Middle East and Africa Forklift Truck Market Size Set to Reach USD 3.4 Billion by 2029

Published | 03 July 2023

Middle East and Africa forklift truck market is flourishing due to rapid industrialization, increasing number of construction & infrastructure projects, thriving e-commerce, growing logistics and warehousing sectors, and the need for efficient material handling solutions to enhance productivity and operational efficiency.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Middle East and Africa forklift truck market size at USD 2,546.36 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Middle East and Africa forklift truck market size to grow at a CAGR of 4.50% reaching a value of USD 3,427.79 million by 2029. Freight and logistics are the administration and transportation of commodities from one location to another. It covers, among other things, warehousing, inventory management, packing, shipping, and distribution. As it enables the effective delivery of commodities across supply chains, the industry is important to global trade. Freight and logistics companies utilize advanced technology and methods to optimize routes, save costs, and enhance delivery timelines. This sector's important stakeholders include shipping lines, air cargo carriers, trucking companies, and third-party logistics providers. As e-commerce and international trade flourish, the freight and logistics industry is evolving and adapting to meet the growing expectations of businesses and customers. Hence, the growing logistics industry is expected to be a major growth driver for the Middle East and Africa forklift truck market during the period in analysis.

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.

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Impact of COVID-19 on Middle East and Africa Forklift Truck Market

The Middle East and Africa forklift truck market encountered significant setbacks due to the COVID-19 pandemic. The widespread disruptions caused by the health crisis adversely affected the region's industrial sector, hampering the demand for forklift trucks. Supply chain disruptions, labor shortages, and reduced manufacturing activities resulted in diminished sales and production levels. Strict lockdown measures, travel restrictions, and economic uncertainties further added to the market's challenges. As businesses gradually recover and adapt to the new normal, the Middle East and Africa forklift truck market faces a slow recovery path, necessitating innovative strategies and industry collaborations to overcome the COVID-19 impact and revitalize the market's growth.

Middle East and Africa Forklift Truck Market – By Class

On the basis of class, the 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.

Competitive Landscape

Middle East and Africa forklift truck market is fiercely competitive. Major companies in the 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. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Middle East and Africa forklift truck market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Middle East and Africa Forklift Truck Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Middle East and Africa Forklift Truck Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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