HS Code:
Self-propelled trucks powered by an electric motor (HS Code: 8427.10) include forklifts and other industrial vehicles used for material handling in warehouses, factories, and distribution centers. These trucks are powered by electric motors, offering an eco-friendly alternative to diesel or gasoline-powered vehicles. This category has seen significant growth due to the increasing adoption of sustainable technologies, automation in logistics, and the expansion of e-commerce and warehousing industries globally.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
United Nations Comtrade Database, International Trade Centre (ITC)
USD 2.8 billion
22.4% of total trade of total trade
Increasing
USD 2.3 billion
18.4% of total trade of total trade
Increasing
USD 1.9 billion
15.2% of total trade of total trade
Increasing
USD 1.2 billion
9.6% of total trade of total trade
Stable
USD 0.8 billion
6.4% of total trade of total trade
Stable
Average Rate
4.5% ad valorem
Highest Rate
12% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for electric forklifts due to sustainability goals
Increased production and export from major manufacturing hubs like Germany and China as companies shift away from fossil fuel-powered alternatives
2021-2023
Automation and smart warehousing
Growing integration of electric self-propelled trucks with IoT and automation technologies, boosting demand in e-commerce-driven markets like the US and Europe
2020-2023
Battery technology advancements
Improved lithium-ion battery performance has reduced costs and increased the adoption of electric trucks, particularly in Asia-Pacific markets
2019-2023
The European Union has introduced stricter emission regulations under the Green Deal, incentivizing the adoption of electric self-propelled trucks through subsidies and tax breaks.
January 2023
Significant boost in demand within EU countries, benefiting exporters like Germany and Italy
The US imposed additional tariffs on Chinese-made electric forklifts as part of ongoing trade disputes, prompting supply chain diversification to other Asian countries like Vietnam.
March 2022
Potential increase in production costs for US importers and a shift in market share to non-Chinese manufacturers
China announced a major investment in domestic lithium-ion battery production to support its electric vehicle and industrial equipment sectors, including self-propelled trucks.
September 2022
Likely reduction in costs for Chinese exporters, increasing their competitiveness in global markets