工程机械行业深度系列报告（二）：叉车：电动化趋势势不可挡

Investment Rating - The industry rating is Neutral (maintained) [2] Core Viewpoints - The global forklift industry has entered a mature phase, with a steady growth trend observed. The market sales volume increased from 988,800 units in 2013 to 2,006,300 units in 2022, achieving a compound annual growth rate (CAGR) of 8.18% [1][25]. - China dominates the global forklift market, accounting for 34.31% of the global market share and 73.90% of the Asian market share in 2022. The domestic forklift industry reached a scale of 662,100 units in the first half of 2024, representing a year-on-year growth of 13.09% [1][32][37]. - The competition in the domestic forklift market remains relatively stable and concentrated, with three companies—Anhui Heli, Hangcha Group, and Zhongli—holding approximately 63% of the market share. The market dynamics differ between internal combustion and electric forklifts [1][45]. Summary by Sections 1. Forklift Overview - Forklifts are a crucial part of industrial vehicles, designed for tasks such as loading, unloading, short-distance transportation, and stacking, contributing to improved logistics efficiency and reduced labor intensity [1][15]. - The forklift's characteristics include strong versatility, high mobility, and a large operational radius, making them essential in various applications, including factories, warehouses, and ports [1][15]. 2. Electricization Driving Development - The global forklift industry is experiencing a significant shift towards electric models, with electric forklift sales growing from 534,700 units in 2013 to 1,415,800 units in 2022, achieving a CAGR of 11.43%. In contrast, internal combustion forklifts only grew at a CAGR of 2.96% during the same period [27]. - The market share of electric forklifts has increased from 54.08% in 2013 to 70.57% in 2022, indicating a clear trend towards electrification in the industry [27]. 3. Industry Chain and Investment Suggestions - The investment suggestion emphasizes focusing on companies with strong competitive capabilities and scale advantages in the electric forklift and forklift robotics sectors, as the future trend leans towards electrification and automation [1].