Economic fluctuations in the truck and industrial and construction machinery markets
First written in FY2016. 11 of 34 entries say "Restated". Latest entry: 2026-08-07.
Tokyo Radiator Mfg. moved to the "Worse" side of this theme in 2016, 4 years before the typical company in this theme (2020).
The whole theme swung hardest in 2020: 77 of 99 companies on the "Worse" side.
27 other companies' latest entry also says "Worsened".
- FY2026Recovery in European markets alongside weakness in the Chinese and Southeast Asian marketsAnnual report
「In the industrial and construction machinery markets, construction investment remained sluggish in Japan and weak conditions continued in China's real estate market. By contrast, the European market entered a recovery trend against the backdrop of improved business sentiment and the elimination of excess inventories, as demand had declined in the previous year, and overall performance remained firm.」
While construction investment remained sluggish in Japan and weak conditions continued in China's real estate market, the European market entered a recovery trend against the backdrop of improved business sentiment and inventory normalization. Market strength and weakness continued to coexist by region. - 2026-05-14MitigatedFinancial results presentation
「インドネシア、タイともに需要が回復傾向にあり、増収を計画」
タイ・インドネシアについて、前年度の市場停滞から需要回復と増収を見込む見通しへ変化している。ただし、これは予想であり、回復の達成実績ではない。 - FY2026-H1WorsenedAnnual report
「In the industrial and construction machinery markets, construction investment remained sluggish in Japan, and demand declined in North America due to rising inventories, despite strong mining machinery demand in Asia excluding China. Overseas, sales in China declined from the previous year due to lower demand for both domestic and export markets. In Thailand and Indonesia in Southeast Asia, weakness continued in the automotive sales market, including commercial vehicles, due to the economic slowdown, resulting in lower sales than in the previous year.」
The disclosure cites sluggish construction investment in Japan, rising inventories in North America, lower domestic and export demand in China, and weakness in the automotive sales markets of Thailand and Indonesia, indicating that the impact of market volatility continued to appear as lower sales by region. - FY2025WorsenedAnnual report
「In the industrial and construction machinery markets, performance remained flat in Japan, but demand declined in Europe, the United States and Asia due to high interest rates, although conditions varied by region.」
The industrial and construction machinery market in Japan remained flat, while demand declined in Europe, the United States and Asia due to the impact of high interest rates, as also confirmed in the annual report. - FY2025-H1WorsenedAnnual report
「In the industrial and construction machinery markets, performance remained flat in Japan, but demand declined in Europe, the United States and Asia due to the impact of high interest rates.」
The industrial and construction machinery market in Japan remained flat, while demand declined in Europe, the United States and Asia due to the impact of high interest rates. - FY2024WorsenedAnnual report
「Overseas, the Chinese economy had stagnated since the beginning of the year, and demand had not recovered from its decline, resulting in lower sales than in the same quarter of the previous year. In Thailand and Indonesia in Southeast Asia, weakness continued in the automotive sales market, including commercial vehicles, due to factors such as higher interest rates and tighter lending regulations, resulting in lower sales than in the same quarter of the previous year.」
Demand remained weak in China, while weakness in the automotive sales market and lower sales continued in Thailand and Indonesia against the backdrop of higher interest rates and tighter lending regulations. - FY2024-Q3WorsenedAnnual report
「In the industrial and construction machinery markets, demand in China declined, but performance remained firm, supported by increased demand centered on the United States and Europe. Overseas, the Chinese economy had stagnated since the beginning of the year, and demand had not recovered from its decline, resulting in lower sales than in the same quarter of the previous year. In Thailand and Indonesia in Southeast Asia, weakness continued in the automotive sales market, including commercial vehicles, due to factors such as higher interest rates and tighter lending regulations, resulting in lower sales than in the same quarter of the previous year.」
While demand increased in the United States and Europe, China showed no recovery from its demand decline, and weakness in the automotive sales market and lower sales continued in Thailand and Indonesia against the backdrop of higher interest rates and tighter lending regulations. - FY2024-Q2RestatedAnnual report
「In the industrial and construction machinery markets, demand in China declined, but performance remained firm, supported by increased demand centered on the United States and Europe.」
In the industrial and construction machinery markets, demand declined in China, while demand increased mainly in the United States and Europe, confirming that strength and weakness coexisted across markets and regions. The decline in demand in China is described as the realization of the risk. - FY2024-Q1MitigatedAnnual report
「During the first quarter of the fiscal year under review (1 April 2023 to 30 June 2023), the semiconductor shortage and other supply chain disruptions had subsided, and unit sales in the Japanese truck market remained firm. In the industrial and construction machinery markets, unit sales also remained firm, supported by demand centered on the United States and Asia, despite a decline in demand in China.」
