What is the current demand for the forklift industry nationwide?

The current demand for the forklift industry nationwide is exhibiting a positive trend. Here is a breakdown and detailed explanation of the current demand situation in English:

1. Continuous Growth in Market Capacity:
   • According to historical data, global forklift sales have grown from 989,000 units in 2013 to 2,006,000 units in 2022, with a compound annual growth rate (CAGR) of 8.2%.
   • China's forklift sales have grown even faster, from 329,000 units in 2013 to 1,174,000 units in 2023, achieving a CAGR of 13.6%, which is a leading growth rate globally.
2. Strong Demand from Downstream Industries:
   • The downstream industries of the forklift industry are primarily manufacturing and logistics transportation, accounting for 52% and 16% of the demand respectively.
   • With the recovery of the manufacturing industry and the rapid growth of the logistics industry, the demand for forklifts is expected to further increase.
3. Obvious Trend of Electrification:
   • Electric forklifts have significant advantages over internal combustion forklifts in terms of cost and environmental protection, and are expected to rapidly replace internal combustion forklifts in the future.
   • The CAGR of global and domestic electric forklift sales from 2013 to 2022 was 11.4% and 25.3% respectively, demonstrating the strong growth momentum of the electric forklift market.
4. Broad Growth Space for Internationalization:
   • China's forklift exports have advantages in terms of cost-effectiveness and delivery time, with vast growth potential in the future.
   • From 2018 to 2022, China's forklift export sales increased from 167,000 units to 362,000 units, achieving a CAGR of 21.3%.
5. Urgent Need for "Forklift Replacement of Labor":
   • As the labor population gradually declines and labor costs gradually increase, the demand for using forklifts to replace manual handling is becoming increasingly urgent.
   • The unmanned and intelligent development of forklifts is an important direction for future development, which will further enhance the penetration rate and market share of the forklift industry.
6. Support from Latest Sales Data:
   • Recent data shows that in May 2024, 110,446 units of various types of forklifts were sold, representing a year-on-year increase of 10.2%, with export volumes also achieving year-on-year growth.

In summary, the current demand for the forklift industry nationwide is robust, benefiting from the recovery of the manufacturing and logistics industries, as well as the trends of electrification and internationalization. The market capacity is expected to continue to grow, and with the continuous progress of technology and the increasingly urgent need for "forklift replacement of labor," the forklift industry will embrace broader development prospects.