MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET 2022-2028

Building & Construction | Construction Materials

MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET 2022-2028

Market by Product Type, Power Source, Class, End-user, and Country Outlook | Forecast 2022-2028

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Triton’s research report indicates that the forklift truck market in the Middle East and Africa is expected to advance with a CAGR of 7.73% during the forecast period 2022-2028.



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The countries studied in the region comprise:

•         The United Arab Emirates

•         Saudi Arabia

•         Turkey

•         South Africa

•         Rest of Middle East & Africa

In the region, Saudi Arabia accumulates the majority of shares within the forklift truck market. The region’s growth is supported by factors such as the e-commerce industry’s expansion, along with a rise in construction activities. Several governments are striving to invest in the construction sector. This has elevated the demand for forklift trucks to carry out routine operations, including loading and unloading, handling heavy materials, and transporting materials. Hence, these developments are likely to create affluent opportunities for the forklift truck market.

Several companies in Saudi Arabia are replacing conventional forklift trucks with more energy-efficient ones. Besides this, the rising demand for consumer products has surged the need for warehousing space to store products. This has led to the adoption of advanced material handling equipment to ensure smoothing distribution and storage of goods. Estimates indicate that the nation is focusing heavily on developing cities, which will further accelerate the adoption of forklift trucks. Hence, the aforementioned factors are creating opportunities for the studied market.

Turkey’s strategic location bridges Europe with the Middle East and Asia, making it a transport and logistics hub. As per industry sources, the country’s logistics industry contributes roughly 10-15% to the GDP. A changing retail landscape has increased the demand for transport, logistics, and warehousing services. Thus, the expansion of the logistics sector directly supports the forklift truck market’s development across Turkey.

In the logistics sector, forklift trucks are widely used for material handling, retrieving, stacking, order picking, and unloading. They are deployed for palletizing operations to arrange packaging in order. In this regard, these trucks ensure high speed operations while reducing overall operational costs. The market is segmented into end-user, power source, product type, and class. The end-user section includes logistics, automotive, manufacturing, retail & wholesale, food industry, and other end-users.

Some of the companies listed in the market report include EP Equipment Co Ltd, Hyster-Yale Materials Handling Inc, Hyundai Heavy Industries Co Ltd, Komatsu Ltd, and Lonking Holdings Limited.

EP Equipment Co Ltd designs and manufactures warehouse equipment, such as forklifts, hand pallet trucks, and other material handling equipment. The company has branches set up across multiple countries. Its product line includes Max 3 IC forklift that is widely used in heavy-duty industries, including construction, mine, manufacturing warehouses, and distribution. EP has a global presence, including in the Middle East and Africa.

 

Key deliverables of the report:

      Market CAGR during the forecasting years 2022-2028

      Detailed data highlighting key insights, industry components, and market strategies


      Comprehensive information and estimation of the forklift truck market revenue growth in the Middle East and Africa and its influence on the parent market


      In-depth study of forthcoming trends in consumer behavioral patterns


      A meticulous analysis of the competitive landscape, vendor scorecard, and Porter’s Five Forces


      A wide-ranging study of factors that will challenge the Middle East and Africa forklift truck market’s growth during the upcoming years

