News

China's forklift market

China's forklift industry is witnessing a significant shift towards electrification and lithium-ion battery technology, according to recent market analyses. In 2023, the electric forklift's market share in China reached approximately 64%, with sales of lithium-ion forklifts surging to 210,600 units, accounting for 42.5% of electric forklift sales. This rapid growth is attributed to the advancements in lithium-ion battery technology, which offers superior performance, longer life, and lower maintenance costs compared to lead-acid batteries.

The demand for lithium-ion forklifts is expected to continue growing, with forecasts suggesting that by 2025, lithium-ion batteries will surpass lead-acid batteries in Class 1-3 forklifts in China and some European countries. By 2030, lithium-ion models are projected to capture over 50% of the global market share, with Class 3.1 becoming the first category to achieve over 50% lithium-ion adoption. This trend is set to bolster China's position as a leading manufacturer of forklifts, with domestic companies like Hyster expanding their integrated lithium-ion forklift lineup to meet the sustainability and productivity goals of various industries.

Internationally, Chinese forklift manufacturers are gaining a competitive edge with their lithium-ion offerings. Exports have been growing steadily, with a compound annual growth rate of 21.75% from 2016 to 2023, reaching 405,400 units in 2023. The combination of advanced lithium-ion technology and shorter delivery times is positioning Chinese forklift companies favorably in the global market