Middle East And Africa Forklift Truck Market

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Middle East and Africa Forklift Truck Market - By Power Source (IC Engine Powered, Electric Powered); By Class (Class 1, Class 2, Class 3, Class 4); By End Use (Retail & Wholesale, Logistics, Automotive, Food Industry); By Country (Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, Rest of MEA), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

Published Date: July 2023
Report ID: BWC23535
Available Format: PDF
Page: 260

Report Overview

A spurring demand for efficient material handling equipment driven by growing construction activities and rapid industrialization, expanding e-commerce sector, and government initiatives to enhance logistics infrastructure and boost economic development are expected to propel the growth of the Middle East and Africa Forklift Truck Market during the forecast period between 2023 and 2029.

Middle East and Africa Forklift Truck Market – Trends & Forecast Report, 2029

Middle East and Africa forklift truck market size was estimated at USD 2,546.36 million in 2022. During the forecast period between 2023 and 2029, the size of Middle East and Africa forklift truck market is projected to grow at a CAGR of 4.50% reaching a value of USD 3,427.79 million by 2029. The major factor driving the growth of the Middle East and Africa forklift truck market is the growing logistics sector. The administration and transfer of commodities from one location to another is referred to as freight and logistics. It includes warehousing, inventory management, packaging, shipping, and distribution. The industry is critical to global trade because it ensures the efficient transportation of goods across supply chains. Advanced technology and tactics are used by freight and logistics businesses to optimize routes, cut costs, and improve delivery timelines. Shipping lines, air cargo carriers, trucking businesses, and third-party logistics providers are key stakeholders in this sector. The goods and logistics industry is evolving and adapting to meet the increasing expectations of businesses and customers as e-commerce and international trade develop.

Middle East and Africa Forklift Truck Market

Middle East and Africa Forklift Truck Market - Overview

A forklift truck, commonly known as a forklift, is a powerful industrial vehicle used primarily for lifting and moving heavy loads. It is equipped with two horizontal forks that can be raised and lowered, enabling it to pick up and transport materials within warehouses, construction sites, and other commercial environments. Forklifts are designed to handle various types of goods, including pallets, crates, and containers. They are available in different sizes and configurations to accommodate specific lifting capacities and maneuverability requirements. Forklifts are operated by skilled operators and are essential tools for efficient material handling, contributing to increased productivity and streamlined logistics in many industries.

Growth Drivers

Surging Digitization and E-commerce to Propel Forklift Truck Market Growth in MEA

In recent years, the Middle East and Africa forklift truck market has witnessed an impressive growth trajectory, driven by a powerful growth driver: digitization and the surge in e-commerce activities. The increasing popularity of online shopping and cross-border trade has created a significant demand for efficient and seamless freight and logistics services in the region. The adoption of advanced technologies like blockchain, artificial intelligence, and the Internet of Things (IoT) has revolutionized the industry, enhancing supply chain visibility, optimizing operations, and reducing costs.

Restraints

Challenging Economic Conditions

The Middle East and Africa forklift truck market growth faces significant restraints due to challenging economic conditions. Despite the region's growing industrial sector and increasing demand for efficient material handling equipment, political instability, trade disputes, and fluctuating oil prices create an uncertain business environment. These conditions hinder the market's growth potential as businesses become cautious with their investments, leading to reduced capital expenditure on forklift trucks. Also, limited access to affordable financing options and high import duties further exacerbate the challenges faced by market players. Addressing these economic restraints and promoting stability in the region's business environment is crucial for unlocking the full potential of the Middle East and Africa forklift truck market.

