Asia-Pacific: Fork-Lift Truck Market 2025

Fork-Lift Truck Market Size in Asia-Pacific

In 2022, the Asia-Pacific fork-lift truck market decreased by -2.8% to $X, falling for the third consecutive year after two years of growth. The total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 -3.8% against 2019 indices. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Fork-Lift Truck Production in Asia-Pacific

In value terms, fork-lift truck production contracted slightly to $X in 2022 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.3% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 17% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Fork-Lift Truck Exports

Exports in Asia-Pacific

Fork-lift truck exports rose notably to X units in 2022, surging by 12% against 2021. Overall, exports posted a buoyant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 33% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, fork-lift truck exports surged to $X in 2022. In general, exports enjoyed a resilient expansion. The pace of growth was the most pronounced in 2021 when exports increased by 55%. The level of export peaked in 2022 and is 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), making up a 10% share of total exports. Malaysia (X units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +5.9% from 2012 to 2022. 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-Pacific, with a CAGR of +84.3% from 2012-2022. While the share of Vietnam (+10 p.p.) and Malaysia (+4.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (-10.6 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest fork-lift truck supplier in Asia-Pacific, comprising 73% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 0.8% share of total exports.

In China, fork-lift truck exports increased at an average annual rate of +14.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+51.0% per year) and Malaysia (+10.8% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per unit, surging by 24% against the previous year. In general, the export price recorded a relatively flat trend pattern. As a result, the export price attained 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-Pacific

In 2022, purchases abroad of fork-lift trucks increased by 27% to X units, rising for the second year in a row after two years of decline. In general, imports recorded a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, fork-lift truck imports surged to $X in 2022. The total import value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 26% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, India (X units), distantly followed by Australia (X units), Thailand (X units), Vietnam (X units), Singapore (X units), South Korea (X units), Japan (X units) and Malaysia (X units) were the largest importers of fork-lift trucks, together making up 82% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by India (with a CAGR of +24.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X) constitutes the largest market for imported fork-lift trucks in Asia-Pacific, comprising 28% of total imports. The second position in the ranking was held by South Korea ($X), with a 10% share of total imports. It was followed by Thailand, with a 7.9% share.

In Australia, fork-lift truck imports expanded at an average annual rate of +2.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+15.7% per year) and Thailand (-1.8% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per unit, with a decrease of -7.5% against the previous year. In general, the import price recorded a deep reduction. The pace of growth appeared the most rapid in 2021 when the import price increased by 0.8%. 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.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-1.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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