Asia: Fork-Lift Truck Market 2024

Fork-Lift Truck Market Size in Asia

In 2022, the Asian fork-lift truck market decreased by -1.2% to $X, falling for the second year in a row after three years of growth. The total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.0% against 2020 indices. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Fork-Lift Truck Production in Asia

In value terms, fork-lift truck production dropped modestly to $X in 2022 estimated in export price. The total production indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +46.4% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 16%. Over the period under review, production attained the peak level at $X in 2021, and then shrank modestly in the following year.

Fork-Lift Truck Exports

Exports in Asia

In 2022, approx. X units of fork-lift trucks were exported in Asia; picking up by 11% on the previous year. Overall, exports continue to indicate a strong increase. The pace of growth was the most pronounced in 2021 with an increase of 33% against the previous year. The volume of export peaked in 2022 and is likely to continue growth in years to come.

In value terms, fork-lift truck exports soared to $X in 2022. Over the period under review, exports showed a prominent increase. The most prominent rate of growth was recorded in 2021 when exports increased by 55% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

In 2022, China (X units) was the largest exporter of fork-lift trucks, comprising 81% of total exports. It was distantly followed by Vietnam (X units), constituting a 10% share of total exports. Malaysia (X units) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to fork-lift truck exports from China stood at +5.9%. At the same time, Vietnam (+84.3%) and Malaysia (+53.0%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia, with a CAGR of +84.3% from 2012-2022. From 2012 to 2022, the share of Vietnam and Malaysia increased by +10 and +4.1 percentage points, respectively.

In value terms, China ($X) remains the largest fork-lift truck supplier in Asia, comprising 72% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 0.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +14.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+51.0% per year) and Malaysia (+10.8% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per unit, with an increase of 25% against the previous year. Overall, the export price recorded a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 (+8.4%), while the other leaders experienced a decline in the export price figures.

Fork-Lift Truck Imports

Imports in Asia

In 2022, purchases abroad of fork-lift trucks increased by 28% to X units, rising for the second year in a row after two years of decline. Total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +8.0% 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 +53.9% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, fork-lift truck imports expanded rapidly to $X in 2022. The total import value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 24%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

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

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +24.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest fork-lift truck importing markets in Asia were Turkey ($X), South Korea ($X) and Indonesia ($X), with a combined 33% share of total imports.

Among the main importing countries, South Korea, with a CAGR of +15.7%, recorded the highest growth rate of 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 Asia stood at $X per unit in 2022, shrinking by -11.4% against the previous year. In general, the import price recorded a deep setback. The pace of growth appeared the most rapid in 2021 an increase of 3.3% against the previous year. Over the period under review, import prices attained the maximum 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 Israel ($X per unit), while Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+3.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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