Abstract:As the most common loading and unloading equipment in the logistics industry, forklifts play a major role in storage logistics, retail logistics, production logistics, etc. At present, the demand for forklifts in mainland China is increasing with economic development, but in order to reduce the investment in fixed assets, more and more enterprises have begun to choose to lease forklifts, which not only solves the needs of equipment use, but also brings financial benefits such as capital operation for enterprises. According to statistics, from 2016 to 2022, the mainland forklift leasing industry has maintained a state of continuous growth. In 2016, the revenue scale of the forklift leasing industry in mainland China was 2.718 billion yuan, and it will increase to 7.974 billion yuan in 2022, with an average annual compound growth rate of 19.65%.
1. Definitions and Classification
Forklift is an industrial handling vehicle, which refers to a variety of wheeled handling vehicles for loading, unloading, stacking and short-distance transportation of palletized goods. Forklift leasing refers to the service that enterprises obtain to use a certain number and model of forklifts within a certain period of time by paying to a professional forklift leasing company. Forklift leasing can meet the needs of enterprises for forklifts for a certain period of time, without the need to purchase a fixed number and type of forklifts. With the development of the market economy, forklift leasing methods have become more diversified, mainly including short-term leasing, long-term leasing, contract business system, project contracting, rent-to-purchase, repurchase and leaseback.
Second, industry policies
1. Competent authorities and regulatory system
The competent department of forklift leasing refers to the Market Supervision and Administration Bureau, which is mainly responsible for drafting relevant laws and regulations for market supervision and management, formulating relevant rules, policies and standards, organizing the implementation of the strategy of strengthening the country with quality, food safety strategy and standardization strategy, formulating and organizing the implementation of relevant plans, regulating and maintaining market order, and creating a market environment of honesty and trustworthiness and fair competition. Guide the integration and construction of comprehensive law enforcement teams for local market regulation, and promote the implementation of unified market regulation. Organize the investigation and handling of major cases of violations. Regulate the conduct of administrative law enforcement for market regulation.
The self-regulatory organization of the industry is the China Construction Machinery Industry Association, the purpose of the association is to serve enterprises, governments and users, and promote the development of China's construction machinery industry. The mission of the association is to safeguard the legitimate rights and interests of members, reflect the wishes and requirements of members, coordinate the internal relations of the industry, implement national laws, regulations and policies, formulate industry rules and regulations, put forward policy suggestions on promoting the development of the industry, assist the government in macro management of the industry, carry out the preliminary work of industry development planning, and play a role as a bridge and link between the government and enterprises.
2. Industry-related policies
In order to promote the development of the forklift leasing industry, the mainland has issued a series of industry policies, such as the "Regulations on the Supervision and Administration of Construction Quality and Safety Production of Transportation Airport Professional Projects" issued in January 2022, which proposes that the construction machinery, facilities, machinery and safety protection equipment used in the construction shall have corresponding qualification certificates, set up professional inspections, regular inspections and updates, and establish corresponding data files. This will help standardize the operation of forklift leasing enterprises and ensure the safety performance and use of forklifts. In addition, in the "14th Five-Year Plan for the Development of Modern Logistics" released in December 2022, it is proposed to accelerate the application of new energy and freight vehicles that meet the National VI emission standards in modern logistics, especially in the field of urban distribution, and promote the application of new energy forklifts in the field of warehousing. This will help expand the demand for forklift leasing in the field of warehousing and logistics, and then promote the rapid development of the industry.
Third, the development process
From the perspective of development history, the development process of China's forklift leasing industry can be divided into four stages: initial stage, rapid development period, stagnation period and transformation and development period. Since 2007, China's forklift leasing industry has taken off, mostly second-hand forklifts, mainly providing simple forklift leasing and maintenance services. In 2012, the industry entered a period of development, and financial leasing entered the forklift leasing market. In 2015, forklift leasing ushered in a period of high growth based on the rapid development of e-commerce, express delivery and express transportation industries, and the growth of leasing assets of forklift leasing enterprises showed a growth rhythm of 30%~50%, and the participation of new enterprises increased. In 2018, forklift leasing entered a stage of stagflation, and many enterprises had a matching gap between financing funds and cash flow, increasing corporate risks, reducing the increase in investment in leasing assets, and transferring to second-hand forklifts and remanufacturing, and mining enterprise value internally. In 2019, forklift leasing began to transform, due to the further reduction of leasing prices and the rising operating costs, leasing companies had to stop and rethink the direction, and there were various transformation explorations.
Fourth, industry barriers
1. Qualification barriers
For the sake of safety, the relevant government regulatory departments implement qualification management for enterprises engaged in forklift leasing and implement an industry confirmation system. Enterprises engaged in forklift leasing business must have industry confirmation, construction machinery and equipment leasing enterprise credit rating certificate, etc. In order to obtain the above qualification certificates, forklift leasing enterprises must meet certain requirements in terms of financial strength, professional allocation, management system construction and project experience. Therefore, there is a qualification entry threshold in the forklift leasing industry.
2. Experience barriers
Generally speaking, when customers choose forklift leasing companies, they will examine the business qualifications, equipment scale, professional staffing, safety production and other aspects of the leasing enterprises, and a large number of industry practical experience and mature construction technology design are one of the factors for forklift leasing companies to gain customer trust. Forklifts belong to the special equipment stipulated by the state, and there are clear normative operation requirements in the process of use. Due to the strong professionalism of the service, forklift leasing enterprises need to accumulate long-term construction experience in order to form a mature and effective management model, and it is usually difficult for new entrants in the industry to achieve this goal in a short time.
3. Brand barriers
The brand effect in the forklift leasing industry is very obvious, and the brand effect formed by the company's business performance and project experience in the industry is an important factor for the leasing company to achieve a favorable position in the competition. In order to ensure the quality and safety of construction, large construction enterprises have higher requirements for forklift leasing companies in terms of equipment performance, safety production, construction technical solutions, construction experience, etc., and are more inclined to lease equipment to enterprises with high brand awareness in the industry. Therefore, there are certain brand barriers in the industry, and new entrants need to go through a long period of brand cultivation.
Fifth, the industrial chain
1. Analysis of the industry chain
From the perspective of the industrial chain of forklift leasing industry, the upstream mainly includes forklift manufacturers and forklift parts suppliers, the midstream refers to the forklift leasing industry, and the downstream refers to the main application fields of forklift leasing, including industry, manufacturing, warehousing, logistics and other industries.
From the upstream point of view, the upstream industry mainly provides the core equipment of leasing for the forklift leasing industry - the forklift itself. As the world's largest manufacturer and seller of forklifts, Continental has significant industrial advantages and market position. This means that the supply of forklift trucks is sufficient, providing a stable and abundant source of equipment for the forklift rental industry.
From the downstream point of view, the rapid development of downstream application fields will increase the demand for forklift leasing. With the continuous growth of e-commerce, retail, manufacturing and other industries, the demand for forklifts in the logistics and warehousing industries is also rising, thereby driving the development of forklift rental business.
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