Middle East and Africa Forklift Truck Market

Segmental Coverage

Middle East and Africa Forklift Truck Market – By Power Source

On the basis of power source, the Middle East and Africa forklift truck market is split into IC Engine Powered, and Electric Powered segments. These segments represent the primary types of forklift trucks used in the region. The IC engine Powered forklift trucks segment dominates the market share. IC engine Powered forklift trucks are equipped with internal combustion engines, typically fueled by diesel or gasoline, making them suitable for outdoor and heavy-duty applications. On the other hand, electric powered forklift trucks run on electric motors and batteries, offering quieter operation, zero emissions, and better maneuverability for indoor and light to medium-duty tasks.

Middle East and Africa Forklift Truck Market Size

Middle East and Africa Forklift Truck Market – By Class

On the basis of class, Middle East and Africa forklift truck market is divided into Class 1, Class 2, Class 3, and Class 4 segments. Each class typically represents a different type of forklift truck and is suited for specific applications. Class 1 refers to electric motor rider trucks, Class 2 includes electric motor narrow aisle trucks, Class 3 consists of electric motor hand trucks, and Class 4 encompasses internal combustion engine trucks. The market dynamics and growth potential for each segment may vary based on factors such as regional demand and industrial requirements.

Middle East and Africa Forklift Truck Market – By End Use

By end use, the Middle East and Africa forklift truck market is divided into Retail & Wholesale, Logistics, Automotive, and Food Industry segments. Among these segments, the largest segment is the logistics sector. With the rising demand for efficient and streamlined supply chain operations, the logistics industry heavily relies on forklift trucks to handle and transport goods within warehouses and distribution centers. Forklift trucks play a crucial role in improving productivity, reducing manual labor, and ensuring smooth material handling processes in the logistics sector. Thus, the logistics segment holds significant importance and represents the largest share of the Middle East and Africa forklift truck market.

Middle East and Africa Forklift Truck Market – By Country

On the basis of country, Middle East and Africa forklift truck market is divided into Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, and Rest of MEA segments. The rest of MEA covers Bahrain, Oman, Jordan, Egypt, and others. The Rest of MEA segment includes a diverse range of economies and industries, contributing significantly to the overall forklift truck market in the region. Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, and Algeria are important markets individually.

Competitive Landscape

Major players in the Middle East and Africa forklift truck market include Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Hangcha Group Co., Mitsubishi Forklift Trucks, Doosan Industrial Vehicles Co. Ltd, Caterpillar Inc., Anhui Heli, Komatsu Ltd, and Clark Material Handling Company Inc. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

In June 2020 - Hyster-Yale Materials Handling, Inc., acquired 75% of outstanding shares in Zhejiang Maximal Forklift Co., Ltd. The acquisition has strengthened Hyster-Yale Materials Handling’s product portfolio in material handling equipment.

Scope of the Report

Attributes	Details
Years Considered	Historical Data – 2019–2022
	Base Year – 2022
	Estimated Year – 2023
	Forecast Period – 2023–2029
Facts Covered	Revenue in USD Million
Market Coverage	Middle East and Africa
Product/ Service Segmentation	Power Source, Class, End Use, Country
Key Players	Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Hangcha Group Co., Mitsubishi Forklift Trucks, Doosan Industrial Vehicles Co. Ltd, Caterpillar Inc., Anhui Heli, Komatsu Ltd, Clark Material Handling Company Inc.

