Non-Self-Propelled Fork-Lift Truck Market

The non-self-propelled fork-lift truck market is anticipated to experience a decline in consumption over the next eight years, leading to a decrease in market volume and value by 2030. Despite a slight increase in consumption over the past decade, the global market is forecasted to see a negative CAGR. The United States, China, and India were the largest consumers in 2022, while China dominated production and exports. Import prices decreased in 2022 while export prices showed a slight increase. Overall, the market is expected to continue to see fluctuations in the coming years.

Market Forecast

The non-self-propelled fork-lift truck market is expected to start a downward consumption trend over the next eight years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -0.4% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 7.9M units by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +2.2% for the period from 2022 to 2030, which is projected to bring the market value to $41.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Non-Self-Propelled Fork-Lift Trucks

For the third year in a row, the global market recorded growth in consumption of non-self-propelled fork-lift trucks, which increased by 6.8% to 8.1M units in 2022. The total consumption volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, consumption attained the peak volume and is likely to continue growth in the immediate term.

The global non-self-propelled fork-lift truck market revenue rose remarkably to $35.2B in 2022, with an increase of 6.6% 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). Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (1.3M units), China (904K units) and India (615K units), with a combined 35% share of global consumption. Russia, Canada, Pakistan, Japan, Germany, Bangladesh, the UK, South Korea, Spain and Italy lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +15.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($17.6B) led the market, alone. The second position in the ranking was held by Russia ($6.1B). It was followed by Pakistan.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States totaled -1.7%. The remaining consuming countries recorded the following average annual rates of market growth: Russia (+2.4% per year) and Pakistan (+6.2% per year).

In 2022, the highest levels of non-self-propelled fork-lift truck per capita consumption was registered in Canada (8 units per 1000 persons), followed by the United States (3.8 units per 1000 persons), Spain (3.4 units per 1000 persons) and Germany (3.3 units per 1000 persons), while the world average per capita consumption of non-self-propelled fork-lift truck was estimated at less than 0.1 units per 1000 persons.

From 2012 to 2022, the average annual growth rate of the non-self-propelled fork-lift truck per capita consumption in Canada totaled +14.0%. In the other countries, the average annual rates were as follows: the United States (-0.6% per year) and Spain (+15.4% per year).

Production

World Production of Non-Self-Propelled Fork-Lift Trucks

In 2022, global production of non-self-propelled fork-lift trucks was estimated at 7.8M units, with an increase of 2.4% on 2021. The total output volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2018 when the production volume increased by 7.6% against the previous year. As a result, production attained the peak volume of 7.8M units; afterwards, it flattened through to 2022.

In value terms, non-self-propelled fork-lift truck production totaled $24B in 2022 estimated in export price. Overall, production, however, saw a slight setback. The pace of growth was the most pronounced in 2016 when the production volume increased by 8.5% against the previous year. Over the period under review, global production hit record highs at $27.6B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

China (3.3M units) constituted the country with the largest volume of non-self-propelled fork-lift truck production, accounting for 43% of total volume. Moreover, non-self-propelled fork-lift truck production in China exceeded the figures recorded by the second-largest producer, the United States (731K units), fivefold. The third position in this ranking was taken by India (486K units), with a 6.2% share.

In China, non-self-propelled fork-lift truck production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (-2.9% per year) and India (-2.1% per year).

Imports

World Imports of Non-Self-Propelled Fork-Lift Trucks

In 2022, overseas purchases of non-self-propelled fork-lift trucks increased by 25% to 4.2M units, rising for the second consecutive year after two years of decline. Over the period under review, total imports indicated a strong expansion from 2012 to 2022: its volume 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, imports increased by +67.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 34% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, non-self-propelled fork-lift truck imports surged to $1.6B in 2022. The total import value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 31%. Over the period under review, global imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports By Country

In 2022, the United States (564K units), followed by Germany (345K units), the UK (320K units), Canada (245K units), France (236K units) and the Netherlands (194K units) represented the largest importers of non-self-propelled fork-lift trucks, together mixing up 45% of total imports. Spain (178K units), Russia (162K units), India (158K units), Poland (114K units), Belgium (111K units), Italy (93K units) and the United Arab Emirates (68K units) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +25.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($217M), Canada ($127M) and Germany ($114M) constituted the countries with the highest levels of imports in 2022, with a combined 29% share of global imports. France, India, the Netherlands, Russia, the UK, Belgium, Spain, Italy, Poland and the United Arab Emirates lagged somewhat behind, together comprising a further 27%.

The Netherlands, with a CAGR of +19.2%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average non-self-propelled fork-lift truck import price stood at $369 per unit in 2022, which is down by -5.5% against the previous year. Overall, the import price recorded a pronounced downturn. The growth pace was the most rapid in 2018 when the average import price increased by 6.5% against the previous year. Global import price peaked at $546 per unit in 2013; however, from 2014 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 ($519 per unit), while the UK ($127 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 (+5.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Non-Self-Propelled Fork-Lift Trucks

In 2022, overseas shipments of non-self-propelled fork-lift trucks increased by 15% to 3.9M units, rising for the second year in a row after two years of decline. Over the period under review, total exports indicated a noticeable expansion 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 +47.3% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 28%. The global exports peaked in 2022 and are likely to continue growth in years to come.

In value terms, non-self-propelled fork-lift truck exports surged to $1.6B in 2022. In general, total exports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.1% 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 +51.6% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 24%. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

China dominates exports structure, recording 2.4M units, which was approx. 62% of total exports in 2022. Malaysia (242K units) held a 6.2% share (based on physical terms) of total exports, which put it in second place, followed by Sweden (5.7%). The Netherlands (174K units), Italy (150K units), the UK (123K units), Germany (94K units) and France (86K units) held a minor share of total exports.

Exports from China increased at an average annual rate of +3.7% from 2012 to 2022. At the same time, Malaysia (+69.0%), the UK (+13.6%), the Netherlands (+11.0%), France (+9.4%), Italy (+4.0%) and Germany (+3.3%) 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. Sweden experienced a relatively flat trend pattern. Malaysia (+6.1 p.p.), the Netherlands (+2 p.p.) and the UK (+1.8 p.p.) significantly strengthened its position in terms of the global exports, while Sweden and China saw its share reduced by -2.6% and -5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($611M) remains the largest non-self-propelled fork-lift truck supplier worldwide, comprising 38% of global exports. The second position in the ranking was taken by Italy ($143M), with an 8.8% share of global exports. It was followed by Germany, with a 3.7% share.

In China, non-self-propelled fork-lift truck exports increased at an average annual rate of +6.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Italy (+9.0% per year) and Germany (+4.1% per year).

Export Prices By Country

In 2022, the average non-self-propelled fork-lift truck export price amounted to $412 per unit, surging by 6.4% against the previous year. In general, the export price, however, showed a slight decrease. The growth pace was the most rapid in 2019 when the average export price increased by 8.2%. Over the period under review, the average export prices hit record highs at $473 per unit in 2012; however, from 2013 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 Italy ($952 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 Italy (+4.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform