad of non-self-propelled fork-lift trucks increased by 33% to X units, rising for the second consecutive year after two years of decline. Total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +8.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +59.0% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, non-self-propelled fork-lift truck imports totaled $X in 2022. In general, imports, however, showed a perceptible decline. The pace of growth was the most pronounced in 2021 with an increase of 14% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, India (X units), distantly followed by Vietnam (X units), Turkey (X units), Thailand (X units), the United Arab Emirates (X units), Singapore (X units) and Japan (X units) were the largest importers of non-self-propelled fork-lift trucks, together comprising 71% of total imports. The following importers - South Korea (X units), Qatar (X units), Malaysia (X units), Indonesia (X units) and Taiwan (Chinese) (X units) - together made up 16% of total imports.

India was also the fastest-growing in terms of the non-self-propelled fork-lift trucks imports, with a CAGR of +25.6% from 2012 to 2022. At the same time, Singapore (+17.6%), Vietnam (+17.5%), South Korea (+16.1%), Japan (+13.0%), the United Arab Emirates (+8.9%), Qatar (+5.9%), Malaysia (+4.7%), Turkey (+2.2%), Taiwan (Chinese) (+2.2%) and Indonesia (+2.0%) displayed positive paces of growth. By contrast, Thailand (-1.1%) illustrated a downward trend over the same period. India (+18 p.p.), Vietnam (+5.5 p.p.), Singapore (+3.8 p.p.), Japan (+2.1 p.p.) and South Korea (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese), Indonesia, Turkey and Thailand saw its share reduced by -1.9%, -2%, -7.6% and -12.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest non-self-propelled fork-lift truck importing markets in Asia were India ($X), Singapore ($X) and Vietnam ($X), with a combined 43% share of total imports. The United Arab Emirates, Malaysia, South Korea, Thailand, Turkey, Indonesia, Japan, Qatar and Taiwan (Chinese) lagged somewhat behind, together comprising a further 34%.

Japan, with a CAGR of +15.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per unit, waning by -14.2% against the previous year. Over the period under review, the import price saw a deep reduction. The growth pace was the most rapid in 2019 when the import price increased by 0.5%. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per unit), while Qatar ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+2.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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