The disclosure reports that the semiconductor shortage and supply chain disruptions had subsided and that the Japanese truck market and the industrial and construction machinery markets in the United States and Asia remained firm. The decline in demand in China remained, however. - FY2023-Q3RestatedAnnual report
「During the third quarter of the fiscal year under review (1 April 2022 to 31 December 2022), sales for the domestic market declined from the previous year in the truck market, one of the principal markets of our Group, comprising the Company and its consolidated subsidiaries, due to delays in vehicle production. By contrast, sales for overseas markets continued to perform solidly, particularly those for Southeast Asia. In the industrial and construction machinery markets, demand was strong, mainly in Southeast Asia, and sales increased from the previous year.」
While sales for the domestic truck market fell below the previous year due to delays in vehicle production, overseas truck markets and the industrial and construction machinery markets, mainly in Southeast Asia, remained firm or strong. Differences in market performance by market and region continued. - FY2023-Q2RestatedAnnual report
「During the second quarter of the fiscal year under review (1 April 2022 to 30 September 2022), sales of vehicles for the domestic market declined from the previous year in the truck market, one of the principal markets of our Group, comprising the Company and its consolidated subsidiaries, due to delays in vehicle production caused by the global semiconductor shortage. By contrast, vehicles for overseas markets continued to perform solidly, particularly those for Southeast Asia. In the industrial and construction machinery markets, demand was strong, particularly in North America and Southeast Asia, and sales increased from the previous year.」
While sales for the domestic truck market continued to decline, overseas truck markets remained firm, and strong demand continued in the industrial and construction machinery markets, particularly in North America and Southeast Asia. - FY2023-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review (1 April 2022 to 30 June 2022), production of vehicles for the domestic market declined from the previous year in the truck market, one of the principal markets of our Group, comprising the Company and its consolidated subsidiaries, due to disruptions to production and logistics caused by the spread of COVID-19 infections and parts shortages resulting from the semiconductor shortage. By contrast, vehicles for overseas markets continued to perform solidly, particularly those for Southeast Asia. In the industrial and construction machinery markets, demand was strong, particularly in North America and Southeast Asia, reflecting higher resource prices and other factors, and shipments increased from the previous year.」
While production for the domestic truck market declined, overseas truck markets remained firm and demand in the industrial and construction machinery markets was strong. This reconfirms that weakness and recovery coexisted across markets and regions. - FY2022-Q3RestatedAnnual report
「During the third quarter of the fiscal year under review (1 April 2021 to 31 December 2021), the truck market, one of the principal markets of our Group, comprising the Company and its consolidated subsidiaries, remained firm despite the impact on parts procurement of the semiconductor shortage and the spread of COVID-19 infections in Southeast Asia. The industrial and construction machinery markets also recovered, particularly in the United States and Europe, and demand remained solid.」
While the impact on parts procurement from the semiconductor shortage and the spread of infections in Southeast Asia remained, the truck market was solid and the industrial and construction machinery markets were recovering, particularly in the United States and Europe. - FY2022-Q2RestatedAnnual report
「During the second quarter of the fiscal year under review (1 April 2021 to 30 September 2021), the truck market, one of the principal markets of our Group, comprising the Company and its consolidated subsidiaries, remained firm despite the impact on parts procurement of the semiconductor shortage and the spread of COVID-19 infections in Southeast Asia. The industrial and construction machinery markets also recovered, particularly in the United States and Europe, and demand remained solid.」
The truck market remained solid despite the impact on parts procurement, while the industrial and construction machinery markets recovered, particularly in the United States and Europe. The disclosure indicates that recovery and supply constraints coexisted across markets. - FY2022-Q1MitigatedAnnual report
「Sales in the truck and industrial and construction machinery markets, which are among the principal markets of our Group, comprising the Company and its consolidated subsidiaries, were affected by concerns over the semiconductor shortage. Nevertheless, Japan continued on a gradual recovery trend from the second half of the previous fiscal year, while China remained firm. Thailand and Indonesia in Asia continued to show signs of a recovery.」
For the principal markets that had been sluggish due to the COVID-19 pandemic and other factors, the disclosure reports a recovery in Japan, firm performance in China, and a recovery in Thailand and Indonesia, indicating that the impact of market volatility has eased in some areas. Concerns over the semiconductor shortage remain, however. - FY2021-Q3MitigatedAnnual report
