Guatemala: 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 Guatemala

In 2022, the Guatemalan market for fork-lift trucks and other industrial works trucks and tractors increased by 27% to $X, rising for the third year in a row after two years of decline. Overall, consumption recorded a strong 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 Guatemala

After five years of growth, overseas shipments of fork-lift trucks and other industrial works trucks and tractors decreased by -79.4% to X units in 2022. Overall, exports, however, continue to indicate a strong expansion. The pace of growth was the most pronounced in 2021 with an increase of 829% against the previous year. As a result, the exports reached the peak of X units, and then declined significantly in the following year.

In value terms, exports of fork-lift trucks and other industrial works trucks and tractors fell sharply to $X in 2022. Over the period under review, exports, however, continue to indicate slight growth. The pace of growth appeared the most rapid in 2021 when exports increased by 124%. As a result, the exports attained the peak of $X, and then contracted markedly in the following year.

Exports by Country

Honduras (X units), El Salvador (X units) and Belize (X units) were the main destinations of exports of fork-lift trucks and other industrial works trucks and tractors from Guatemala, with a combined 75% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belize (with a CAGR of +30.2%), while the other leaders experienced more modest paces of growth.

In value terms, El Salvador ($X), Honduras ($X) and Belize ($X) constituted the largest markets for forklift truck and industrial works truck exported from Guatemala worldwide, with a combined 87% share of total exports.

Belize, with a CAGR of +100.7%, saw 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, with an increase of 158% against the previous year. In general, the export price, however, continues to indicate a perceptible downturn. Over the period under review, the average export prices hit record highs at $X per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Costa Rica ($X per unit), while the average price for exports to Nicaragua ($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 Belize (+54.1%), 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 Guatemala

In 2022, supplies from abroad of fork-lift trucks and other industrial works trucks and tractors increased by 11% to X units, rising for the third consecutive year after two years of decline. Overall, imports enjoyed buoyant growth. The pace of growth was the most pronounced in 2021 with an increase of 190% against the previous year. 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 rose notably to $X in 2022. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -2.8% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 77%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports of remained at a lower figure.

Imports by Country

Brazil (X units), China (X units) and the United States (X units) were the main suppliers of imports of fork-lift trucks and other industrial works trucks and tractors to Guatemala, with a combined 77% share of total imports. Italy, Spain, Canada, Germany and Mexico lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +89.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest forklift truck and industrial works truck suppliers to Guatemala were China ($X), the United States ($X) and Brazil ($X), together comprising 70% of total imports. Italy, Germany, Canada, Mexico, Spain and Costa Rica lagged somewhat behind, together comprising a further 11%.

Among the main suppliers, Italy, with a CAGR of +86.8%, recorded the highest rates of growth with regard to 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

In 2022, the average import price for fork-lift trucks and other industrial works trucks and tractors amounted to $X per unit, picking up by 1.9% against the previous year. Over the period under review, the import price, however, recorded a deep downturn. The pace of growth was the most pronounced in 2018 when the average import price increased by 97% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2019; however, from 2020 to 2022, 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 China ($X per unit), while the price for Brazil ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+40.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform