Forklift Truck and Industrial Works Truck Market

The article provides a comprehensive analysis of the global market for fork-lift trucks and other industrial works trucks and tractors, highlighting the increasing demand worldwide. It forecasts market performance, consumption trends, and production insights. Key findings include an anticipated increase in market volume to 10 million units and market value to $57.9 billion by 2030. The United States, the United Arab Emirates, and the UK are identified as the top consumers and importers, with notable growth rates in various countries. The type of trucks fitted with lifting or handling equipment dominates both exports and imports. Overall, the article offers valuable insights into market trends, growth rates, and key players in the industry.

Market Forecast

Driven by increasing demand for fork-lift trucks and other industrial works trucks and tractors 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 +0.9% for the period from 2022 to 2030, which is projected to bring the market volume to 10M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.5% for the period from 2022 to 2030, which is projected to bring the market value to $57.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors

In 2022, approx. 9.5M units of fork-lift trucks and other industrial works trucks and tractors were consumed worldwide; with an increase of 21% on 2021. Overall, consumption posted a resilient increase. Over the period under review, global consumption of hit record highs in 2022 and is likely to continue growth in the near future.

The revenue of the market for fork-lift trucks and other industrial works trucks and tractors worldwide soared to $43.8B in 2022, picking up by 21% 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). In general, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 +58.8% against 2019 indices. Global consumption peaked in 2022 and is likely to continue growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (1.6M units), the United Arab Emirates (928K units) and the UK (844K units), with a combined 35% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of tractors, amongst the main consuming countries, was attained by the United Arab Emirates (with a CAGR of +42.2%), while tractors for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($5.4B), the United Arab Emirates ($3.4B) and the UK ($3.2B) constituted the countries with the highest levels of market value in 2022, together comprising 27% of the global market.

The United Arab Emirates, with a CAGR of +41.8%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while tractors for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of forklift truck and industrial works truck per capita consumption in 2022 were the United Arab Emirates (92 units per 1000 persons), Ireland (62 units per 1000 persons) and Belgium (31 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of tractors, amongst the leading consuming countries, was attained by the United Arab Emirates (with a CAGR of +40.8%), while tractors for the other global leaders experienced more modest paces of growth.

Production

World Production of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors

In 2022, the amount of fork-lift trucks and other industrial works trucks and tractors produced worldwide rose remarkably to 6.8M units, increasing by 9.6% against the year before. The total output volume increased at an average annual rate of +3.6% 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 2020 with an increase of 12% against the previous year. Global production peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, production of fork-lift trucks and other industrial works trucks and tractors declined modestly to $39.2B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 24%. As a result, production attained the peak level of $42.6B. From 2018 to 2022, global production of growth failed to regain momentum.

Production By Country

The country with the largest volume of production of fork-lift trucks and other industrial works trucks and tractors was China (3.3M units), accounting for 48% of total volume. Moreover, production of fork-lift trucks and other industrial works trucks and tractors in China exceeded the figures recorded by the second-largest producer, Japan (590K units), sixfold. The United States (469K units) ranked third in terms of total production with a 6.9% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +3.8%. The remaining producing countries recorded the following average annual rates of production growth: Japan (+1.9% per year) and the United States (+5.2% per year).

Imports

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

In 2022, overseas purchases of fork-lift trucks and other industrial works trucks and tractors increased by 21% to 8.8M units, rising for the third year in a row after two years of decline. Overall, imports showed a strong expansion. The growth pace was the most rapid in 2020 with an increase of 102% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, imports of fork-lift trucks and other industrial works trucks and tractors surged to $25.8B in 2022. Over the period under review, total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 +48.3% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 22%. Over the period under review, global imports of hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports By Country

The countries with the highest levels of imports of fork-lift trucks and other industrial works trucks and tractors in 2022 were the United States (1.3M units), the United Arab Emirates (0.9M units) and the UK (0.8M units), together finishing at 35% of total import. Germany (510K units) held a 5.8% share (based on physical terms) of total imports, which put it in second place, followed by Belgium (5.8%). The following importers - France (380K units), Ireland (300K units), the Netherlands (255K units), Italy (200K units), Spain (185K units), India (176K units), Poland (172K units) and Canada (159K units) - together made up 21% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Ireland (with a CAGR of +48.1%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($4.6B) constitutes the largest market for imported fork-lift trucks and other industrial works trucks and tractors worldwide, comprising 18% of global imports. The second position in the ranking was taken by Canada ($1.5B), with a 5.8% share of global imports. It was followed by the Netherlands, with a 5.6% share.

