Fork-Lift Truck Market

The global fork-lift truck market is anticipated to experience continued growth in both volume and value terms from 2022 to 2030. The analysis covers consumption patterns, production volumes, imports, and exports from 2012 to 2022. Major consuming countries like the United States, China, and India are identified, along with key players in the market. Self-propelled fork-lift trucks with electric motors show significant growth potential. Prices and market trends for different types of fork-lift trucks are also highlighted, providing insights for industry stakeholders.

Market Forecast

Driven by increasing demand for fork-lift trucks worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.4% for the period from 2022 to 2030, which is projected to bring the market volume to 9.7M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market value to $68.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Fork-Lift Trucks

In 2022, the amount of fork-lift trucks consumed worldwide expanded markedly to 9.4M units, surging by 13% on the year before. The total consumption volume increased at an average annual rate of +4.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.

The global fork-lift truck market revenue expanded remarkably to $49.6B in 2022, growing by 8.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +18.0% against 2020 indices. Over the period under review, the global market reached the maximum level in 2022 and is likely to see gradual growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (1.5M units), China (1.1M units) and India (809K units), with a combined 37% share of global consumption. The UK, Japan, Germany, Italy, Spain, Mexico, Belgium, Russia, South Korea and France lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +24.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest fork-lift truck markets worldwide were Japan ($11.7B), the United States ($6.3B) and South Korea ($5.1B), together accounting for 47% of the global market. India, the UK, Italy, China, Mexico, Russia, Germany, France, Belgium and Spain lagged somewhat behind, together comprising a further 30%.

Italy, with a CAGR of +27.8%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of fork-lift truck per capita consumption in 2022 were Belgium (19 units per 1000 persons), the UK (11 units per 1000 persons) and Spain (5.9 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +24.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Fork-Lift Trucks

In 2022, the amount of fork-lift trucks produced worldwide amounted to 8.1M units, remaining stable against the previous year's figure. The total output volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 7.1% against the previous year. Global production peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, fork-lift truck production shrank slightly to $52.3B in 2022 estimated in export price. The total output value increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2019 when the production volume increased by 18%. As a result, production attained the peak level of $57B. From 2020 to 2022, global production growth remained at a lower figure.

Production By Country

The country with the largest volume of fork-lift truck production was China (4.1M units), accounting for 51% of total volume. Moreover, fork-lift truck production in China exceeded the figures recorded by the second-largest producer, the United States (687K units), sixfold. The third position in this ranking was taken by India (681K units), with an 8.4% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +2.7%. In the other countries, the average annual rates were as follows: the United States (+2.5% per year) and India (+1.3% per year).

Imports

World Imports of Fork-Lift Trucks

For the third year in a row, the global market recorded growth in overseas purchases of fork-lift trucks, which increased by 24% to 7M units in 2022. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +6.3% 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 +113.6% against 2015 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 skyrocketed to $23.8B in 2022. Overall, total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.7% 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 +54.8% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 28%. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

The United States (950K units) and the UK (801K units) represented roughly 25% of total imports in 2022. Germany (502K units) held a 7.2% share (based on physical terms) of total imports, which put it in second place, followed by Belgium (5.3%), the Netherlands (5.1%) and Spain (4.5%). France (310K units), Russia (211K units), Italy (192K units), India (175K units), Poland (171K units), Greece (170K units) and Canada (155K units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Greece (with a CAGR of +34.0%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($4.3B) constitutes the largest market for imported fork-lift trucks worldwide, comprising 18% of global imports. The second position in the ranking was taken by Canada ($1.4B), with a 6.1% share of global imports. It was followed by Germany, with a 5.4% share.

In the United States, fork-lift truck imports expanded at an average annual rate of +11.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Canada (+4.3% per year) and Germany (+4.8% per year).

Imports By Type

Non-self-propelled fork-lift trucks represented the main imported product with an import of about 4.2M units, which reached 65% of total imports. Self-propelled fork-lift trucks with electric motor (1.4M units) took a 22% share (based on physical terms) of total imports, which put it in second place, followed by self-propelled fork-lift trucks with non-electric motor (14%).

Imports of non-self-propelled fork-lift trucks increased at an average annual rate of +6.2% from 2012 to 2022. At the same time, self-propelled fork-lift trucks with electric motor (+10.2%) and self-propelled fork-lift trucks with non-electric motor (+1.9%) displayed positive paces of growth. Moreover, self-propelled fork-lift trucks with electric motor emerged as the fastest-growing type imported in the world, with a CAGR of +10.2% from 2012-2022. From 2012 to 2022, the share of self-propelled fork-lift trucks with electric motor increased by +6.7 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of imported fork-lift trucks were self-propelled fork-lift trucks with non-electric motor ($11.5B), self-propelled fork-lift trucks with electric motor ($11B) and non-self-propelled fork-lift trucks ($1.6B).

