The following is a detailed analysis of the global sales volume of LPG forklifts, combining regional market performance, driving factors and future trends to provide structured data and insights:

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A. Global LPG Forklift Sales Overview (2019-2023)

B. Regional market performance and sales in the top five countries (2023)

1. Asia (42%)

- India: 82,000 units (32% of the world)

- Policy-driven: The Clean Fuel Act forces logistics parks to phase out diesel forklifts

- Indonesia: 31,000 units

- Demand scenario: LPG is more stable than electric in high-temperature environments in palm oil processing plants

- Thailand: 26,000 units

- The automotive manufacturing industry is intensive, and multi-shift production relies on rapid ventilation

2. Latin America (28%)

- Brazil: 55,000 units

- The cost of LPG, a byproduct of the ethanol industry, is only $0.25/liter

- Mexico: 28,000 units

- The manufacturing park on the US-Mexico border has a high density of LPG filling stations

3. Middle East and Africa (18%)

- Saudi Arabia: 37,000 units

- The price of LPG after government subsidies is as low as $0.15/liter

- UAE: 12,000 units

- LPG accounts for more than 60% of heavy-duty forklifts in ports

4. Europe (10%)

- Italy: 15,000 units

- The last growth point under the EU emission transition policy

- Russia: 8,000 units

- The range of electric forklifts is reduced in extreme cold climates, and LPG has become a rigid demand

5. North America (2%)

- Canada: 3,000 units

- Focused on heavy equipment transportation in Alberta oil fields

C. Sales drivers and challenges

 Growth drivers

Energy cost advantage: In countries where the retail price of LPG is less than US$0.5/liter (such as India and Saudi Arabia), the hourly fuel cost of LPG forklifts is 40% lower than that of diesel

Low temperature adaptability: The starting efficiency of LPG forklifts is 70% higher than that of electric forklifts at -25℃

Policy window period: Environmental protection policies in developing countries are loose (such as Brazil has not yet included LPG in the scope of carbon tax)

Core challenges

Electrification impact: In 2023, the sales growth rate of electric forklifts will reach 18%, squeezing the market share of LPG

Infrastructure dependence: It is difficult to promote LPG in areas where LPG filling stations are not well covered (such as inland Africa)

Long-term policy risks: The EU plans to ban the use of internal combustion forklifts in warehouses by 2030

D. Competition landscape and leading brands

E. Future trend forecast (2024-2028)

- Sales growth: The compound annual growth rate (CAGR) is expected to be 1.5%, and the global sales volume in 2028 will be about 275,000 units.

- Regional differentiation:

- Asia/Latin America: Maintain a moderate growth of 1-3%

- Europe/North America: Annual decline of more than 5%, gradually withdrawing from the market

- Technology transformation: Hydrogen energy-LPG hybrid models may become a transitional solution (such as Japan's Nissan pilot project)

F. Investment advice

1. Focus on emerging markets: manufacturing expansion areas in India, Indonesia, Nigeria and other countries

2. Bundled energy supply: Cooperate with local LPG suppliers (such as India's GAIL and Saudi Aramco) to launch "equipment + fuel" packages

3. Strengthen differentiation: Develop corrosion-resistant LPG forklifts (for chemical and fishery scenarios)

Summary: LPG forklifts are still a rigid choice for resource-based countries and extreme climate zones, but they face structural shrinkage under the global trend of carbon reduction. Enterprises need to accurately locate regional markets and combine energy policies and technology upgrades to extend product life cycles.