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

Market Size for Fork-Lift Trucks and Other Industrial Works Trucks and Tractors in Estonia

In 2022, the Estonian market for fork-lift trucks and other industrial works trucks and tractors increased by 28% to $X, rising for the third consecutive year after two years of decline. Overall, consumption saw a prominent increase. Consumption of peaked in 2022 and is expected to retain growth in the near future.

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

Exports from Estonia

In 2022, shipments abroad of fork-lift trucks and other industrial works trucks and tractors decreased by -67.3% to X units for the first time since 2018, thus ending a three-year rising trend. Overall, exports showed a abrupt setback. The most prominent rate of growth was recorded in 2021 when exports increased by 413%. As a result, the exports attained the peak of X units, and then contracted significantly in the following year.

In value terms, exports of fork-lift trucks and other industrial works trucks and tractors rose rapidly to $X in 2022. Over the period under review, exports faced a abrupt downturn. The most prominent rate of growth was recorded in 2016 with an increase of 52% against the previous year. Over the period under review, the exports of attained the maximum at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Finland (X units), Latvia (X units) and Lithuania (X units) were the main destinations of exports of fork-lift trucks and other industrial works trucks and tractors from Estonia, with a combined 60% share of total exports. The United States, Russia, the Netherlands, Denmark, Italy, the UK and Sweden lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +13.2%), while the other leaders experienced mixed trend patterns.

In value terms, Lithuania ($X), Latvia ($X) and Finland ($X) appeared to be the largest markets for forklift truck and industrial works truck exported from Estonia worldwide, together comprising 48% of total exports. The Netherlands, the United States, Russia, Denmark, the UK, Sweden and Italy lagged somewhat behind, together accounting for a further 24%.

The Netherlands, with a CAGR of +22.1%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for fork-lift trucks and other industrial works trucks and tractors amounted to $X per unit, rising by 225% against the previous year. In general, the export price, however, showed a perceptible setback. Over the period under review, the average export prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lithuania (+23.7%), while the prices for the other major destinations experienced more modest paces of growth.

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

Imports into Estonia

In 2022, overseas purchases of fork-lift trucks and other industrial works trucks and tractors increased by 10% to X units, rising for the third year in a row after two years of decline. Overall, imports saw a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 337%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, imports of fork-lift trucks and other industrial works trucks and tractors reduced slightly to $X in 2022. Over the period under review, total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +2.3% 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 +10.2% against 2019 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 32% against the previous year. Over the period under review, imports of attained the maximum at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Greece (X units) constituted the largest forklift truck and industrial works truck supplier to Estonia, accounting for a 32% share of total imports. Moreover, imports of fork-lift trucks and other industrial works trucks and tractors from Greece exceeded the figures recorded by the second-largest supplier, Sweden (X units), twofold. China (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Greece was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-0.7% per year) and China (+0.3% per year).

In value terms, Germany ($X), France ($X) and Latvia ($X) constituted the largest forklift truck and industrial works truck suppliers to Estonia, together comprising 52% of total imports. The Netherlands, China, Italy, Sweden, Poland, Denmark, India and Greece lagged somewhat behind, together accounting for a further 29%.

In terms of the main suppliers, India, with a CAGR of +2,370.8%, saw 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 average import price for fork-lift trucks and other industrial works trucks and tractors stood at $X per unit in 2022, waning by -12.1% against the previous year. In general, the import price showed a deep reduction. The most prominent rate of growth was recorded in 2018 when the average import price increased by 51%. As a result, import price reached the peak level of $X per unit. From 2019 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+13.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform