Middle East's Fork-lift Truck Market to Grow at +1.6% CAGR, Reaching $2.2B by 2035 - News and Statistics - IndexBox

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IndexBox has just published a new report: Middle East - Fork-Lift Trucks - Market Analysis, Forecast, Size, Trends And Insights.

The fork-lift truck market in the Middle East is expected to experience a slight increase in performance, with a projected CAGR of +1.6% in volume and +2.9% in value from 2024 to 2035. By the end of 2035, the market volume is forecasted to reach 235K units, while the market value is expected to reach $2.2B (in nominal wholesale prices).

Driven by rising demand for fork-lift truck in the Middle East, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.6% for the period from 2024 to 2035, which is projected to bring the market volume to 235K units by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.9% for the period from 2024 to 2035, which is projected to bring the market value to $2.2B (in nominal wholesale prices) by the end of 2035.

In 2024, the amount of fork-lift trucks consumed in the Middle East reached 197K units, surging by 2.8% compared with the previous year. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, consumption attained the maximum volume at 338K units in 2016; however, from 2017 to 2024, consumption failed to regain momentum.

The revenue of the fork-lift truck market in the Middle East rose rapidly to $1.6B in 2024, with an increase of 15% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The total consumption indicated a tangible increase from 2013 to 2024: its value increased at an average annual rate of +4.0% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +140.1% against 2019 indices. The level of consumption peaked in 2024 and is likely to see steady growth in the near future.

Turkey (92K units) remains the largest fork-lift truck consuming country in the Middle East, comprising approx. 47% of total volume. Moreover, fork-lift truck consumption in Turkey exceeded the figures recorded by the second-largest consumer, the United Arab Emirates (35K units), threefold. The third position in this ranking was taken by Saudi Arabia (25K units), with a 13% share.

From 2013 to 2024, the average annual growth rate of volume in Turkey was relatively modest. In the other countries, the average annual rates were as follows: the United Arab Emirates (+2.0% per year) and Saudi Arabia (+1.1% per year).

In value terms, Turkey ($840M) led the market, alone. The second position in the ranking was held by Saudi Arabia ($228M). It was followed by Israel.

From 2013 to 2024, the average annual rate of growth in terms of value in Turkey amounted to +10.2%. In the other countries, the average annual rates were as follows: Saudi Arabia (+1.4% per year) and Israel (+6.8% per year).

In 2024, the highest levels of fork-lift truck per capita consumption was registered in the United Arab Emirates (3.4 units per 1000 persons), followed by Israel (1.7 units per 1000 persons), Qatar (1.5 units per 1000 persons) and Turkey (1.1 units per 1000 persons), while the world average per capita consumption of fork-lift truck was estimated at 0.5 units per 1000 persons.

From 2013 to 2024, the average annual growth rate of the fork-lift truck per capita consumption in the United Arab Emirates amounted to +1.0%. In the other countries, the average annual rates were as follows: Israel (+7.6% per year) and Qatar (-17.7% per year).

In 2024, the amount of fork-lift trucks produced in the Middle East declined slightly to 2K units, waning by -4.1% compared with the previous year's figure. Over the period under review, production showed a abrupt setback. The pace of growth appeared the most rapid in 2020 when the production volume increased by 63,155%. As a result, production attained the peak volume of 2M units; afterwards, it flattened through to 2024.

In value terms, fork-lift truck production fell dramatically to $44M in 2024 estimated in export price. In general, production, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2020 with an increase of 88,006%. As a result, production attained the peak level of $14.4B. From 2021 to 2024, production growth remained at a lower figure.

The country with the largest volume of fork-lift truck production was Turkey (2K units), comprising approx. 100% of total volume.

From 2013 to 2024, the average annual growth rate of volume in Turkey amounted to -8.2%.

In 2024, the amount of fork-lift trucks imported in the Middle East expanded modestly to 215K units, growing by 1.7% against the previous year's figure. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 62% against the previous year. As a result, imports reached the peak of 374K units. From 2017 to 2024, the growth of imports remained at a lower figure.

In value terms, fork-lift truck imports surged to $1.7B in 2024. In general, imports showed a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Turkey was the key importing country with an import of about 105K units, which resulted at 49% of total imports. The United Arab Emirates (37K units) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (12%) and Israel (8.2%). The following importers - Iraq (8.4K units), Qatar (4.7K units) and Iran (4.2K units) - together made up 8.1% of total imports.

