Market Forecast By Fuel Type (Diesel, Battery- Electric, Gasoline & LPG/CNG), By Class Type (Class 1, Class 2, Class 3, Class 4&5), By Applications (Freight & Logistics, Manufacturing, Warehousing & Others), By Key Countries (Saudi Arabia, Oman, Qatar, Kuwait, UAE, Bahrain, Turkey & Rest of Middle East) and competitive landscape
Product Code: ETC002556 | Publication Date: May 2020 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 200 | No. of Figures: 90 | No. of Tables: 30 |
Report Name | Middle East Forklifts Market |
Forecast period | 2024-2030 |
CAGR | 6.5% |
Growing Sector | E-commerce |
Middle East Forklifts Market report thoroughly covers the market by fuel type, class type, applications and key countries. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Middle East Forklifts Market is experiencing significant growth and projected to attain more growth in the coming years due to rapid industrialization, expansion of the logistics sector, and significant investments in infrastructure projects. The increasing demand for efficient material handling solutions in warehouses and manufacturing facilities has bolstered the market for forklifts in the region. Additionally, the adoption of advanced technologies and a growing focus on sustainability are reshaping the landscape of the forklift market.
According to 6Wresearch, Middle East Forklifts Market size is expected to grow at a CAGR of 6.5% during 2024-2030. Several factors are driving the growth Middle East Forklifts Market such as the rapid industrialization across the region, particularly in countries like the UAE, Saudi Arabia, and Qatar, which are investing heavily in manufacturing and industrial sectors. The expanding logistics and warehousing industry, necessitated by the growth of e-commerce and retail trade, is significantly boosting the demand for forklifts. Additionally, infrastructure development projects such as the construction of airports, seaports, and industrial complexes are creating a substantial need for efficient material handling equipment. Apart from this, the increasing adoption of automation and advanced technologies, such as IoT and telematics, which enhance the operational efficiency and safety of forklifts.
However, Middle East Forklifts Market faces few restraints such as the high initial cost associated with purchasing and maintaining advanced forklifts, which can be a significant burden for small and medium-sized enterprises (SMEs). Additionally, the availability of skilled operators and technicians proficient in handling and maintaining technologically advanced forklifts remains limited, potentially hindering the market adoption of such equipment. Furthermore, economic uncertainties and fluctuating oil prices in the region can impact investment decisions in industrial and infrastructure projects, thereby affecting the demand for forklifts. Apart from this, the slow pace of regulatory changes and standardization across different countries in the Middle East can pose a barrier.
The key players include Toyota Industries Corporation, Kion Group, Jungheinrich, Hyster-Yale Materials Handling, Mitsubishi Logisnext Co, Crown Equipment Corporation. These key players are renowned for their cutting-edge material handling equipment and logistics solutions, with a strong focus on sustainability and energy efficiency.
Middle East Forklifts Market is growing and governmentβs regulation and policies are helping in extension of the market. For instance, the United Arab Emirates has launched several economic diversification strategies under its Vision 2030 plan, which prioritizes industrial growth and logistics enhancement. These initiatives include significant investments in building industrial parks and smart logistics hubs, creating an increased demand for modern material handling solutions such as forklifts. Similarly, Saudi Arabia's Vision 2030 plan focuses on reducing the country's dependence on oil by bolstering the manufacturing and logistics sectors. This has led to increased funding for infrastructure projects, including warehouses and distribution centers that require efficient forklift operations.
The future of Middle East Forklifts Market looks promising due to continuous advancements in technology, evolving regulatory landscapes, and an increasing emphasis on sustainability. The integration of artificial intelligence and machine learning in forklift operations is expected to revolutionize material handling processes, enabling predictive maintenance, real-time data analytics, and enhanced safety features. These smart forklifts will not only improve operational efficiency but also significantly reduce downtime, providing a competitive edge to businesses. Additionally, the transition towards greener technologies is likely to gain momentum, with more companies adopting electric and hybrid forklifts to meet stringent environmental regulations and corporate sustainability targets.
According to Ravi Bhandari, Research Head, 6Wresearch, battery-electric forklift segment that is poised for substantial growth in coming years due to technological advancement, environmental regulations, and sustainability incentives will propel the expansion of electric forklifts in the Middle East, making them the market leaders in the coming years.
Class 1 forklifts are anticipated to see significant growth in the future attributed to their use in indoor settings such as warehouses and manufacturing facilities, where their quiet operation and zero-emission profile are highly valued.
Freight and logistics sector is expected to witness remarkable growth in the future attributed to Middle East's strategic position as a global trade hub, the demand for efficient material handling solutions is on the rise.
Saudi Arabia is anticipated to experience strong growth in the coming years due to its aggressive economic diversification efforts under Vision 2030. With substantial investments in infrastructure projects, logistics hubs, and the manufacturing sector.
