Scandinavia: Market for Fork-Lift Trucks and Other Industrial Works Trucks and Tractors 2024

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

In 2022, after two years of decline, there was significant growth in the Scandinavia market for fork-lift trucks and other industrial works trucks and tractors, when its value increased by 290% to $X. Overall, consumption recorded a pronounced increase. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors in Scandinavia

In value terms, production of fork-lift trucks and other industrial works trucks and tractors rose remarkably to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, production of reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

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

Exports in Scandinavia

After four years of growth, overseas shipments of fork-lift trucks and other industrial works trucks and tractors decreased by -65.3% to X units in 2022. Overall, exports continue to indicate a mild decrease. The growth pace was the most rapid in 2021 when exports increased by 278% against the previous year. As a result, the exports reached the peak of X units, and then shrank notably in the following year.

In value terms, exports of fork-lift trucks and other industrial works trucks and tractors expanded modestly to $X in 2022. The total export value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 12%. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Sweden represented the major exporter of fork-lift trucks and other industrial works trucks and tractors in Scandinavia, with the volume of exports accounting for X units, which was near 78% of total exports in 2022. It was distantly followed by Finland (X units) and Norway (X units), together constituting a 22% share of total exports.

Exports from Sweden decreased at an average annual rate of -2.7% from 2012 to 2022. At the same time, Norway (+24.0%) and Finland (+10.1%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +24.0% from 2012-2022. While the share of Finland (+11 p.p.) and Norway (+4.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Sweden (-15.4 p.p.) displayed negative dynamics.

In value terms, Sweden ($X) remains the largest forklift truck and industrial works truck supplier in Scandinavia, comprising 84% of total exports. The second position in the ranking was held by Finland ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Sweden amounted to +1.4%. In the other countries, the average annual rates were as follows: Finland (+3.2% per year) and Norway (+11.9% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per unit in 2022, increasing by 195% against the previous year. Over the period under review, the export price recorded a pronounced expansion. The level of export peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sweden ($X per unit), while Norway ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+4.2%), while the other leaders experienced a decline in the export price figures.

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

Imports in Scandinavia

In 2022, after two years of growth, there was significant decline in overseas purchases of fork-lift trucks and other industrial works trucks and tractors, when their volume decreased by -46.3% to X units. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 217% against the previous year. As a result, imports reached the peak of X units, and then contracted notably in the following year.

In value terms, imports of fork-lift trucks and other industrial works trucks and tractors rose significantly to $X in 2022. The total import value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when imports increased by 30%. Over the period under review, imports of attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Finland (X units) and Norway (X units) were the key importers of fork-lift trucks and other industrial works trucks and tractors in Scandinavia, together committing 72% of total imports. It was distantly followed by Sweden (X units), generating a 28% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Norway (with a CAGR of +2.4%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Sweden ($X), Norway ($X) and Finland ($X) constituted the countries with the highest levels of imports in 2022.

Among the main importing countries, Sweden, with a CAGR of +2.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Scandinavia stood at $X per unit in 2022, with an increase of 106% against the previous year. Overall, the import price saw noticeable growth. The growth pace was the most rapid in 2018 when the import price increased by 114%. The level of import peaked at $X per unit in 2019; however, from 2020 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 Sweden ($X per unit), while Finland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+8.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform