Forklifts are a large weak cycle industry with a market space of more than 100 billion. According to the World Industrial Vehicle Statistics Association (WITS) report data, the sales of forklifts in the world, Asia, and China in 2019 were 1,493,300, 647,300 and 45.69, respectively. 10,000 units, an increase of 0.25%, 2.68% and 5.95%.
The proportion of China's forklift sales in the world has increased year by year. In 2019, the sales of China's forklift market accounted for 40.7% of the world's total. As of the end of 2019, China has been the world's largest sales market for ten consecutive years.
According to industry research, according to the average price of various types of forklifts in the market, my country's new forklift sales market has increased from 18 billion in 2008 to about 37 billion in 2019 in the past 10 years.
In 2019, the global sales volume of forklift trucks was 1.49 million. According to the unit price of 100,000 yuan, the global market space for mainframe sales alone exceeded 149 billion yuan per year. In terms of value, forklifts are the second largest sub-product in the construction machinery category after excavators.
Forklifts can realize mechanized logistics operations, reduce the intensity of workers' movement, and improve work efficiency. They have the characteristics of strong versatility, flexibility, and large range of activities. They play an important role in the logistics system of enterprises and are the main force in material handling equipment. .
It is widely used in factories, ports, logistics and other fields, and the downstream basically covers all aspects of industrial production. Among them, the largest downstream demand is various manufacturing industries, accounting for 50-60% (including automobiles, machinery, 3C, etc.).
According to the statistical caliber of the industrial vehicle branch of China Construction Machinery Industry Association, forklifts can be divided into internal combustion counterbalanced forklifts, electric counterbalanced forklifts, electric ride-on storage forklifts, and electric walking storage forklifts.
In the sales structure of my country's forklift trucks, although the sales of electric walking storage forklifts accounted for 36% in 2019, which is the main force of the increase, due to their low unit price, the sales of internal combustion counterbalance and electric counterbalance forklifts in the forklift market scale Still dominates.
Forklifts are an important equipment in the logistics and warehousing industry. The development of express delivery, e-commerce, logistics, and cold chain industries has been superimposed on the catalysis of the increase in emission standards, and electric storage forklifts have entered an accelerated growth cycle.
The rapid expansion and efficiency improvement demand of the logistics and warehousing industry is expected to drive the growth of the forklift market.
The world's top three forklift companies are Japan Toyota Industries Corporation, Germany KION Group and Germany Jungheinrich Group.
According to WITS data, Toyota Industry, the world's number one in sales, had a forklift business revenue of USD 13.3 billion in 2019 and a sales volume of 278,000 forklifts. The second German KION Group had revenues of USD 9.92 billion and sales of 215,000 units.
The domestic market presents a duopoly. In 2019, the two companies, Heli and Hangcha, accounted for about 42% of the market share (sales volume). Under the influence of the 2020 epidemic, the industry concentration has increased, and the concentration of the two companies has reached 54% in the first half of the year.
According to the 2019 China Forklift Manufacturer Rankings announced by China Fork.com, the top 10, top 20, and top 37 industrial vehicles in China in 2019 accounted for about 42%, 76%, 89%, and 94% of the country's total sales. . In 2019, the sales of Heli and Hangcha of the head were 152, 139,000, and there were only 15 companies with more than 10,000 units in the industry, and 21 companies with more than 5,000 units.
The total revenue of the world's top 20 forklift companies reached 32 billion U.S. dollars, and it is estimated that it will reach 36 billion U.S. dollars in 2019. Since the revenue also includes aftermarket and solution businesses, it is significantly larger than the main engine sales caliber.
In terms of sales volume, the global leader is about twice as high as domestic Heli and Hangcha, but the income gap is significantly greater. On the one hand, the unit price of overseas forklifts is significantly higher than that in China, and the price of the host is more than twice as expensive; on the other hand, overseas The revenue contribution of enterprise aftermarket services accounts for a high proportion, and relying on stock forklifts can also bring continuous revenue.
As the technology threshold and industrial chain status are not as good as excavators, whether it is the global leader Toyota, or the domestic duopoly Hangcha, the net profit margin is 6-8%, which is not high.
In recent years, there has been a labor shortage in coastal areas of my country, and it is gradually spreading across the country. With labor shortages, downstream industries closely related to forklifts, such as manufacturing, transportation, warehousing, postal, wholesale and retail industries, etc. Labor costs are also rising significantly.
With the growth of downstream market demand represented by the warehousing industry and the continuous strengthening of environmental protection awareness and the implementation of national energy conservation and emission reduction, the consumption structure of the domestic forklift market will gradually be adjusted, and the proportion of electric forklifts in the domestic forklift market will gradually increase. It will bring greater development space for domestic electric forklifts.
Under the general trend of the further development of the domestic logistics industry and the replacement of labor by machines, the trend of "machine substitution" caused by rising labor costs and the disappearance of demographic dividends, superimposed on the release of the natural renewal demand for stock forklifts, and the future forklift market sales are expected to achieve sustained growth .
