Sri Lanka: Market for Self-Propelled Fork-Lift Trucks with Non-Electric Motor 2024

Market Size for Self-Propelled Fork-Lift Trucks with Non-Electric Motor in Sri Lanka

In 2022, the Sri Lankan self-propelled non-electric fork-lift truck market increased by 28% to $X, rising for the third year in a row after two years of decline. In general, consumption showed a slight expansion. Self-propelled non-electric fork-lift truck consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Exports of Self-Propelled Fork-Lift Trucks with Non-Electric Motor

Exports from Sri Lanka

In 2022, the amount of self-propelled fork-lift trucks with non-electric motor exported from Sri Lanka amounted to X units, therefore, remained relatively stable against the year before. In general, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 167%. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, self-propelled non-electric fork-lift truck exports contracted notably to $X in 2022. Over the period under review, exports continue to indicate a pronounced increase. The pace of growth appeared the most rapid in 2021 with an increase of 82% against the previous year. As a result, the exports attained the peak of $X, and then fell rapidly in the following year.

Exports by Country

Maldives (X units) was the main destination for self-propelled non-electric fork-lift truck exports from Sri Lanka, with a 75% share of total exports. Moreover, self-propelled non-electric fork-lift truck exports to Maldives exceeded the volume sent to the second major destination, Japan (X units), threefold.

From 2012 to 2022, the average annual growth rate of volume to Maldives stood at +11.6%.

In value terms, Maldives ($X) remains the key foreign market for self-propelled fork-lift trucks with non-electric motor exports from Sri Lanka, comprising 95% of total exports. The second position in the ranking was held by Japan ($X), with a 5.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Maldives stood at +6.0%.

Export Prices by Country

The average self-propelled non-electric fork-lift truck export price stood at $X per unit in 2022, dropping by -35.9% against the previous year. In general, the export price, however, continues to indicate a notable expansion. The pace of growth appeared the most rapid in 2019 an increase of 170% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2021, and then reduced notably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Maldives ($X per unit), while the average price for exports to Japan amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+6.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Self-Propelled Fork-Lift Trucks with Non-Electric Motor

Imports into Sri Lanka

In 2022, approx. X units of self-propelled fork-lift trucks with non-electric motor were imported into Sri Lanka; rising by 79% on 2021 figures. Over the period under review, imports continue to indicate measured growth. Imports peaked at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, self-propelled non-electric fork-lift truck imports dropped markedly to $X in 2022. Overall, imports, however, continue to indicate a pronounced shrinkage. The pace of growth appeared the most rapid in 2017 when imports increased by 65%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest self-propelled non-electric fork-lift truck supplier to Sri Lanka, with a 58% share of total imports. Moreover, self-propelled non-electric fork-lift truck imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), twofold.

From 2012 to 2022, the average annual growth rate of volume from Japan stood at +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+10.5% per year) and Italy (-2.8% per year).

In value terms, the largest self-propelled non-electric fork-lift truck suppliers to Sri Lanka were China ($X), Japan ($X) and Italy ($X), with a combined 92% share of total imports.

China, with a CAGR of +4.1%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average self-propelled non-electric fork-lift truck import price stood at $X per unit in 2022, reducing by -60% against the previous year. Over the period under review, the import price continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2018 when the average import price increased by 87% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-5.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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