Philippines: Fork-Lift Truck Market 2025

Fork-Lift Truck Market Size in the Philippines

In 2022, the Philippine fork-lift truck market increased by 35% to $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption recorded a buoyant increase. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Fork-Lift Truck Exports

Exports from the Philippines

In 2022, shipments abroad of fork-lift trucks decreased by -91.1% to X units, falling for the third consecutive year after four years of growth. Overall, exports, however, enjoyed buoyant growth. The growth pace was the most rapid in 2018 when exports increased by 15,041%. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, fork-lift truck exports declined dramatically to $X in 2022. In general, exports, however, continue to indicate prominent growth. The pace of growth appeared the most rapid in 2018 with an increase of 8,266%. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

South Korea (X units) was the main destination for fork-lift truck exports from the Philippines, with a 69% share of total exports. Moreover, fork-lift truck exports to South Korea exceeded the volume sent to the second major destination, China (X units), threefold. The third position in this ranking was held by Thailand (X units), with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Korea amounted to +45.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+39.1% per year) and Thailand (0.0% per year).

In value terms, the largest markets for fork-lift truck exported from the Philippines were China ($X), South Korea ($X) and Singapore ($X), together accounting for 97% of total exports. The Netherlands, Taiwan (Chinese), Papua New Guinea and Thailand lagged somewhat behind, together accounting for a further 3%.

The Netherlands, with a CAGR of +130.6%, 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

The average fork-lift truck export price stood at $X per unit in 2022, jumping by 180% against the previous year. Overall, the export price, however, saw a perceptible shrinkage. The growth pace was the most rapid in 2016 when the average export price increased by 402%. As a result, the export price attained the peak level of $X per unit. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Thailand ($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 the Netherlands (+130.6%), while the prices for the other major destinations experienced more modest paces of growth.

Fork-Lift Truck Imports

Imports into the Philippines

After two years of decline, supplies from abroad of fork-lift trucks increased by 37% to X units in 2022. Over the period under review, imports enjoyed a buoyant expansion. The growth pace was the most rapid in 2013 with an increase of 54% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, fork-lift truck imports surged to $X in 2022. In general, imports recorded a strong increase. The growth pace was the most rapid in 2014 with an increase of 47%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of fork-lift truck to the Philippines, accounting for a 78% share of total imports. Moreover, fork-lift truck imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), eightfold. Sweden (X units) ranked third in terms of total imports with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +22.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+1.6% per year) and Sweden (+15.8% per year).

In value terms, China ($X) constituted the largest supplier of fork-lift trucks to the Philippines, comprising 57% of total imports. The second position in the ranking was held by Japan ($X), with an 18% share of total imports. It was followed by Thailand, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +18.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-0.4% per year) and Thailand (+23.6% per year).

Import Prices by Country

In 2022, the average fork-lift truck import price amounted to $X per unit, falling by -15.9% against the previous year. Overall, the import price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2014 an increase of 90%. The import price peaked at $X per unit in 2015; however, from 2016 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 the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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