In the United States, imports of fork-lift trucks and other industrial works trucks and tractors increased at an average annual rate of +11.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Canada (+4.3% per year) and the Netherlands (+11.1% per year).

Imports By Type

Fork-lift and other works trucks fitted with lifting or handling equipment dominates tractors structure, accounting for 7.7M units, which was approx. 88% of total imports in 2022. It was distantly followed by electrical self-propelled vehicles not fitted with lifting or handling equipment (835K units), creating a 9.5% share of total imports. Non-electrical self-propelled works trucks not fitted with lifting or handling equipment (254K units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to fork-lift and other works trucks fitted with lifting or handling equipment imports of stood at +9.4%. At the same time, electrical self-propelled vehicles not fitted with lifting or handling equipment (+35.2%) and non-electrical self-propelled works trucks not fitted with lifting or handling equipment (+6.3%) displayed positive paces of growth. Moreover, electrical self-propelled vehicles not fitted with lifting or handling equipment emerged as the fastest-growing type imported in the world, with a CAGR of +35.2% from 2012-2022. While the share of electrical self-propelled vehicles not fitted with lifting or handling equipment (+8.2 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of fork-lift and other works trucks fitted with lifting or handling equipment (-7 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, fork-lift and other works trucks fitted with lifting or handling equipment ($24.7B) constitutes the largest type of fork-lift trucks and other industrial works trucks and tractors imported worldwide, comprising 95% of global imports. The second position in the ranking was taken by non-electrical self-propelled works trucks not fitted with lifting or handling equipment ($759M), with a 2.9% share of global imports.

For fork-lift and other works trucks fitted with lifting or handling equipment, imports expanded at an average annual rate of +5.0% over the period from 2012-2022. With regard to the other imported products, the following average annual rates of growth were recorded: non-electrical self-propelled works trucks not fitted with lifting or handling equipment (+1.0% per year) and electrical self-propelled vehicles not fitted with lifting or handling equipment (+6.7% per year).

Import Prices By Type

The average import price for fork-lift trucks and other industrial works trucks and tractors stood at $2,927 per unit in 2022, stabilizing at the previous year. In general, the import price, however, saw a noticeable contraction. The most prominent rate of growth was recorded in 2021 an increase of 18% against the previous year. Over the period under review, average import prices attained the peak figure at $5,970 per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was fork-lift and other works trucks fitted with lifting or handling equipment ($3,187 per unit), while the price for electrical self-propelled vehicles not fitted with lifting or handling equipment ($501 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by fork-lift and other works trucks fitted with lifting or handling equipment (-4.0%), while the other products experienced a decline in the import price figures.

Import Prices By Country

In 2022, the average import price for fork-lift trucks and other industrial works trucks and tractors amounted to $2,927 per unit, remaining relatively unchanged against the previous year. Overall, the import price, however, saw a perceptible curtailment. The most prominent rate of growth was recorded in 2021 when the average import price increased by 18%. Over the period under review, average import prices reached the maximum at $5,970 per unit in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($9,406 per unit), while the United Arab Emirates ($224 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+3.3%), while the other global leaders experienced more modest paces of growth.

Exports

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

In 2022, approx. 6.1M units of fork-lift trucks and other industrial works trucks and tractors were exported worldwide; picking up by 8% compared with the previous year. Over the period under review, total exports indicated a strong increase from 2012 to 2022: its volume 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, exports increased by +78.1% against 2017 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 38%. Over the period under review, the global exports of hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, exports of fork-lift trucks and other industrial works trucks and tractors soared to $26.9B in 2022. Overall, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.2% 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 +50.7% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 26%. Over the period under review, the global exports of attained the peak figure in 2022 and are likely to see steady growth in years to come.

