Vietnam: Market for Fork-Lift Trucks and Other Industrial Works Trucks and Tractors 2025

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

In 2022, after eight years of growth, there was significant decline in the Vietnamese market for fork-lift trucks and other industrial works trucks and tractors, when its value decreased by -32.9% to $X. Over the period under review, consumption, however, recorded a buoyant increase. As a result, consumption reached the peak level of $X, and then dropped significantly in the following year.

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

Exports from Vietnam

After two years of growth, overseas shipments of fork-lift trucks and other industrial works trucks and tractors decreased by -36.9% to X units in 2022. In general, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 427% against the previous year. The exports peaked at X units in 2021, and then contracted significantly in the following year.

In value terms, exports of fork-lift trucks and other industrial works trucks and tractors amounted to $X in 2022. Over the period under review, exports, however, posted a significant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 454%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Spain (X units), Belgium (X units) and Italy (X units) were the main destinations of exports of fork-lift trucks and other industrial works trucks and tractors from Vietnam, together accounting for 38% of total exports. Poland, Malaysia, Bulgaria, the Netherlands, Sweden, Romania, the UK, Germany, Austria and Denmark lagged somewhat behind, together accounting for a further 51%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bulgaria (with a CAGR of +113.3%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Belgium ($X) and Spain ($X) constituted the largest markets for forklift truck and industrial works truck exported from Vietnam worldwide, with a combined 23% share of total exports. Poland, Italy, the Netherlands, Bulgaria, Sweden, the UK, Romania, Austria, Malaysia and Denmark lagged somewhat behind, together comprising a further 26%.

Austria, with a CAGR of +79.7%, saw the highest rates of growth with regard to the value of exports, among 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

In 2022, the average export price for fork-lift trucks and other industrial works trucks and tractors amounted to $X per unit, rising by 60% against the previous year. Over the period under review, the export price, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2017 when the average export price increased by 134%. As a result, the export price attained the peak level of $X per unit. From 2018 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Malaysia ($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 Germany (+28.7%), while the prices for the other major destinations experienced mixed trend patterns.

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

Imports into Vietnam

After eight years of growth, supplies from abroad of fork-lift trucks and other industrial works trucks and tractors decreased by -35.5% to X units in 2022. Over the period under review, imports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2021 when imports increased by 256% against the previous year. As a result, imports reached the peak of X units, and then shrank markedly in the following year.

In value terms, imports of fork-lift trucks and other industrial works trucks and tractors amounted to $X in 2022. In general, imports, however, saw prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of 36%. Over the period under review, imports of reached the maximum at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest forklift truck and industrial works truck supplier to Vietnam, with a 75% share of total imports. Moreover, imports of fork-lift trucks and other industrial works trucks and tractors from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), sixfold. Japan (X units) ranked third in terms of total imports with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +29.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+33.3% per year) and Japan (+8.6% per year).

In value terms, the largest forklift truck and industrial works truck suppliers to Vietnam were China ($X), Japan ($X) and South Korea ($X), together accounting for 87% of total imports. Poland, Singapore and the United Arab Emirates lagged somewhat behind, together comprising a further 2.4%.

Poland, with a CAGR of +64.4%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for fork-lift trucks and other industrial works trucks and tractors stood at $X per unit in 2022, with an increase of 56% against the previous year. Overall, the import price, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2013 when the average import price increased by 162% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2014; however, from 2015 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 Japan ($X per unit), while the price for Poland ($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 Arab Emirates (+96.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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