By Power Source

IC Engine Powered
Electric Powered

By Class

Class 1
Class 2
Class 3
Class 4

By End Use

Retail & Wholesale
Logistics
Automotive
Food Industry

By Country

Saudi Arabia
UAE
Qatar
Kuwait
South Africa
Nigeria
Algeria
Rest of MEA

Research Framework
1. Research Objective
2. Product Overview
3. Market Segmentation
Executive Summary
Middle East & Africa Forklift Truck Market Insights
1. Industry Value Chain Analysis
2. DROC Analysis
  1. Growth Drivers
    1. Growing Expansion of Industrialization and Warehousing
    2. Growth in E-commerce
  2. Restraints
    1. High Initial Investment
  3. Opportunities
    1. Advancements in Technology and Automation
  4. Challenges
  5. Safety Concerns and Training Requirement
3. Technological Advancements/Recent Developments
4. Regulatory Framework
5. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of New Entrants
  4. Threat of Substitutes
  5. Intensity of Rivalry
Middle East & Africa Forklift Truck Market Overview
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
    1. IC Engine Powered
    2. Electric Powered
  2. By Class
    1. Class 1
    2. Class 2
    3. Class 3
    4. Class 4
    5. Others
  3. By End Use
    1. Retail & Wholesale
    2. Logistics
    3. Automotive
    4. Food Industry
    5. Others
  4. By Country
    1. Saudi Arabia
    2. UAE
    3. Qatar
    4. Kuwait
    5. South Africa
    6. Nigeria
    7. Algeria
    8. Rest of MEA
Saudi Arabia Forklift Truck Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
UAE Forklift Truck Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
Qatar Forklift Truck Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
Kuwait Forklift Truck Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
South Africa Forklift Truck Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
Nigeria Forklift Truck Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
Algeria Forklift Truck Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
Rest of MEA Forklift Truck Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Power Source
  2. By Class
  3. By End Use
Competitive Landscape
1. List of Key Players and Their Offerings
2. Middle East & Africa Forklift Truck Company Market Share Analysis, 2022
3. Competitive Benchmarking, By Operating Parameters
4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
Impact of Covid-19 on Middle East & Africa Forklift Truck Market
Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
1. Toyota Industries Corporation
2. KION Group AG
3. Jungheinrich AG
4. Crown Equipment Corporation
5. Hyster-Yale Materials Handling Inc.
6. Hangcha Group Co.
7. Mitsubishi Forklift Trucks
8. Doosan Industrial Vehicles Co. Ltd
9. Caterpillar Inc.
10. Anhui Heli
11. Komatsu Ltd
12. Clark Material Handling Company Inc.
13. Other Prominent Players
Key Strategic Recommendations
Research Methodology
1. Qualitative Research
  1. Primary & Secondary Research
2. Quantitative Research
3. Market Breakdown & Data Triangulation
  1. Secondary Research
  2. Primary Research
4. Breakdown of Primary Research Respondents, By Region
5. Assumptions & Limitations

*Financial information in case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1 Middle East & Africa Forklift Truck Segmentation

Figure 2 Middle East & Africa Forklift Truck Market Value Chain Analysis

Figure 3 Company Market Share Analysis, 2022

Figure 4 Middle East & Africa Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 5 Middle East & Africa Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 6 Middle East & Africa Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 7 Middle East & Africa Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 8 Middle East & Africa Forklift Truck Market Share, By Country, By Value, 2019–2029

Figure 9 Saudi Arabia Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 10 Saudi Arabia Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 11 Saudi Arabia Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 12 Saudi Arabia Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 13 UAE Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 14 UAE Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 15 UAE Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 16 UAE Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 17 Qatar Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 18 Qatar Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 19 Qatar Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 20 Qatar Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 21 Kuwait Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 22 Kuwait Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 23 Kuwait Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 24 Kuwait Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 25 South Africa Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 26 South Africa Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 27 South Africa Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 28 South Africa Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 29 Nigeria Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 30 Nigeria Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 31 Nigeria Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 32 Nigeria Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 33 Algeria Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 34 Algeria Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 35 Algeria Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 36 Algeria Forklift Truck Market Share, By End Use, By Value, 2019–2029

Figure 37 Rest of MEA Forklift Truck Market Size, By Value (USD Million), 2019–2029

Figure 38 Rest of MEA Forklift Truck Market Share, By Power Source, By Value, 2019–2029

Figure 39 Rest of MEA Forklift Truck Market Share, By Class, By Value, 2019–2029

Figure 40 Rest of MEA Forklift Truck Market Share, By End Use, By Value, 2019–2029

List of Tables

Table 1 Middle East & Africa Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 2 Middle East & Africa Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 3 Middle East & Africa Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 4 Middle East & Africa Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 5 Middle East & Africa Forklift Truck Market Size, By Country, By Value, 2019–2029