The report offers a comprehensive study of the subsequent market segments:
1. Executive Summary |
2. Introduction |
2.1. Report Description |
2.2. Key Highlights of The Report |
2.3. Market Scope & Segmentation |
2.4. Research Methodology |
2.5. Assumptions |
3. Middle East Forklift Market Overview |
3.1. Middle East Forklift Market Revenues, 2020-2030F |
3.2. Middle East Forklift Market Revenue Share, By Fuel Fuel Types, 2020 & 2030F |
3.3. Middle East Forklift Market Revenue Share, By Applications, 2020 & 2030F |
3.4. Middle East Forklift Market Revenue share, By Class Types, 2020 & 2030F |
3.5. Middle East Forklift Market Revenue Share, By Regions, 2020 & 2030F |
3.6. Middle East Forklift Market - Industrial Life Cycle, 2023 |
3.7. Middle East Forklift Market - Porterβs Five Forces, 2023 |
4. Middle East Forklift Market Dynamics |
4.1. Impact Analysis |
4.2. Market Drivers |
4.3. Market Restraints |
5. Middle East Forklift Market Trends |
6. Saudi Arabia Forklift Market Overview |
6.1 Saudi Arabia Forklift Market Revenues, 2020-2030F |
6.2 Saudi Arabia Forklift Market Revenues, By Fuel Types 2020-2030F |
6.3 Saudi Arabia Forklift Market Revenues, By Applications 2020-2030F |
6.3 Saudi Arabia Forklift Market Revenues, By Class Types 2020-2030F |
7. UAE Forklift Market Overview |
7.1 UAE Forklift Market Revenues, 2020-2030F |
7.2 UAE Forklift Market Revenues, By Fuel Types 2020-2030F |
7.3 UAE Forklift Market Revenues, By Applications 2020-2030F |
7.3 UAE Forklift Market Revenues, By Class Types 2020-2030F |
8. Qatar Forklift Market Overview |
8.1 Qatar Forklift Market Revenues, 2020-2030F |
8.2 Qatar Forklift Market Revenues, By Fuel Types 2020-2030F |
8.3 Qatar Forklift Market Revenues, By Applications 2020-2030F |
8.3 Qatar Forklift Market Revenues, By Class Types2020-2030F |
9. Kuwait Forklift Market Overview |
9.1 Kuwait Forklift Market Revenues, 2020-2030F |
9.2 Kuwait Forklift Market Revenues, By Fuel Types 2020-2030F |
9.3 Kuwait Forklift Market Revenues, By Applications 2020-2030F |
9.3 Kuwait Forklift Market Revenues, By Class Types 2020-2030F |
10. Oman Forklift Market Overview |
10.1 Oman Forklift Market Revenues, 2020-2030F |
10.2 Oman Forklift Market Revenues, By Fuel Types 2020-2030F |
10.3 Oman Forklift Market Revenues, By Applications 2020-2030F |
10.3 Oman Forklift Market Revenues, By Class Types 2020-2030F |
11. Turkey Forklift Market Overview |
11.1 Turkey Forklift Market Revenues, 2020-2030F |
11.2 Turkey Forklift Market Revenues, By Fuel Types 2020-2030F |
11.3 Turkey Forklift Market Revenues, By Applications 2020-2030F |
11.4 Turkey Forklift Market Revenues, By Class Types 2020-2030 |
12. Bahrain Forklift Market Overview |
12.1 Bahrain Forklift Market Revenues, 2020-2030F |
12.2 Bahrain Forklift Market Revenues, By Fuel Types 2020-2030F |
12.3 Bahrain Forklift Market Revenues, By Applications 2020-2030F |
12.3 Bahrain Forklift Market Revenues, By Class Types 2020-2030F |
13. Rest of Middle East Forklift Market Overview |
13.1 Rest of Middle East Forklift Market Revenues, 2020-2030F |
14. Middle East Forklift Market Competitive Landscape |
14.1 Middle East Forklift Market Revenue Share, By Companies, 2023 |
14.1.1 Saudi Arabia Forklift Market Revenue Share, By Companies, 2023 |
14.1.2 UAE Forklift Market Revenue Share, By Companies, 2023 |
14.1.3 Qatar Forklift Market Revenue Share, By Companies, 2023 |
14.1.4 Oman Forklift Market Revenue Share, By Companies, 2023 |
14.1.5 Kuwait Forklift Market Revenue Share, By Companies, 2023 |
14.1.6 Turkey Forklift Market Revenue Share, By Companies, 2023 |
14.1.7 Bahrain Forklift Market Revenue Share, By Companies, 2023 |
14.2 Middle East Forklift Market Competitive Benchmarking, By Operating Parameters |
15. Company Profiles |
16. Key Strategic Recommendations |
17. Disclaimer |