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Table of Content

1. MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET - SUMMARY

2. INDUSTRY OUTLOOK

2.1. KEY INSIGHTS

2.1.1. FUEL EFFICIENCY AND LOW CARBON EMISSIONS

2.1.2. COUNTERBALANCE FORKLIFT HOLDS THE HIGHEST SHARE IN THE PRODUCT TYPE SEGMENT

2.2. IMPACT OF COVID-19 ON THE FORKLIFT TRUCK MARKET

2.3. PORTER’S FIVE FORCES ANALYSIS

2.3.1. THREAT OF NEW ENTRANTS

2.3.2. THREAT OF SUBSTITUTES

2.3.3. BARGAINING POWER OF BUYERS

2.3.4. BARGAINING POWER OF SUPPLIERS

2.3.5. THREAT OF COMPETITIVE RIVALRY

2.4.  KEY IMPACT ANALYSIS

2.4.1. COST

2.4.2. TYPE OF ENGINE 

2.4.3. PAYLOAD CAPACITIES   

2.4.4. LIFT HEIGHT

2.5. MARKET ATTRACTIVENESS INDEX

2.6. VENDOR SCORECARD

2.7. REGULATORY FRAMEWORK

2.8. KEY MARKET STRATEGIES

2.8.1. ACQUISITIONS

2.8.2. PRODUCT LAUNCHES

2.8.3. CONTRACTS & AGREEMENTS

2.9. MARKET DRIVERS

2.9.1. GROWTH IN INFRASTRUCTURE PROJECTS 

2.9.2. AVAILABILITY OF FOSSIL FUELS IN LARGE QUANTITIES

2.9.3. WAREHOUSE EXPANSIONS

2.9.4. THRIVING E-COMMERCE INDUSTRY

2.10. MARKET CHALLENGES

2.10.1. VOLATILE COST OF RAW MATERIALS

2.10.2. POLITICAL AND ECONOMIC UNCERTAINTY IN AFRICAN COUNTRIES

2.11. MARKET OPPORTUNITIES

2.11.1. INCREASED GOVERNMENT EXPENDITURE IN EMERGING ECONOMIES

2.11.2. RISING INVESTMENTS IN AUTONOMOUS FORKLIFT TRUCKS

3. MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET OUTLOOK - BY PRODUCT TYPE

3.1. WAREHOUSE FORKLIFT

3.2. COUNTERBALANCE FORKLIFT

4. MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET OUTLOOK - BY POWER SOURCE

4.1. INTERNAL COMBUSTION ENGINE

4.2. ELECTRIC MOTOR

5. MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET OUTLOOK - BY CLASS

5.1. CLASS 1

5.2. CLASS 2

5.3. CLASS 3

5.4. CLASS 4

5.5. CLASS 5

6. MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET OUTLOOK - BY END-USER

6.1. RETAIL & WHOLESALE

6.2. LOGISTICS

6.3. MANUFACTURING

6.4. AUTOMOTIVE

6.5. FOOD INDUSTRY

6.6. OTHER END-USERS

7. MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET – COUNTRY OUTLOOK

7.1. UNITED ARAB EMIRATES

7.2. SAUDI ARABIA

7.3. TURKEY

7.4. SOUTH AFRICA

7.5. REST OF MIDDLE EAST & AFRICA

8. COMPETITIVE LANDSCAPE

8.1. HANGCHA GROUP CO LTD  

8.2. KION GROUP AG

8.3. ANHUI HELI CO LTD

8.4. CLARK MATERIAL HANDLING COMPANY   

8.5. CROWN EQUIPMENT CORPORATION         

8.6. TOYOTA INDUSTRIES CORPORATION        

8.7. MITSUBISHI LOGISNEXT CO LTD  

8.8. JUNGHEINRICH AG     

8.9. EP EQUIPMENT CO LTD       

8.10. HYSTER-YALE MATERIALS HANDLING INC       

8.11. HYUNDAI HEAVY INDUSTRIES CO LTD 

8.12. KOMATSU LTD

8.13. LONKING HOLDINGS LIMITED         

8.14. GODREJ & BOYCE MANUFACTURING COMPANY LIMITED    

8.15. DOOSAN GROUP

9. RESEARCH METHODOLOGY & SCOPE

9.1. RESEARCH SCOPE & DELIVERABLES

9.2. SOURCES OF DATA

9.3. RESEARCH METHODOLOGY

List of Tables

TABLE 1: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)

TABLE 2: VENDOR SCORECARD

TABLE 3: REGULATORY FRAMEWORK

TABLE 4: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY PRODUCT TYPE, 2022-2028 (IN $ MILLION)

TABLE 5: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET BY POWER SOURCE, 2022-2028 (IN $ MILLION)

TABLE 6: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET BY CLASS, 2022-2028 (IN $ MILLION)

TABLE 7: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET BY END-USER, 2022-2028 (IN $ MILLION)

TABLE 8: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)

List of Figures

FIGURE 1: MARKET ATTRACTIVENESS INDEX

FIGURE 2: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY PRODUCT TYPE, 2021 & 2028 (IN %)

FIGURE 3: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY WAREHOUSE FORKLIFT, 2022-2028 (IN $ MILLION)

FIGURE 4: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY COUNTERBALANCE FORKLIFT, 2022-2028 (IN $ MILLION)

FIGURE 5: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY POWER SOURCE, 2021 & 2028 (IN %)

FIGURE 6: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY INTERNAL COMBUSTION ENGINE, 2022-2028 (IN $ MILLION)

FIGURE 7: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY ELECTRIC MOTOR, 2022-2028 (IN $ MILLION)

FIGURE 8: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY CLASS, 2021 & 2028 (IN %)

FIGURE 9: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY CLASS 1, 2022-2028 (IN $ MILLION)

FIGURE 10: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY CLASS 2, 2022-2028 (IN $ MILLION)

FIGURE 11: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY CLASS 3, 2022-2028 (IN $ MILLION)

FIGURE 12: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY CLASS 4, 2022-2028 (IN $ MILLION)

FIGURE 13: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY CLASS 5, 2022-2028 (IN $ MILLION)

FIGURE 14: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY END-USER, 2021 & 2028 (IN %)

FIGURE 15: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY RETAIL & WHOLESALE, 2022-2028 (IN $ MILLION)

FIGURE 16: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY LOGISTICS, 2022-2028 (IN $ MILLION)

FIGURE 17: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY MANUFACTURING, 2022-2028 (IN $ MILLION)

FIGURE 18: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY AUTOMOTIVE, 2022-2028 (IN $ MILLION)

FIGURE 19: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY FOOD INDUSTRY, 2022-2028 (IN $ MILLION)

FIGURE 20: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, BY OTHER END-USERS, 2022-2028 (IN $ MILLION)

FIGURE 21: MIDDLE EAST AND AFRICA FORKLIFT TRUCK MARKET, COUNTRY OUTLOOK, 2021 & 2028 (IN %)

FIGURE 22: UNITED ARAB EMIRATES FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 23: SAUDI ARABIA FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 24: TURKEY FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 27: SOUTH AFRICA FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

FIGURE 28: REST OF MIDDLE EAST & AFRICA FORKLIFT TRUCK MARKET 2022-2028 (IN $ MILLION)

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