South-Eastern Asia: Fork-Lift Truck Market 2024

Fork-Lift Truck Market Size in South-Eastern Asia

The Southeast Asian fork-lift truck market contracted to $X in 2022, dropping by -10.7% against the previous year. Over the period under review, consumption continues to indicate a resilient increase. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Fork-Lift Truck Production in South-Eastern Asia

In value terms, fork-lift truck production amounted to $X in 2022 estimated in export price. In general, production, however, recorded a significant expansion. The growth pace was the most rapid in 2015 when the production volume increased by 100% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Fork-Lift Truck Exports

Exports in South-Eastern Asia

Fork-lift truck exports dropped to X units in 2022, waning by -6.5% against the previous year's figure. Over the period under review, exports, however, recorded a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 235%. Over the period under review, the exports attained the peak figure at X units in 2021, and then declined in the following year.

In value terms, fork-lift truck exports shrank to $X in 2022. Total exports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +25.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 29% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam was the key exporter of fork-lift trucks in South-Eastern Asia, with the volume of exports amounting to X units, which was near 69% of total exports in 2022. It was distantly followed by Malaysia (X units), committing a 28% share of total exports. The following exporters - Thailand (X units) and Singapore (X units) - each amounted to a 3.3% share of total exports.

Vietnam was also the fastest-growing in terms of the fork-lift trucks exports, with a CAGR of +84.3% from 2012 to 2022. At the same time, Malaysia (+53.0%) and Thailand (+43.5%) displayed positive paces of growth. By contrast, Singapore (-1.6%) illustrated a downward trend over the same period. While the share of Vietnam (+63 p.p.) and Malaysia (+15 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Singapore (-58.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest fork-lift truck supplying countries in South-Eastern Asia were Vietnam ($X), Thailand ($X) and Singapore ($X), with a combined 79% share of total exports.

Vietnam, with a CAGR of +51.0%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per unit in 2022, growing by 3.6% against the previous year. Overall, the export price, however, recorded a sharp descent. The growth pace was the most rapid in 2021 an increase of 6.4% against the previous year. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (-6.3%), while the other leaders experienced a decline in the export price figures.

Fork-Lift Truck Imports

Imports in South-Eastern Asia

In 2022, supplies from abroad of fork-lift trucks increased by 40% to X units, rising for the second year in a row after two years of decline. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.1% 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 +53.8% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, fork-lift truck imports soared to $X in 2022. In general, imports showed a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Thailand (X units), Vietnam (X units) and Singapore (X units) represented roughly 73% of total imports in 2022. Malaysia (X units) took the next position in the ranking, followed by Indonesia (X units) and the Philippines (X units). All these countries together held near 25% 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 Vietnam (with a CAGR of +16.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest fork-lift truck importing markets in South-Eastern Asia were Indonesia ($X), Thailand ($X) and Vietnam ($X), together comprising 67% of total imports.

Among the main importing countries, Vietnam, with a CAGR of +8.2%, saw 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 import price in South-Eastern Asia amounted to $X per unit, with a decrease of -11.6% against the previous year. Overall, the import price continues to indicate a deep downturn. The pace of growth appeared the most rapid in 2021 when the import price increased by 7.4%. The level of import peaked at $X per unit in 2012; however, from 2013 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 Indonesia ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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