Thailand: 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 Thailand

In 2022, the Thai market for fork-lift trucks and other industrial works trucks and tractors increased by X% to $X, rising for the third year in a row after three years of decline. Overall, consumption saw resilient growth. Consumption of peaked in 2022 and is likely to see steady growth in the near future.

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

Exports from Thailand

In 2022, after two years of growth, there was significant decline in shipments abroad of fork-lift trucks and other industrial works trucks and tractors, when their volume decreased by X% to X units. Over the period under review, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports reached the peak of X units, and then contracted dramatically in the following year.

In value terms, exports of fork-lift trucks and other industrial works trucks and tractors surged to $X in 2022. Overall, exports, however, posted resilient growth. The pace of growth was the most pronounced in 2014 with an increase of X%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Malaysia (X units), Indonesia (X units) and South Korea (X units) were the main destinations of exports of fork-lift trucks and other industrial works trucks and tractors from Thailand, together comprising X% of total exports. Australia, Lao People's Democratic Republic, Singapore, Vietnam, Myanmar, the Philippines, South Africa, the United Arab Emirates, Cambodia and Saudi Arabia lagged somewhat behind, together accounting for a further X%.

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

In value terms, South Korea ($X), Indonesia ($X) and Malaysia ($X) appeared to be the largest markets for forklift truck and industrial works truck exported from Thailand worldwide, with a combined X% share of total exports. Australia, Singapore, the Philippines, Vietnam, South Africa, Saudi Arabia, the United Arab Emirates, Lao People's Democratic Republic, Cambodia and Myanmar lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Saudi Arabia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for fork-lift trucks and other industrial works trucks and tractors stood at $X per unit in 2022, picking up by X% against the previous year. Over the period under review, the export price, however, continues to indicate a deep reduction. Over the period under review, the average export prices attained the peak figure at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while the average price for exports to Myanmar ($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 Saudi Arabia (X%), while the prices for the other major destinations experienced mixed trend patterns.

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

Imports into Thailand

In 2022, purchases abroad of fork-lift trucks and other industrial works trucks and tractors increased by X% to X units, rising for the third year in a row after two years of decline. Over the period under review, imports recorded a resilient increase. The pace of growth was the most pronounced in 2021 when imports increased by X%. Over the period under review, imports of reached the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, imports of fork-lift trucks and other industrial works trucks and tractors skyrocketed to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. Over the period under review, imports of attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest forklift truck and industrial works truck supplier to Thailand, accounting for a X% 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, Japan (X units), more than tenfold. The third position in this ranking was taken by Sweden (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Sweden (X% per year).

In value terms, China ($X) constituted the largest supplier of fork-lift trucks and other industrial works trucks and tractors to Thailand, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by Sweden, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Sweden (X% per year).

Import Prices by Country

In 2022, the average import price for fork-lift trucks and other industrial works trucks and tractors amounted to $X per unit, flattening at the previous year. Overall, the import price, however, saw a deep contraction. The growth pace was the most rapid in 2018 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per unit in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

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 ($X per unit), while the price for China ($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 (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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