REGIONAL REPORT | ASIA-PACIFIC
As a manufacturing and logistics hub in South East Asia, Thailand saw a demand for 15,800 forklifts in 2023, a year-on-year increase of 24.4%. “Furthermore, the electrification transformation is accelerating, with electric forklifts accounting for over 35% of the market for the first time in 2023,” says Gu. Thailand’s port throughput has grown at an average annual rate of 8%, resulting in stable demand for port machinery. “From January to July 2024, XCMG’s reach stacker cranes achieved a 47% market share in Thailand, on par with SANY, primarily due to local customers valuing high cost-effectiveness and rapid service response,” he adds. Thanks to South Korea’s solid industrial base, XCMG says its ports such as Busan and Incheon still have a great demand for port machinery and high-end forklifts. In 2023, the port machinery market size exceeded 500 million yuan. “Moreover, customers have
high requirements for the intelligence of equipment,” says Gu. In Malaysian ports, XCMG says it accounted for 17% share of the forklift market. “Customers want to control costs while also valuing equipment durability, and our XCMG Kunpeng series perfectly meets this need,” he adds. The Singapore market is comparatively small, taking in around 5,000 forklifts in 2023. From January to July 2024, XCMG Port Machinery achieved a market share of 44.4% in Singapore, ranking first alongside SANY. “This success is mainly attributed to our reach stacker products and intelligent fleet management system, which can meet the needs of local port automation upgrades,” says Gu.
Meanwhile in the Philippines, investment in infrastructure and logistics has been increasing in recent years, with XCMG citing forklift demand growing by 46.2% year-on-year
in 2023. “Ports like Manila Port also have a strong need for replacing used equipment,” says Gu. “XCMG Port Machinery, with its advantages of high cost-performance ratio and five-year warranty, has already captured a 15% market share in the southern Philippines and is currently expanding into the northern market.”
Differentiation In a highly competitive marketplace, XCMG offers three strands to its differentiation: customisation, adaptability and integrated service. “Unlike other brands that focus on standardised mass production, XCMG excels at overcoming technical challenges for different niche scenarios,” says Gu. A good example is its pioneering low- position side battery replacement technology for multi-shift applications. This enables a battery replacement to be completed in three
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