Middle East and Africa Forklift Truck Market, By Product Type (Warehouse and Counterbalance), Class (Class I (Electric Motor Rider Forklift Trucks), Class II (Electric Motor Narrow Aisle Forklift Truck), Class III (Electric Hand Forklift Trucks), Class IV (IC Engine Forklift Trucks, Solid/Cushion Tires), Class V (IC Engine Forklift Trucks, Pneumatic Tire), Class VI (Electric and IC Engine Tractors), Class VII (Rough Terrain Forklift Truck)), Fuel Type (Diesel, Gasoline and LPG/CNG, and Electric/Hybrid), Engine Type (Internal Combustion (IC) Engine Power and Electric Power), Tonnage (< 5 ton, 5 ton - 10 ton, 11 ton - 36 ton, and > 36 ton), Industry (Construction, Freight and Logistic, Food and Beverage, Industrial, Retail and Wholesale, Transportation, Automotive and Electrical Engineering, Chemical, Paper and Wood, Mining, Manufacturing, Natural Resources, E-Commerce, Other) - Industry Trends and Forecast to 2023 to 2030.
Middle East and Africa Forklift Truck Market Analysis and Size
The essential factors contributing to the growth of the forklift truck market in the forecast period of 2023-2030 include the various technological innovations in forklift trucks, such as quick battery charging capabilities, reduces downtime of forklift trucks, and improve overall efficiency of material handling and other warehouse operations. Forklifts are made from components such as chassis and truck frames. All these advantages make it suitable for warehousing, factories, and shipyards in several industries such as automotive, aerospace, transportation, retail, manufacturing, and construction.
Data Bridge Market Research analyses that the forklift truck market which was USD 2,131.22 million in 2022, is expected to reach USD 3,042.43 million by 2030, growing at a CAGR of 4.55% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Middle East and Africa Forklift Truck Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Warehouse and Counterbalance), Class (Class I (Electric Motor Rider Forklift Trucks), Class II (Electric Motor Narrow Aisle Forklift Truck), Class III (Electric Hand Forklift Trucks), Class IV (IC Engine Forklift Trucks, Solid/Cushion Tires), Class V (IC Engine Forklift Trucks, Pneumatic Tire), Class VI (Electric and IC Engine Tractors), Class VII (Rough Terrain Forklift Truck)), Fuel Type (Diesel, Gasoline and LPG/CNG, and Electric/Hybrid), Engine Type (Internal Combustion (IC) Engine Power and Electric Power), Tonnage (< 5 ton, 5 ton - 10 ton, 11 ton - 36 ton, and > 36 ton), Industry (Construction, Freight and Logistic, Food and Beverage, Industrial, Retail and Wholesale, Transportation, Automotive and Electrical Engineering, Chemical, Paper and Wood, Mining, Manufacturing, Natural Resources, E-Commerce, Other)
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Countries Covered
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Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)
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Market Players Covered
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Hangcha Forklift (China), Kion Group AG (Germany), Anhui Heli Co., Ltd. (China), CLARK. (U.S.), Crown Equipment Corporation (U.S.), TOYOTA INDUSTRIES CORPORATION (Japan), MITSUBISHI LOGISNEXT CO., LTD. (Japan), Jungheinrich AG (Germany), Ep Equipment (China), Hyster-Yale Materials Handling, Inc., (U.S.), Hyundai Heavy Industries (South Korea), Komatsu Ltd. (Japan), Lonking (China), Godrej & Boyce Mfg. Co. Ltd. (India), Doosan Corporation. (South Korea), Lift Technologies, Inc. (U.S.), Konecranes. (Finland), Manitou.com (France), Exide Industries LTD. (India)
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Market Opportunities
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Market Definition
Forklifts are sturdy electric pallet trucks which are widely used to lift and transport heavy objects such as container products, crates and other components. Forklifts are operated by a trained machinist or technician. These trucks are powered by electric batteries and combustion engines. These trucks are majorly used in shipyards and recycling operations for performing various functions such as loading and unloading goods from vehicles and moving goods from one place to another.
Middle East and Africa Forklift Truck Market Dynamics
Drivers
- Expansion of the construction industry
The rise in the construction industry along with rapid urbanization and industrialization contributed to the market’s growth. Forklift trucks are powerful, convenient, economical, and efficient. They are used for lifting rocks, bricks cement, and construction materials majorly. Therefore, they are usually utilized in several industrial and construction tasks due to their number of unique features which is significantly contributing to the market’s growth.
- Increase use in warehouses
The number of warehouse developments is rising in the Middle East and Africa region as various countries in the region are advancing in several industries and there is a rise in the need for forklift trucks in the manufacturing industry and warehouses. In warehouses forklifts are widely used for lifting various manufactured products, such as raw materials, steel, packaging material, and others, thus propelling the market’s growth.
