Hangcha Group created an industry miracle in 2023, with its performance growth rate reaching a record high and overseas revenue exceeding 33%.
It is reported that Hangcha Group's performance has increased in advance, achieving remarkable performance growth in 2023, with a year-on-year growth rate of 62% to 82%. This achievement is mainly attributed to the rapid growth of the production and sales scale of the company's new energy lithium-ion forklift and internationalization business. At the same time, factors such as falling raw material prices, exchange rates, investment income, and government preferential policies also had a positive impact on the company's profit growth.
As the industry's electrification and internationalization trends continue to increase, Hangcha Group's market share in the field of lithium battery forklifts is also gradually expanding. According to data, the total industry sales in 2023 will increase by 12.00% year-on-year, of which export sales will increase by 12.13%. Sales of electric counterbalanced ride-on forklifts (Class I vehicles) and electric ride-on storage forklifts (Class II vehicles) increased by 29.25% and 35.94% respectively YoY. The competitiveness of lithium battery forklifts has significantly improved, and the speed of internationalization is also accelerating. The demand in the downstream manufacturing industry is expected to gradually recover, which will boost the growth of domestic forklift demand. In 2023, the domestic sales of forklifts increased by 11.94% year-on-year. It is foreseeable that as the domestic manufacturing boom gradually recovers, domestic demand for forklifts will gradually improve.
To keep up with industry trends, Hangcha Group focuses on scientific and technological innovation, and continuously expands the international market, leading the industry development. At present, Hangcha has mastered the core technologies of new energy industrial forklifts, such as lithium battery-specific architecture platform technology for electric forklifts, high-voltage permanent magnet synchronous technology, and fast charging technology. This makes Hangcha Group the first to release a series of high-voltage lithium battery forklifts, such as 1.5-48 tons counterbalanced high-voltage lithium battery forklifts, 20-60 tons lithium battery tractor, container reach stackers, and empty container stackers.
First of all, with the increasing awareness of environmental protection and the advancement of energy transformation, the electric forklift market is facing rapid growth opportunities. The global demand for sustainable development and green energy is also growing, which will further promote the expansion of the electric forklift market and bring more opportunities to the development of Hangcha Group. Relying on advanced lithium battery technology and high-voltage permanent magnet synchronous technology, Hangcha Group has launched a series of high-voltage lithium electric forklifts to meet the market demand for electric forklifts. The company's sales data also proves the continued growth of the electrification trend in the forklift industry, with sales of electric counterbalanced ride-on forklifts and electric ride-on storage forklifts increasing significantly year-on-year.
Secondly, internationalization is also an important factor in the success of Hangcha Group. At present, Hangcha's foreign revenue has accounted for more than 33%, ranking among the top in the industry for more than ten consecutive years. This achievement is inseparable from Hangcha Group's advantages in technological innovation, product quality, and customer service. By strengthening cooperation with foreign customers, and providing personalized solutions and technical support, Hangcha Group has not only achieved a leading position in the domestic market but also won a reputation in the international market.
Although the overall manufacturing industry was affected by some adverse factors in 2023, the demand for forklifts is expected to improve gradually with the gradual recovery of the domestic manufacturing boom. This will provide Hangcha Group with more development opportunities and market space.
Hangcha Group achieved rapid growth in performance in 2023 and gradually moved towards becoming a global leading enterprise. Through motorization and international drive, Hangcha has established a leading position in the industry. Looking forward to the future, Hangcha's scientific and technological innovation and continuous efforts to explore the international market have kept it in a leading position in the industry. In the future, Hangcha Group stated that it will continue to focus on technological innovation, enhance product competitiveness, and increase its efforts to expand the international market to lead the development of the industry.