「In the truck and industrial and construction machinery markets, which are among the principal markets of our Group, comprising the Company and its consolidated subsidiaries, Japan entered a recovery phase from the economic downturn caused by the COVID-19 pandemic as economic activity resumed. In China, demand grew steadily due to economic stimulus measures, including government infrastructure investment. In Thailand, in Asia, signs of a recovery were seen, while conditions remained difficult in Indonesia.」
A market recovery or steady demand growth was reported in Japan, China and Thailand, while difficult conditions continued in Indonesia, indicating that market volatility risk has improved in some regions but remains in others. - FY2021-Q2RestatedAnnual report
「In the truck market, one of our Group's principal markets, China entered a recovery phase after the economic downturn caused by the COVID-19 pandemic, but demand remains uncertain in Japan, Thailand, Indonesia and other Asian markets. In the industrial and construction machinery markets, demand overseas excluding China continues to decline.」
While China's truck market has entered a recovery phase, uncertainty about the outlook for demand continues in Japan, Thailand, Indonesia and other markets, and demand for industrial and construction machinery overseas excluding China continues to decline. There has been no material change in the market volatility risk itself. - FY2021-Q1WorsenedAnnual report
「In the truck and industrial and construction machinery markets, which are among our Group's principal markets, uncertainty about the outlook has increased due to sluggish demand resulting from the global economic recession.」
The disclosure identifies sluggish demand resulting from the global economic recession and increased uncertainty about the outlook as factors in the previously identified market volatility risk. - FY2020WorsenedAnnual report
「Overseas sales in the industrial and construction machinery market declined due to the economic slowdown in Europe and the United States resulting from factors including US-China trade tensions, and weak sales in China. Overall sales declined.」
US-China trade tensions, the economic slowdown in Europe and the United States, and weak sales in China appeared in actual results as factors behind the decline in overseas markets. - FY2020-Q3MaterialisedAnnual report
「In the truck and industrial and construction machinery markets, which are among our Group's principal markets, domestic sales declined in the industrial and construction machinery market due to factors including typhoon damage, despite the impact of rush demand for small trucks ahead of tighter emissions regulations. Overseas sales declined in the industrial and construction machinery market due to the economic slowdown in Europe and the United States resulting from factors including US-China trade tensions, and weak sales by Japanese customers as local construction machinery manufacturers expanded their market share in China. Overall sales declined from the same quarter of the previous year.」
The decline in the domestic industrial and construction machinery market due to typhoon damage and other factors, as well as the overseas market decline resulting from economic slowdowns in Europe and the United States, expanding market share for local Chinese construction machinery manufacturers, and weak sales by Japanese customers, appeared in actual results. - FY2020-Q2RestatedAnnual report
「Overseas sales declined in the industrial and construction machinery markets due to factors including slowing demand in China against the backdrop of US-China trade tensions, and shrinking demand in Southeast Asia, including Indonesia, in the truck market. Overall sales declined from the same quarter of the previous year.」
Slowing demand in China against the backdrop of US-China trade tensions and shrinking demand in Southeast Asia continue to be cited as actual overseas market declines. - FY2020-Q1MaterialisedAnnual report
「Overseas sales declined due to factors including an economic slowdown resulting from US-China trade tensions and shrinking demand in Southeast Asia, resulting in an overall decline from the same quarter of the previous year.」
The previously identified uncertainty in overseas markets and demand volatility risk materialized as an actual market decline, with the economic slowdown caused by US-China trade tensions and shrinking demand in Southeast Asia cited as factors. - FY2019-Q3RestatedAnnual report
「In the truck market, one of our Group's principal markets, domestic sales increased from the same quarter of the previous year. Overseas, demand continued to increase in Southeast Asia, led by Thailand and Indonesia, and remained generally firm. In the construction machinery market, domestic demand declined as a reaction to rush demand ahead of tighter emissions regulations, but overseas markets continued to perform strongly.」
The truck market remained firm in Japan and Southeast Asia, while the reactionary decline following rush demand ahead of tighter emissions regulations has continued in Japan's construction machinery market. This reconfirms that the impact differs by market and region. - FY2019-Q2MaterialisedAnnual report
「In the construction machinery market, domestic demand declined as a reaction to rush demand ahead of tighter emissions regulations, but overseas markets continued to perform strongly.」
