Lithuania: Fork-Lift Truck Market 2024

Fork-Lift Truck Market Size in Lithuania

In 2022, the Lithuanian fork-lift truck market decreased by -4.4% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, posted a buoyant expansion. As a result, consumption attained the peak level of $X, and then declined slightly in the following year.

Fork-Lift Truck Production in Lithuania

In value terms, fork-lift truck production fell remarkably to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt decline. The pace of growth was the most pronounced in 2017 with an increase of 71%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Fork-Lift Truck Exports

Exports from Lithuania

In 2022, overseas shipments of fork-lift trucks decreased by -18% to X units, falling for the third year in a row after four years of growth. Overall, exports, however, saw a modest expansion. The pace of growth was the most pronounced in 2016 when exports increased by 43% against the previous year. Over the period under review, the exports reached the maximum at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, fork-lift truck exports fell notably to $X in 2022. In general, exports, however, showed a slight increase. The most prominent rate of growth was recorded in 2016 with an increase of 60% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Latvia (X units) was the main destination for fork-lift truck exports from Lithuania, with a 23% share of total exports. Moreover, fork-lift truck exports to Latvia exceeded the volume sent to the second major destination, Germany (X units), twofold. Estonia (X units) ranked third in terms of total exports with a 9.1% share.

From 2012 to 2022, the average annual growth rate of volume to Latvia stood at +3.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+18.2% per year) and Estonia (+1.6% per year).

In value terms, the largest markets for fork-lift truck exported from Lithuania were Latvia ($X), Kazakhstan ($X) and Poland ($X), together accounting for 46% of total exports. Russia, Estonia, the Netherlands, Germany, Ukraine, Belarus, Kyrgyzstan, Denmark, Sweden and Bulgaria lagged somewhat behind, together accounting for a further 38%.

Among the main countries of destination, Bulgaria, with a CAGR of +33.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average fork-lift truck export price stood at $X per unit in 2022, with a decrease of -8.4% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average export price increased by 19%. The export price peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kazakhstan ($X per unit), while the average price for exports to Bulgaria ($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 Poland (+30.7%), while the prices for the other major destinations experienced more modest paces of growth.

Fork-Lift Truck Imports

Imports into Lithuania

After eight years of growth, overseas purchases of fork-lift trucks decreased by -16.5% to X units in 2022. Overall, imports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 42% against the previous year. As a result, imports reached the peak of X units, and then contracted significantly in the following year.

In value terms, fork-lift truck imports rose modestly to $X in 2022. Over the period under review, imports, however, posted prominent growth. The most prominent rate of growth was recorded in 2021 when imports increased by 48% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

Germany (X units), China (X units) and Vietnam (X units) were the main suppliers of fork-lift truck imports to Lithuania, with a combined 42% share of total imports. Malaysia, Latvia, France, Poland, Sweden, Austria, the Netherlands, Estonia, the UK and Bulgaria lagged somewhat behind, together accounting for a further 47%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Austria (with a CAGR of +60.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), France ($X) and the UK ($X) appeared to be the largest fork-lift truck suppliers to Lithuania, together accounting for 57% of total imports. Latvia, China, the Netherlands, Sweden, Poland, Estonia, Austria, Vietnam, Bulgaria and Malaysia lagged somewhat behind, together comprising a further 21%.

Among the main suppliers, Vietnam, with a CAGR of +62.7%, 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 average fork-lift truck import price stood at $X per unit in 2022, growing by 23% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 25%. As a result, import price reached the peak level of $X per unit. From 2014 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 the UK ($X per unit), while the price for Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (+19.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform