Korean forklifts set a new export record last year, benefiting from the increased demand for factory expansions in North America due to supply chain restructuring.
According to the Customs Service’s export and import trade statistics on Feb. 14, Korea exported forklifts (forklift trucks and industrial vehicles) worth US$1.24863 billion last year. This represents a 31.2% increase from the US$951.4 million exported in 2022.
Among major forklift manufacturers, Doosan Bobcat’s combined domestic and international forklift sales reached $1.321 billion last year, up 19% from $1.111 billion the previous year. The forklift business division of HD Hyundai Site Solution saw a 46% increase in sales compared to the previous year.
The Korean forklift industry benefited from the boom in factory expansions in North America due to supply chain restructuring. The industry expects robust performance this year as well, due to a large number of orders secured last year and the continued expansion of factories in North America.
Starting this year, Doosan Bobcat plans to strengthen its marketing by launching forklifts under the “Bobcat” brand, which is more familiar to North American consumers than “Doosan.” HD Hyundai is also intensifying its local marketing efforts.