Fork-lift and other works trucks fitted with lifting or handling equipment market in Finland

Earlier Report Observations

From 2018 to 2024, the Finnish market for fork-lift and other works trucks fitted with lifting or handling equipment saw an overall decline, with volume falling from 16 885 units in 2018 to 12 272 units in 2024. After a period of stability in 2019, the market contracted consistently through 2022, experienced a partial recovery in 2023, and then dropped again in the final year.

Regulatory changes were a primary driver of market fluctuations. The implementation of the Vehicle Act 82/2021 introduced new safety and compliance standards, which likely dampened demand and contributed to the market's decline in 2021. In contrast, legislative amendments effective April 1, 2023, which simplified the conversion of vehicles to alternative fuels, helped stimulate purchasing activity and supported the market's growth that year. However, stricter safety requirements enforced from July 1, 2024, increased vehicle prices and were a key factor in the market's contraction in 2024.

The market's structure also evolved with the entry of new competition and technological trends. The strategic collaboration between Bobcat and Doosan led to the launch of Bobcat forklifts in Finland, announced in 2023 and reaching the market in early 2024, introducing new product choices. Concurrently, the increasing adoption of IoT and connectivity technologies began to transform equipment usage and consumer expectations, while expanded financing options, such as those offered by Suomen Konetalo, made new truck acquisitions more accessible to buyers.

Production fork-lift and works trucks in Finland

In value, 2017-2020, M $ US

Following two years of growth, production of forklifts and other works trucks fitted with lifting or handling equipment in Finland experienced a downturn. In 2019, output reached its peak at 181.8 million US dollars, but by 2020 it had fallen to 145.7 million US dollars, representing a sharp decline of 19.9% compared to the previous year. The most significant increase occurred in 2018, when production rose by 17.0%.

Annual dynamics of production in Finland in value, 2017-2020, M $ US

In kind, 2017-2020, unit

After two consecutive years of expansion, Finland's production of forklifts and other works trucks fitted with lifting or handling equipment declined. In 2019, output peaked at 12 638 units, but in 2020 it dropped to 9 986 units, showing a substantial reduction of 21.0% year-on-year. The largest increase was recorded in 2019 at 12.8%. Over the period from 2017 to 2020, overall production decreased by 4.5%, with a compound annual growth rate of 1.5%.

Annual dynamics of production in Finland in kind, 2017-2020, unit

Exports fork-lift and works trucks from Finland

Exports in kind, unit

The data shows irregular changes, pointing to a volatile market environment. Exports reached their lowest point in 2019 at 4 274 units, then surged to 8 696 units in 2020, marking a dramatic increase of 103.5% over the previous year. The peak was recorded in 2018 at 11 366 units, resulting in a 2.7-fold fluctuation between the lowest and highest points. The largest decline occurred in 2019, when exports fell by 62.4%.

Annual dynamics of product's exports from Finland in kind, 2017-2020, unit

From 2017 to 2020, the Netherlands, Italy, and France remained the top buyers of forklifts and other works trucks fitted with lifting or handling equipment from Finland. The Netherlands accounted for 61.7% of exports in kind, Italy for 7.9%, and France for 7.4%. Together, these three countries represented 76.9% of Finland's total exports in this category.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Finland in kind, 2017-2020

Exports in value, M $ US

After two years of growth, exports of forklifts and other works trucks fitted with lifting or handling equipment from Finland declined. In 2019, exports reached their maximum value of 187.7 million US dollars, but by 2020 they had fallen to 143.4 million US dollars, reflecting a significant decrease of 23.6% compared to the previous year. The largest increase was recorded in 2019 at 14.2%. Over the period from 2017 to 2020, overall exports decreased by 7.4%, with a compound annual growth rate of 2.5%.

Annual dynamics of product's exports from Finland in value, 2017-2020, M $ US

Throughout 2017 to 2020, the Netherlands, France, and Italy continued to be the main markets for Finland's exports of forklifts and other works trucks fitted with lifting or handling equipment in value terms. The Netherlands accounted for 58.3% of exports, France for 8.8%, and Italy for 5.9%. Collectively, these three countries made up 73.0% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Finland in value, 2017-2020

Imports fork-lift and works trucks to Finland

Imports in kind, unit

Finland imported 13 874 units of forklifts and other works trucks fitted with lifting or handling equipment in 2020, which is 64.0% higher than the previous year. The minimum value was recorded in 2019 at 8 460 units, while the maximum occurred in 2018 at 17 050 units. The largest decline took place in 2019, with imports falling by 50.4%. Between 2017 and 2020, overall imports decreased by 14.1%, equating to an annualized rate of 4.9%.

Annual dynamics of product's imports to Finland in kind, 2017-2020, unit

From 2017 to 2020, the leading sources for imports in kind of forklifts and other works trucks fitted with lifting or handling equipment to Finland were China, Sweden, and Germany. China accounted for 26.8% of imports, Sweden for 21.0%, and Germany for 10.2%. Together, these three countries represented 58.1% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Finland in kind, 2017-2020

Imports in value, M $ US

Imports of forklifts and other works trucks fitted with lifting or handling equipment into Finland declined for the second consecutive year. In 2018, imports peaked at 107.8 million US dollars, but by 2020 they had dropped to 85.9 million US dollars, marking a decrease of 9.9% over the past year. The largest decline was recorded in 2019 at 11.6%, while the largest increase occurred in 2018 at 21.9%. Over the period from 2017 to 2020, overall imports decreased by 2.8%, with a compound annual growth rate of 0.9%.

Annual dynamics of product's imports to Finland in value, 2017-2020, M $ US

Throughout 2017 to 2020, Germany, Sweden, and France formed the core group of markets for imports in value terms of forklifts and other works trucks fitted with lifting or handling equipment into Finland. Germany accounted for 24.2% of imports, Sweden for 21.6%, and France for 10.2%. Together, these three countries represented 56.0% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Finland in value, 2017-2020