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 - 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 – 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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. 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
4. 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
5. 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
6. 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
7. 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
8. 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
9. 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
10. 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
11. 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
12. 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
13. 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.)
14. Impact of Covid-19 on Middle East & Africa Forklift Truck Market
15. 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
16. Key Strategic Recommendations
17. 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