Forklift truck makers are looking for sales growth of more than ten per cent this year, according to a new survey produced by Oxford Economics for the British Industrial Truck Association.
The survey echoes the latest forecast contained in The 2011 UK Forklift Truck Market Outlook, by Oxford Economics, which shows that investment spending, exports and manufacturing activities are leading the upswing in the economy.
Tim Waples, president of BITA, said: “The balance has tipped in favour of the UK forklift truck market. 2010 orders rose by 23.9 per cent and this year’s first quarter is up 27.7 per cent year on year. 2011 could yet beat previous expectations as stronger manufacturing output stimulates investment spending, generating orders for the forklift trucks that will be required to move merchandise.”
Keith Edmonds, head of industry services at Oxford Economics, said: “What’s fascinating is how the major drivers of UK growth are shifting in the upswing from household spending and government activity towards investment spending, exports and manufacturing activities in general. This is a marked contrast from the traditional leadership role played by services.”
“While GDP increased by 1.3 per cent in 2010, manufacturing ended the year up 3.6 per cent. During the year, service sector activity only increased by 1.1 per cent overall but, within that, wholesale and retail distribution services (a key sector for forklifts) increased by 2.8 per cent. And this pattern of sectors important for forklift demand outperforming the economy as a whole is set to continue in 2011.”