Among the main imported products, self-propelled fork-lift trucks with electric motor, with a CAGR of +7.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

In 2022, the average fork-lift truck import price amounted to $3,420 per unit, waning by -2.7% against the previous year. Over the period under review, the import price saw a mild reduction. The pace of growth appeared the most rapid in 2015 when the average import price increased by 16%. As a result, import price reached the peak level of $4,514 per unit. From 2016 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was self-propelled fork-lift trucks with non-electric motor ($13,029 per unit), while the price for non-self-propelled fork-lift trucks ($369 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by self-propelled non-electric fork-lift truck (+0.8%), while the other products experienced a decline in the import price figures.

Import Prices By Country

In 2022, the average fork-lift truck import price amounted to $3,420 per unit, dropping by -2.7% against the previous year. Overall, the import price continues to indicate a slight descent. The growth pace was the most rapid in 2015 an increase of 16% against the previous year. As a result, import price attained the peak level of $4,514 per unit. From 2016 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($9,320 per unit), while Greece ($334 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+10.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Fork-Lift Trucks

In 2022, shipments abroad of fork-lift trucks increased by 6.7% to 5.6M units, rising for the second year in a row after two years of decline. Overall, total exports indicated a pronounced increase from 2012 to 2022: its volume 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 +47.2% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 38%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, fork-lift truck exports skyrocketed to $25.8B in 2022. In general, total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +53.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 28% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports By Country

China prevails in exports structure, amounting to 3M units, which was near 53% of total exports in 2022. The Netherlands (320K units) took a 5.7% share (based on physical terms) of total exports, which put it in second place, followed by Sweden (5.7%) and Germany (5.5%). Malaysia (242K units), Italy (214K units), France (161K units), Belgium (151K units), the United States (144K units), the UK (96K units) and Denmark (96K units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to fork-lift truck exports from China stood at +5.3%. At the same time, Malaysia (+69.0%), Denmark (+8.8%), Belgium (+7.7%), Germany (+4.2%), the United States (+3.0%), Italy (+2.9%), Sweden (+1.9%) and France (+1.9%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in the world, with a CAGR of +69.0% from 2012-2022. The Netherlands experienced a relatively flat trend pattern. By contrast, the UK (-3.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia and China increased by +4.3 and +3.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($6.2B), Germany ($3.9B) and the United States ($2.4B) appeared to be the countries with the highest levels of exports in 2022, with a combined 49% share of global exports. Italy, France, the UK, the Netherlands, Sweden, Belgium, Denmark and Malaysia lagged somewhat behind, together accounting for a further 29%.

Malaysia, with a CAGR of +29.9%, 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 global leaders experienced more modest paces of growth.

Exports By Type

In 2022, non-self-propelled fork-lift trucks (3.9M units) represented the key type of fork-lift trucks, making up 67% of total exports. It was distantly followed by self-propelled fork-lift trucks with electric motor (1,362K units) and self-propelled fork-lift trucks with non-electric motor (568K units), together committing a 33% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to non-self-propelled fork-lift trucks exports of stood at +4.5%. At the same time, self-propelled fork-lift trucks with electric motor (+10.6%) displayed positive paces of growth. Moreover, self-propelled fork-lift trucks with electric motor emerged as the fastest-growing type exported in the world, with a CAGR of +10.6% from 2012-2022. Self-propelled fork-lift trucks with non-electric motor experienced a relatively flat trend pattern. While the share of self-propelled fork-lift trucks with electric motor (+9.5 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of non-self-propelled fork-lift trucks (-2.8 p.p.) and self-propelled fork-lift trucks with non-electric motor (-6.7 p.p.) displayed negative dynamics.

In value terms, the largest types of exported fork-lift trucks were self-propelled fork-lift trucks with non-electric motor ($12.3B), self-propelled fork-lift trucks with electric motor ($11.9B) and non-self-propelled fork-lift trucks ($1.6B).

Self-propelled fork-lift trucks with electric motor, with a CAGR of +7.9%, saw the highest growth rate of the value of exports, in terms of the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

In 2022, the average fork-lift truck export price amounted to $4,583 per unit, surging by 12% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 13%. Over the period under review, the average export prices attained the peak figure at $4,833 per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was self-propelled fork-lift trucks with non-electric motor ($21,704 per unit), while the average price for exports of non-self-propelled fork-lift trucks ($412 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by self-propelled non-electric fork-lift truck (+4.1%), while the other products experienced a decline in the export price figures.

Export Prices By Country

In 2022, the average fork-lift truck export price amounted to $4,583 per unit, picking up by 12% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 13%. The global export price peaked at $4,833 per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($16,547 per unit), while Malaysia ($189 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform