Asia: 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 Asia

In 2023, the Asian market for fork-lift trucks and other industrial works trucks and tractors increased by X% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, saw a deep downturn. The level of consumption peaked at $X in 2013; however, from 2014 to 2023, consumption remained at a lower figure.

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

In value terms, production of fork-lift trucks and other industrial works trucks and tractors amounted to $X in 2023 estimated in export price. Overall, production saw a sharp decline. The growth pace was the most rapid in 2017 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2018 to 2023, production of growth failed to regain momentum.

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

Exports in Asia

Exports of fork-lift trucks and other industrial works trucks and tractors reduced slightly to X units in 2023, with a decrease of X% on the previous year's figure. Over the period under review, exports, however, recorded a temperate increase. The pace of growth appeared the most rapid in 2020 when exports increased by X%. Over the period under review, the exports of attained the peak figure at X units in 2018; however, from 2019 to 2023, the exports failed to regain momentum.

In value terms, exports of fork-lift trucks and other industrial works trucks and tractors expanded remarkably to $X in 2023. Overall, exports, however, enjoyed a strong expansion. The pace of growth appeared the most rapid in 2021 when exports increased by X%. Over the period under review, the exports of reached the maximum in 2023 and are likely to see gradual growth in years to come.

Exports by Country

China dominates tractors structure, resulting at X units, which was approx. X% of total exports in 2023. The following exporters - Malaysia (X units), Thailand (X units) and Japan (X units) - each resulted at a X% share of total exports.

From 2012 to 2023, average annual rates of growth with regard to forklift truck and industrial works truck exports from China stood at X%. At the same time, Thailand (X%) and Malaysia (X%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2023. By contrast, Japan (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Thailand, Malaysia and China increased by X, X and X percentage points, respectively.

In value terms, China ($X) remains the largest forklift truck and industrial works truck supplier in Asia, comprising X% of total exports. The second position in the ranking was taken by Japan ($X), with an X% share of total exports. It was followed by Thailand, with a X% share.

In China, exports of fork-lift trucks and other industrial works trucks and tractors expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Japan (X% per year) and Thailand (X% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2023, with an increase of X% against the previous year. Over the period under review, the export price continues to indicate a moderate increase. The most prominent rate of growth was recorded in 2019 when the export price increased by X% against the previous year. The level of export peaked in 2023 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Japan ($X per unit), while Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the other leaders experienced mixed trends in the export price figures.

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

Imports in Asia

In 2023, the amount of fork-lift trucks and other industrial works trucks and tractors imported in Asia surged to X units, jumping by X% against 2022. Over the period under review, imports recorded significant growth. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. The volume of import peaked in 2023 and is expected to retain growth in the near future.

In value terms, imports of fork-lift trucks and other industrial works trucks and tractors stood at $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2022 when imports increased by X%. The level of import peaked in 2023 and is likely to see steady growth in the near future.

Imports by Country

The Philippines represented the main importing country with an import of about X units, which amounted to X% of total imports. The United Arab Emirates (X units) held an X% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (X%) and India (X%). The following importers - Iraq (X units), Turkey (X units), Thailand (X units) and Singapore (X units) - together made up X% of total imports.

The Philippines was also the fastest-growing in terms of the fork-lift trucks and other industrial works trucks and tractors imports, with a CAGR of X% from 2012 to 2023. At the same time, the United Arab Emirates (X%), Iraq (X%), Malaysia (X%), India (X%), Singapore (X%), Turkey (X%) and Thailand (X%) displayed positive paces of growth. While the share of the Philippines (X p.p.), the United Arab Emirates (X p.p.), Malaysia (X p.p.) and Iraq (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Singapore (X p.p.), Turkey (X p.p.) and Thailand (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported fork-lift trucks and other industrial works trucks and tractors in Asia, comprising X% of total imports. The second position in the ranking was taken by Thailand ($X), with a X% share of total imports. It was followed by the United Arab Emirates, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Turkey amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

In 2023, the import price in Asia amounted to $X per unit, declining by X% against the previous year. Over the period under review, the import price continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, import prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Turkey ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform