The downstream applications of forklift trucks are extensive, and the periodic characteristics are weak. Forklift equipment is mainly used for stacking goods, and the handling capacity is efficient, which can significantly reduce the workload. As a branch of construction machinery and equipment, forklift trucks are widely used downstream, mainly covering logistics warehousing, food and beverage, electrical machinery, automobile manufacturing, wholesale and retail and many other fields, of which manufacturing demand accounts for about 40%, logistics transport demand accounts for about 14%; Therefore, compared with traditional construction machinery, forklift domestic infrastructure investment has less impact, and the cyclical volatility characteristics are relatively weak.

Forklift trucks have a broad global market, and overseas giants have a larger share. Forklift global sales maintained a steady growth trend, 2013-2023 forklift sales from 988,800 units to 2.101,500 units, a compound annual growth rate of 7.83%. In 2022, Toyota Industries, Kion Group and Jungheinrich Group occupy the top three in the industry, accounting for more than 50% of the main market share. Foreign enterprises started earlier, mainly operating high-end products, and have a high market share. The total revenue of all forklift companies in the world is 413.906 billion yuan, and the total market share of Anhui Heli (17.020, 0.00, 0.00%) and Hangfork Group (16.980, 0.00, 0.00%) is only 7.79%, and the overseas market has a huge space for expansion.

Domestic forklift trucks are in a period of accelerated globalization. With reference to Japan's Toyota industrial development, Toyota realized globalization earlier, brand recognition and customer stickiness are high, and its annual revenue in 2023 reaches 130.66 billion yuan, with the proportion of overseas as high as 82%. In the same period, the income gap between domestic companies and Toyota is large, and exports are mainly small three types of products, with low value. With domestic forklifts in terms of brand awareness, technological innovation, product quality and cost performance, comprehensive competitiveness is improved, and delivery cycle and response speed have advantages. In 2023, China's forklift exports 405,400 units, an increase of 12.13%, and the proportion of exports rose to 34.5%. Domestic enterprises have excellent operating capacity, low cost, net interest rate is better than Toyota Industry, and the sales gap is narrowing, and the process of going to sea is accelerating.

Lithium battery power forklift electrification trend. Electric forklifts are gradually replacing traditional internal combustion forklifts with their characteristics of cleanliness, low noise and economy. In 2022, global electric forklift sales accounted for 70.6%, and electric forklifts are gradually squeezing the internal combustion forklift market. The power of electric forklift is divided into two kinds: lead-acid battery and lithium battery. In recent years, the rapid development of lithium battery technology, with its lightweight, small size, high energy density, fast charging speed, long life and low maintenance costs, gradually replaced the lead-acid battery status. In 2023, sales of class I+II lithium battery forklifts in China increased to 115,700 units, accounting for 59.41% from 14.55% in 2019. China's lithium battery industry is the world's leading, the development of lithium electric forklift has a unique industrial chain advantage.

Forklifts are entering the intelligent unmanned stage. Through the integration of cutting-edge technologies such as the Internet of Things, cloud computing, and unmanned driving, fork mobile robots (9.500, 0.00, 0.00%) have functions such as unmanned driving, remote monitoring, storage management, and are widely used in repetitive handling, high handling intensity, and harsh working environment, and have become the future development trend of the industry. Photovoltaic, lithium and automotive industries are the main subsectors of unmanned forklift applications, and the use scenario is gradually broadened, and the economic efficiency is confirmed. In 2023, the sales volume of domestic fork mobile robots reached 19,500 units, an increase of 46.60%, and it is in a period of rapid growth.