Poor demand in China led to a contraction of 12.4% in shipments during 2022, with the Americas and EMEA regions also witnessing a decline, leading Interact Analysis to reduce its forecast for 2023/24. Order volume is expected to fall by around 6% in 2023 to two million units, marking the first time since 2019 it has dipped below the shipment volume.
Covid-19 pandemic-related supply chain issues caused a significant difference between order and shipment volumes, leading to a historical peak of 370,000 units in 2021, as shipments lagged far behind orders. The sector has been catching up ever since, but with a sharp fall in order volumes, Interact Analysis predicts 2024 will be a low point for the market.
However, there are clear signs of a recovery. This is particularly evident in the performance of major forklift manufacturers, with an increase in growth momentum of new truck business among these companies in 2023, following relatively slow growth over the past two years.
In its latest report, The Global Forklift Market – 2023, Interact Analysis reveals new business revenue for major forklift companies grew by 21% year-on-year during the first three-quarters of 2023 to reach US$19.5bn, significantly higher than the 5.2% recorded for the same period of 2022.
Demand for electrified forklifts has been surging in recent years and Interact Analysis predicts China and several countries in Europe will achieve a 50% electrification rate for forklifts as early as 2025. The global market share of Li-ion models is anticipated to surpass 50% in 2030, with Class 3.1 predicted to be the first category to achieve over 50% electrification.