Asia-Pacific: Non-Self-Propelled Fork-Lift Truck Market 2024

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

The Asia-Pacific non-self-propelled fork-lift truck market reduced to $X in 2022, declining by -3.8% against the previous year. The market value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

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

In value terms, non-self-propelled fork-lift truck production reduced slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the production volume increased by 18% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Non-Self-Propelled Fork-Lift Truck Exports

Exports in Asia-Pacific

In 2022, approx. X units of non-self-propelled fork-lift trucks were exported in Asia-Pacific; with an increase of 8.2% compared with 2021. Total exports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.7% 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 +38.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 28% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

In value terms, non-self-propelled fork-lift truck exports soared to $X in 2022. Total exports indicated a buoyant expansion from 2012 to 2022: its value 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 +78.7% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 40% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in the near future.

Exports by Country

In 2022, China (X units) represented the major exporter of non-self-propelled fork-lift trucks, achieving 79% of total exports. Vietnam (X units) held a 13% share (based on physical terms) of total exports, which put it in second place, followed by Malaysia (5.4%).

From 2012 to 2022, average annual rates of growth with regard to non-self-propelled fork-lift truck exports from China stood at +3.7%. 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-Pacific, with a CAGR of +85.7% from 2012-2022. From 2012 to 2022, the share of Vietnam and Malaysia increased by +13 and +5.3 percentage points, respectively.

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

In 2022, the export price in Asia-Pacific amounted to $X per unit, growing 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 failed to regain momentum.

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-Pacific

In 2022, supplies from abroad of non-self-propelled fork-lift trucks increased by 31% to X units, rising for the second year in a row after two years of decline. Overall, imports continue to indicate a prominent increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, non-self-propelled fork-lift truck imports rose significantly to $X in 2022. Over the period under review, imports, however, recorded a mild decrease. The most prominent rate of growth was recorded in 2021 when imports increased by 22% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, India (X units) was the largest importer of non-self-propelled fork-lift trucks, making up 29% of total imports. Vietnam (X units) held the second position in the ranking, followed by Australia (X units), Thailand (X units), Singapore (X units), Japan (X units) and South Korea (X units). All these countries together took approx. 54% share 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%) and Australia (+7.5%) displayed positive paces of growth. By contrast, Thailand (-1.1%) illustrated a downward trend over the same period. India (+21 p.p.), Vietnam (+6.3 p.p.), Singapore (+4.2 p.p.), South Korea (+2.1 p.p.) and Japan (+2 p.p.) significantly strengthened its position in terms of the total imports, while Australia and Thailand saw its share reduced by -2.2% and -18.4% from 2012 to 2022, respectively.

In value terms, India ($X), Singapore ($X) and Vietnam ($X) constituted the countries with the highest levels of imports in 2022, with a combined 50% share of total imports. Australia, South Korea, Thailand and Japan lagged somewhat behind, together comprising a further 22%.

Japan, with a CAGR of +15.6%, recorded the highest growth rate of the value of imports, among 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

The import price in Asia-Pacific stood at $X per unit in 2022, reducing by -13.1% against the previous year. Over the period under review, the import price showed a abrupt setback. The most prominent rate of growth was recorded in 2021 a decrease of -3.2%. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 ($X per unit), while Thailand ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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