Exports By Country

China dominates tractors structure, amounting to 3.1M units, which was near 51% of total exports in 2022. The Netherlands (328K units) took a 5.4% share (based on physical terms) of total exports, which put it in second place, followed by Germany (5.3%) and Sweden (5.3%). Italy (239K units), Malaysia (232K units), France (186K units), the United States (168K units), Belgium (153K units), Poland (133K units), the UK (111K units) and Denmark (100K units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to forklift truck and industrial works truck exports from China stood at +5.6%. At the same time, Malaysia (+50.7%), Denmark (+34.7%), Poland (+29.9%), the Netherlands (+16.0%), Belgium (+7.7%), Sweden (+5.6%), Italy (+3.1%), France (+3.0%), Germany (+2.6%) and the United States (+2.0%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in the world, with a CAGR of +50.7% from 2012-2022. By contrast, the UK (-2.4%) illustrated a downward trend over the same period. While the share of Malaysia (+3.7 p.p.), the Netherlands (+3.3 p.p.) and Poland (+1.9 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Germany (-1.8 p.p.) and the UK (-2.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($6.3B), Germany ($4.1B) and the United States ($2.6B) 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, Poland, Denmark and Malaysia lagged somewhat behind, together accounting for a further 30%.

Among the main exporting countries, Poland, with a CAGR of +15.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Fork-lift and other works trucks fitted with lifting or handling equipment prevails in tractors structure, reaching 5.6M units, which was approx. 92% of total exports in 2022. The following types - non-electrical self-propelled works trucks not fitted with lifting or handling equipment (263K units) and electrical self-propelled vehicles not fitted with lifting or handling equipment (221K units) - each resulted at a 7.9% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to fork-lift and other works trucks fitted with lifting or handling equipment exports of stood at +5.3%. At the same time, electrical self-propelled vehicles not fitted with lifting or handling equipment (+18.9%) and non-electrical self-propelled works trucks not fitted with lifting or handling equipment (+8.1%) displayed positive paces of growth. Moreover, electrical self-propelled vehicles not fitted with lifting or handling equipment emerged as the fastest-growing type exported in the world, with a CAGR of +18.9% from 2012-2022. Electrical self-propelled vehicles not fitted with lifting or handling equipment (+2.5 p.p.) significantly strengthened its position in terms of the global exports, while fork-lift and other works trucks fitted with lifting or handling equipment saw its share reduced by -3.4% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, fork-lift and other works trucks fitted with lifting or handling equipment ($25.9B) remains the largest type of fork-lift trucks and other industrial works trucks and tractors supplied worldwide, comprising 96% of global exports. The second position in the ranking was taken by non-electrical self-propelled works trucks not fitted with lifting or handling equipment ($631M), with a 2.3% share of global exports.

For fork-lift and other works trucks fitted with lifting or handling equipment, exports increased at an average annual rate of +5.4% over the period from 2012-2022. With regard to the other exported products, the following average annual rates of growth were recorded: non-electrical self-propelled works trucks not fitted with lifting or handling equipment (-1.1% per year) and electrical self-propelled vehicles not fitted with lifting or handling equipment (+6.4% per year).

Export Prices By Type

In 2022, the average export price for fork-lift trucks and other industrial works trucks and tractors amounted to $4,403 per unit, surging by 11% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 14%. Over the period under review, the average export prices reached the maximum at $5,789 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 fork-lift and other works trucks fitted with lifting or handling equipment ($4,597 per unit), while the average price for exports of electrical self-propelled vehicles not fitted with lifting or handling equipment ($1,848 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by fork-lift and other works trucks fitted with lifting or handling equipment (+0.1%), while the other products experienced a decline in the export price figures.

Export Prices By Country

The average export price for fork-lift trucks and other industrial works trucks and tractors stood at $4,403 per unit in 2022, growing by 11% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 14%. The global export price peaked at $5,789 per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($15,525 per unit), while Malaysia ($202 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform