In 2017, China’s forklift aftermarket continued to explore new avenues while maintaining healthy growth:

1. The aftermarket sector is experiencing steady growth. China’s existing forklift fleet continues to expand, reaching 2.07 million units in 2017 (after accounting for retired and decommissioned units), and is projected to maintain an annual growth rate of 10% through 2020.

By 2020, China’s forklift fleet is expected to reach 2.7 million units. Changes in business models driven by leasing and new-energy technologies will further boost demand for aftermarket services. This will lead to a severe shortage of skilled personnel on the service supply side; therefore, greater investment is needed in talent development, upgrading maintenance equipment, implementing intelligent forklift management and control, and providing remote, AI-powered repair support.

2. New energy has emerged as a new growth driver. This encompasses innovations in conventional lead–acid batteries, breakthroughs in charging technology, the widespread adoption of lithium-ion batteries, and small-scale trials of hydrogen energy. This series of shifts in the energy mix will bring about changes in both the business models and operational approaches for the production and use of forklifts. In 2017, new energy was the standout highlight; in August 2017, Forklift China hosted, for the first time, the “Lithium-Electric Era: The Future Has Arrived—China Industrial Vehicle Lithium-Battery Technology Symposium,” which drew more than 200 industry professionals from across the country to Shanghai to discuss the future trends in lithium-battery technology. At the China Forklift Conference in November 2017, new energy was also a key agenda item, with BYD Forklift—the leading Chinese brand in lithium-electric forklifts—serving as the event’s principal sponsor. Notable developments in lithium-battery technology in 2017 include BYD Forklift’s sales exceeding 10,000 units, with projections that this figure will surpass 20,000 in 2018. Meanwhile, Anhui Lingdu Lithium Battery, Hangzhou Lihui Lithium Battery, Yunhui Lithium Battery, and other companies have positioned themselves as specialized manufacturers of lithium batteries for industrial vehicles, aiming to carve out a niche in the forklift market. On the traditional lead–acid battery front, highlights include Ningbo Nenggu’s smart gel batteries and Henan Xinchuangli’s upgraded “Edison” iron–nickel batteries.

Despite ongoing controversy and skepticism, lithium batteries and new-energy batteries are increasingly gaining market acceptance. However, the reliability of the technology, product consistency, operational safety, and the long service life promised by lithium batteries all still need to be validated in real-world applications.

With lithium-ion batteries rapidly gaining ground and the industry awash with talk of lithium, breakthroughs in charging technology will serve as a lifeline for traditional lead-acid batteries. Companies such as Yufan Electric, Hefei Dongyao, Guangzhou Resonance, Shanghai Zhuiri Electric, Dacheng Lüchuan, and Shanghai Jinpeng have all achieved significant advances in charging technology and battery management. In 2017, breakthroughs were made in fast-charging technology, charge-curve tracking, constant-charge control, battery restoration, and remote battery management. The new generation of chargers, exemplified by Yufan’s offerings, leverages big-data analytics to address the longstanding trade-off in conventional charging—where undercharging or insufficient charging is often tolerated in order to mitigate the risk of overcharging that can degrade lead-acid batteries. Under traditional charging practices, the service life of lead-acid batteries falls far short of their design lifespan.

In 2018, the most significant trend in the forklift industry will be the transformation driven by new energy—specifically, the rise of lithium batteries and the evolution of traditional lead-acid batteries.