Table 6 Saudi Arabia Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 7 Saudi Arabia Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 8 Saudi Arabia Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 9 Saudi Arabia Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 10 UAE Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 11 UAE Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 12 UAE Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 13 UAE Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 14 Qatar Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 15 Qatar Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 16 Qatar Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 17 Qatar Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 18 Kuwait Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 19 Kuwait Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 20 Kuwait Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 21 Kuwait Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 22 South Africa Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 23 South Africa Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 24 South Africa Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 25 South Africa Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 26 Nigeria Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 27 Nigeria Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 28 Nigeria Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 29 Nigeria Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 30 Algeria Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 31 Algeria Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 32 Algeria Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 33 Algeria Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 34 Rest of MEA Forklift Truck Market Size, By Value (USD Million), 2019–2029

Table 35 Rest of MEA Forklift Truck Market Size, By Power Source, By Value, 2019–2029

Table 36 Rest of MEA Forklift Truck Market Size, By Class, By Value, 2019–2029

Table 37 Rest of MEA Forklift Truck Market Size, By End Use, By Value, 2019–2029

Table 38 Toyota Industries Corporation Company Overview

Table 39 Toyota Industries Corporation Financial Overview

Table 40 KION Group AG Company Overview

Table 41 KION Group AG Financial Overview

Table 42 Jungheinrich AG Company Overview

Table 43 Jungheinrich AG Financial Overview

Table 44 Crown Equipment Corporation Company Overview

Table 45 Crown Equipment Corporation Financial Overview

Table 46 Hyster-Yale Materials Handling Inc. Company Overview

Table 47 Hyster-Yale Materials Handling Inc. Financial Overview

Table 48 Hangcha Group Co. Company Overview

Table 49 Hangcha Group Co. Financial Overview

Table 50 Mitsubishi Forklift Trucks Company Overview

Table 51 Mitsubishi Forklift Trucks Financial Overview

Table 52 Doosan Industrial Vehicles Co. Ltd Company Overview

Table 53 Doosan Industrial Vehicles Co. Ltd Financial Overview

Table 54 Caterpillar Inc. Company Overview

Table 55 Caterpillar Inc. Financial Overview

Table 56 Anhui Heli Company Overview

Table 57 Anhui Heli Financial Overview

Table 58 Komatsu Ltd Company Overview

Table 59 Komatsu Ltd Financial Overview

Table 60 Clark Material Handling Company Inc. Company Overview

Table 61 Clark Material Handling Company Inc. Financial Overview

Market Segmentation

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Frequently Asked Questions (FAQs):

1. Which is the leading end-use segment in the Middle East and Africa Forklift Truck Market?

Ans: The logistics segment accounts for the highest market share in the Middle East and Africa Forklift Truck Market by end use.

2. Which power source segment accounts for a major share in the Middle East and Africa Forklift Truck Market?

Ans: The IC engine powered segment accounts for a higher market share in the Middle East and Africa Forklift Truck Market by power source.

3. What is the current market size of the Middle East and Africa Forklift Truck Market?

Ans: Middle East and Africa Forklift Truck Market size was estimated at USD 2,546.36 million in 2022.

4. What are the major factors driving the growth of the Middle East and Africa Forklift Truck Market?

Ans: Major factors driving the growth of the Middle East and Africa Forklift Truck Market include increasing industrialization, expanding e-commerce sector, growth in construction activities, rising demand for efficient material handling equipment, and government initiatives to enhance logistics infrastructure and boost economic development.

5. Name the key players in the Middle East and Africa Forklift Truck Market.

Ans: Key players in Middle East and Africa Forklift Truck Market include Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Hangcha Group Co., Mitsubishi Forklift Trucks, Doosan Industrial Vehicles Co. Ltd, Caterpillar Inc., Anhui Heli, Komatsu Ltd, and Clark Material Handling Company Inc.

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