ECOWAS: Market for Fork-Lift Trucks and Other Industrial Works Trucks and Tractors 2022

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

In general, consumption continues to indicate a relatively flat trend pattern.

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

Exports by Country

China prevails in tractors structure, amounting to X units, which was near 54% of total exports in 2021. Germany (X units) took a 9.9% share (based on physical terms) of total exports, which put it in second place, followed by the Netherlands (6.1%). The following exporters - Italy (X units), Japan (X units), France (X units), the UK (X units), Belgium (X units), Sweden (X units), South Korea (X units) and the United States (X units) - together made up 22% of total exports.

From 2012 to 2021, average annual rates of growth with regard to forklift truck and industrial works truck exports from China stood at +22.0%. At the same time, the Netherlands (+36.7%), Germany (+26.0%), Belgium (+23.7%), France (+20.2%), Italy (+19.5%), the UK (+18.6%), South Korea (+17.0%), Japan (+14.1%), Sweden (+10.0%) and the United States (+1.0%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +36.7% from 2012-2021. The Netherlands (+4 p.p.), Germany (+2.8 p.p.) and China (+2.1 p.p.) significantly strengthened its position in terms of the global exports, while Japan, Sweden and the United States saw its share reduced by -2.9%, -3.1% and -3.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Germany ($X) and the United States ($X) constituted the countries with the highest levels of exports in 2021, together comprising 48% of total exports.

China, with a CAGR of +10.9%, saw the highest rates of growth with regard to the value of exports, in terms of 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 X stood at less than $X per thousand units in 2021, flattening at the previous year. Over the period under review, the export price showed a relatively flat trend pattern.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was the United States ($X per thousand units), while China ($X per thousand units) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-2.3%), while the other leaders experienced a decline in the export price figures.

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

Imports by Country

In 2021, the Netherlands (X units), distantly followed by Belgium (X units), the United States (X units), Germany (X units) and France (X units) were the main importers of fork-lift trucks and other industrial works trucks and tractors, together comprising 38% of total imports. Italy (X units), the UK (X units), Poland (X units), Australia (X units), Canada (X units), Spain (X units), Turkey (X units) and Mexico (X units) took a little share of total imports.

The Netherlands was also the fastest-growing in terms of the fork-lift trucks and other industrial works trucks and tractors imports, with a CAGR of +36.7% from 2012 to 2021. At the same time, Germany (+27.1%), Belgium (+23.8%), Mexico (+19.8%), Italy (+19.1%), Spain (+19.1%), Australia (+17.3%), Poland (+17.0%), Turkey (+16.7%), Canada (+13.0%), France (+11.4%), the United States (+3.2%) and the UK (+2.6%) displayed positive paces of growth. While the share of the Netherlands (+11 p.p.), Germany (+3.8 p.p.) and Belgium (+3.1 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of France (-1.7 p.p.), the UK (-6.2 p.p.) and the United States (-11.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported fork-lift trucks and other industrial works trucks and tractors into X, comprising 14% of global imports. The second position in the ranking was held by Germany ($X), with a 5.6% share of global imports. It was followed by the Netherlands, with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United States stood at +7.9%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+4.6% per year) and the Netherlands (+10.2% per year).

Import Prices by Country

In 2021, the import price in X amounted to less than $X per thousand units, standing approx. at the previous year. In general, the import price showed a relatively flat trend pattern.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was the United States ($X per thousand units), while the Netherlands ($X per thousand units) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+4.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Market Intelligence Platform

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