The reactionary decline in the domestic construction machinery market following rush demand ahead of tighter emissions regulations has continued to occur in practice. By contrast, the disclosure states that overseas markets performed strongly. - FY2019-Q1MaterialisedAnnual report
「In the construction machinery market, domestic demand declined as a reaction to rush demand ahead of tighter emissions regulations, but overseas markets continued to perform strongly.」
The disclosure states that the domestic construction machinery market actually experienced a reactionary decline following rush demand ahead of tighter emissions regulations. By contrast, the overseas construction machinery and truck markets were generally firm, and the impact differed by market and region. - FY2018-Q3RestatedAnnual report
「In the truck market, one of our Group's principal markets, the domestic market remained firm, supported by public investment and replacement demand. Overseas, demand remained solid in Thailand, Indonesia and other markets, while in China demand also remained firm against the backdrop of high levels of infrastructure investment. In the industrial and construction machinery markets, domestic demand remained strong, partly due to rush demand ahead of tighter emissions regulations. Overseas demand also remained firm, driven mainly by robust infrastructure investment in China and other emerging markets.」
This reconfirms the explanation that domestic and overseas demand in the truck and industrial and construction machinery markets remained firm or strong. - FY2018-Q2RestatedAnnual report
「In the truck market, one of the Group's principal markets, domestic conditions remained firm, supported by public investment and replacement demand. Overseas demand remained solid in Thailand, Indonesia and other markets, while conditions in China also remained firm owing to government-led economic policies. In the industrial and construction machinery market, domestic conditions remained strong, partly due to rush demand ahead of emissions regulations, while overseas demand also remained firm, supported by economic stimulus measures centered on public investment in emerging markets, particularly China.」
The explanation from the previous quarter that domestic and overseas demand in the truck and industrial and construction machinery markets remained firm or strong is reaffirmed. - FY2018-Q1MitigatedAnnual report
「The industrial and construction machinery market performed well domestically, partly due to rush demand ahead of emissions regulations, while overseas demand also remained firm, supported by economic stimulus measures centered on public investment in emerging markets, particularly China.」
Compared with the market weakness and lower demand reported in the previous fiscal year, the filing states that domestic and overseas demand in the industrial and construction machinery market remained strong or firm during the quarter. However, it does not state that market volatility risk itself has disappeared. - FY2017MaterialisedAnnual report
「Overseas demand declined overall, mainly because markets in emerging and resource-rich countries stagnated.」
The filing identifies lower demand caused by stagnation in emerging and resource-rich country markets as an actual factor behind the decline in sales. - FY2017-Q3MaterialisedAnnual report
「In the truck market, one of the Group's principal markets, domestic conditions remained firm, as in the previous fiscal year. Overseas demand declined overall, mainly because markets in emerging and resource-rich countries stagnated. In the industrial and construction machinery market, signs of recovery were seen in China, but demand remained sluggish in Russia and the Americas, while the domestic market continued to weaken as replacement demand had run its course and customers held back on purchases.」
Demand declined in overseas emerging and resource-rich countries, while weakness continued in the industrial and construction machinery markets in Russia, the Americas and Japan. Domestic sales declined year on year because of weak sales in the industrial and construction machinery market, while overseas sales declined partly because of weakness in the Thai market, indicating that market volatility risk continues to affect results. - FY2017-Q1MaterialisedAnnual report
「In the truck market, one of the Group's principal markets, domestic conditions remained firm, as in the previous fiscal year, but overseas markets stagnated under the effects of the economic slowdown, leaving overall conditions weaker than in the same quarter of the previous year. In the industrial and construction machinery market, the decline following rush demand ahead of domestic emissions regulations continued, while overseas demand, including in China and other emerging markets, remained sluggish.」
The overseas truck market remained stagnant, the industrial and construction machinery market continued to experience a post-rush-demand decline, and demand in emerging markets remained sluggish, with these factors appearing in lower domestic and overseas sales. - FY2016First statedAnnual report
「Most of the Group's business depends on the truck, industrial machinery and construction machinery industries, which are highly susceptible to economic fluctuations, and future economic conditions could affect the Group's financial condition and operating results.」
Sales to industrial and construction machinery manufacturers declined significantly during the fiscal year, and weakness in the Chinese, Thai and Indonesian markets was also reported.