Why Are Industrial Machines and Forklifts Getting Cheaper?

In the past 10–15 years, companies around the world — especially in Vietnam — have noticed a clear trend:
industrial machines, especially electric forklifts, are becoming much cheaper while technology keeps improving.

An electric 2-ton forklift that once cost USD 30,000–35,000 now sells for only USD 10,000–18,000.

So why is this happening?

1. Automation has drastically reduced production costs

Modern factories now use:

Welding robots
CNC cutting machines
Automatic painting lines
Assembly conveyors

These systems allow one factory to produce 5–10 times more forklifts with far fewer workers.

➡ Cost per machine drops dramatically.

2. Lithium battery technology changed everything

Batteries are the most expensive part of electric forklifts.

In the past:

Lead-acid batteries were heavy and inefficient
Lithium batteries were extremely expensive

Today:

China produces lithium batteries at massive scale
They are shared across EVs, energy storage, and industrial machines

➡ Lithium battery prices have fallen by more than 80% in 10 years

➡ Electric forklifts are now cheaper, lighter, and more durable

3. Forklift technology is no longer secret

Previously, brands like Toyota, Jungheinrich, and Crown controlled the technology.

Today:

Motor design, inverter circuits, BMS, and control logic have been reverse-engineered
Chinese manufacturers produce high-quality equivalents at much lower cost

Brands like EP, Heli, Hangcha, Noblelift now use:

AC motors
Vector controllers
Lithium batteries
Electronic braking

At only 50–60% of Japanese or European prices

4. Global competition forces prices down

China has over 200 forklift manufacturers exporting worldwide.

They compete through:

Dealers
OEM supply
Direct online sales

➡ If a factory is not cost-competitive, it disappears

This pushes forklift prices lower every year.

5. Why are electric forklifts cheaper in Vietnam?

Vietnam benefits from:

Cheap lithium batteries
Mass-produced AC motors
Low-cost Chinese controllers
A complete supply chain

Typical 2-ton electric forklift prices:

Year	Average Price
2010	$30,000 – $35,000
2018	$18,000 – $25,000
2025	$10,000 – $18,000

Quality did not drop — technology simply became standard.

6. What really matters when buying a cheap forklift?

The real cost is not the purchase price, but:

Can the battery be replaced?
Can the controller be repaired?
Are spare parts available?
Is there technical support?

A cheap forklift without service and parts becomes expensive very fast.

Conclusion

Forklifts are cheaper today because of:

Automation
Lithium batteries
Open technology
Global competition

The most important thing is not the machine —
it is the technical support behind it.