Opportunities
- Rise in investments in the infrastructure development
Governments of various economies of the Middle East and Africa region have taken a number of initiatives for infrastructure developments that require forklift trucks for loading and lifting various goods and essential materials. Increased investments in real estate by the government are boosting the market’s growth. In addition, developing infrastructure in the region is further driving the market’s growth.
- Growing use in the e-commerce industry
The e-commerce industry is growing rapidly. The increase in demand for consumer products in the e-commerce industry is increasing the demand for forklift trucks. Forklift trucks are widely used in the e-commerce industry to distribute products to the location without any damage. Along with this forklift trucks are used to reduce time and space, and for placing and arranging materials. Therefore, the increasing use of forklift trucks in the e-commerce industry is contributing to the market’s growth.
Restraints/Challenges
- High manufacturing costs
The manufacturing cost of forklift trucks is very expensive as they are made with costly materials. The frame, boom, body, and cab of a forklift are fabricated by the forklift manufacturer which is very expensive. Along with this steel is used in maximum amounts. Steel or aluminum castings or forgings are also used for the manufacturing of costly forklift trucks. Therefore, the high manufacturing cost of forklift trucks is a major challenge for the market’s growth.
- Safety issues related to forklift trucks
Among all the vehicles that are used in the workplace, the forklift is one of the most dangerous, forklifts are used around pedestrians and they become unstable when not operated and loaded appropriately. In 2020, according to the data of the Occupational Safety and Health Administration (OSHA), approximately 85 deaths and 34,900 serious injuries because of forklift trucks. Thus, safety issues are the major factor restraining the market’s growth.
This forklift truck market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the forklift truck market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In June 2020, Hyster-Yale Materials Handling, Inc., had acquired Zhejiang Maximal Forklift Co., Ltd. Hyster had acquired 75 percent of the shares. This acquisition has helped the company to strengthen its product portfolio in material handling equipment.
- In June 2020, Hyster-Yale Materials Handling, Inc., had acquired Zhejiang Maximal Forklift Co., Ltd. Hyster had acquired 75 percent of the outstanding shares. This acquisition has helped the company to strengthen its product portfolio in material handling equipment.
Middle East and Africa Forklift Truck Market Scope
The forklift truck market is segmented on the basis of product type, power source, class, fuel type, tonnage, engine type, industry. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Counterbalance
- Warehouse
Power Source
- Internal Combustion Forklift Truck
- Electric Forklift Truck
Class
- Class I (Electric Motor Rider Forklift Trucks)
- Class II (Electric Motor Narrow Aisle Forklift Truck)
- Class III (Electric Hand Forklift Trucks)
- Class IV (IC Engine Forklift Trucks, Solid/Cushion Tires)
- Class V (IC Engine Forklift Trucks, Pneumatic Tire)
- Class VI (Electric and IC Engine Tractors)
- Class VII (Rough Terrain Forklift Truck)
Fuel Type
- Electric
- LPG/CNG
- Diesel
- Gasoline
Tonnage
- Below 5 Ton
- 5 To 10 Ton
- 11 To 36 Ton
- 36 Ton And Above
Engine Type
- Internal Combustion (IC) Engine Power
- Electric Power
Industry
- Construction
- Freight and Logistic
- Food and Beverage
- Industrial
- Retail and Wholesale
- Transportation
- Automotive and Electrical Engineering
- Chemical
- Paper and Wood
- Mining
- Manufacturing
- Natural Resources
- E-Commerce
- Other
Middle East and Africa Forklift truck Market Regional Analysis/Insights
The forklift truck market is analysed and market size insights and trends are provided by product type, power source, class, fuel type, tonnage, engine type, and industry as referenced above.
The countries covered in the forklift truck market report are Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Saudi Arabia dominates the forklift market in the Middle East and Africa region due to the expansion of commerce industry, and rise in construction activities. Several governments are investing in the construction sector of the region. This has significantly elevated the demand for forklift trucks to carry out operations such as loading and unloading and others.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Middle East and Africa Forklift Truck Market Share Analysis
The forklift truck market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to forklift truck market.
Some of the major players operating in the forklift truck market are:
- Hangcha Forklift (China)
- Kion Group AG (Germany)
- Anhui Heli Co., Ltd. (China)
- CLARK. (U.S.)
- Crown Equipment Corporation (U.S.)
- TOYOTA INDUSTRIES CORPORATION (Japan)
- MITSUBISHI LOGISNEXT CO., LTD. (Japan)
- Jungheinrich AG (Germany)
- Ep Equipment (China)
- Hyster-Yale Materials Handling, Inc., (U.S.)
- Hyundai Heavy Industries (South Korea)
- Komatsu Ltd. (Japan)
- Lonking (China)
- Godrej & Boyce Mfg. Co. Ltd. (India)
- Doosan Corporation. (South Korea)
- Lift Technologies, Inc. (U.S.)
- Konecranes (Finland)
- Manitou.com (France)
- Exide Industries LTD. (India)
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