Imports into Turkey increased at an average annual rate of +1.2% from 2013 to 2024. At the same time, Israel (+10.1%), Iran (+3.6%) and the United Arab Emirates (+2.1%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +10.1% from 2013-2024. Saudi Arabia experienced a relatively flat trend pattern. By contrast, Iraq (-5.5%) and Qatar (-15.5%) illustrated a downward trend over the same period. Turkey (+7 p.p.), Israel (+5.4 p.p.) and the United Arab Emirates (+3.8 p.p.) significantly strengthened its position in terms of the total imports, while Iraq and Qatar saw its share reduced by -3.2% and -11.5% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($848M) constitutes the largest market for imported fork-lift trucks in the Middle East, comprising 48% of total imports. The second position in the ranking was taken by Saudi Arabia ($397M), with a 23% share of total imports. It was followed by the United Arab Emirates, with a 12% share.

In Turkey, fork-lift truck imports expanded at an average annual rate of +10.4% over the period from 2013-2024. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (+4.1% per year) and the United Arab Emirates (+3.6% per year).

In 2024, non-self-propelled fork-lift trucks (137K units) represented the key type of fork-lift trucks, achieving 63% of total imports. Self-propelled fork-lift trucks with electric motor (51K units) took the second position in the ranking, distantly followed by self-propelled fork-lift trucks with non-electric motor (30K units). All these products together took approx. 37% share of total imports.

Imports of non-self-propelled fork-lift trucks decreased at an average annual rate of -2.0% from 2013 to 2024. At the same time, self-propelled fork-lift trucks with electric motor (+10.7%) displayed positive paces of growth. Moreover, self-propelled fork-lift trucks with electric motor emerged as the fastest-growing type imported in the Middle East, with a CAGR of +10.7% from 2013-2024. Self-propelled fork-lift trucks with non-electric motor experienced a relatively flat trend pattern. Self-propelled fork-lift trucks with electric motor (+16 p.p.) significantly strengthened its position in terms of the total imports, while non-self-propelled fork-lift trucks saw its share reduced by -15.4% from 2013 to 2024, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, self-propelled fork-lift trucks with non-electric motor ($1B), self-propelled fork-lift trucks with electric motor ($659M) and non-self-propelled fork-lift trucks ($63M) were the products with the highest levels of imports in 2024.

Self-propelled fork-lift trucks with electric motor, with a CAGR of +8.8%, recorded the highest growth rate of the value of imports, among the main imported products over the period under review, while purchases for the other products experienced mixed trends in the imports figures.

The import price in the Middle East stood at $8.2 thousand per unit in 2024, surging by 33% against the previous year. Overall, the import price continues to indicate a strong expansion. The pace of growth appeared the most rapid in 2017 an increase of 63% against the previous year. The level of import peaked in 2024 and is likely to see gradual growth in the near future.

Prices varied noticeably by the product type; the product with the highest price was self-propelled fork-lift trucks with non-electric motor ($35 thousand per unit), while the price for non-self-propelled fork-lift trucks ($462 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by self-propelled non-electric fork-lift truck (+4.1%), while the other products experienced mixed trends in the import price figures.

The import price in the Middle East stood at $8.2 thousand per unit in 2024, jumping by 33% against the previous year. In general, the import price saw strong growth. The pace of growth was the most pronounced in 2017 an increase of 63%. The level of import peaked in 2024 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Saudi Arabia ($16 thousand per unit), while Iran ($3 thousand per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Qatar (+17.2%), while the other leaders experienced more modest paces of growth.

In 2024, the amount of fork-lift trucks exported in the Middle East shrank to 20K units, waning by -8.7% compared with the previous year's figure. Overall, exports, however, posted a notable increase. The pace of growth appeared the most rapid in 2020 when exports increased by 14,945% against the previous year. As a result, the exports attained the peak of 2.1M units. From 2021 to 2024, the growth of the exports remained at a somewhat lower figure.

In value terms, fork-lift truck exports dropped to $83M in 2024. Total exports indicated a tangible increase from 2013 to 2024: its value increased at an average annual rate of +3.8% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports increased by +79.0% against 2020 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 44% against the previous year. The level of export peaked at $84M in 2023, and then contracted in the following year.

Turkey dominates exports structure, amounting to 16K units, which was near 78% of total exports in 2024. The United Arab Emirates (2K units) ranks second in terms of the total exports with a 9.8% share, followed by Israel (5.9%). The following exporters - Kuwait (326 units) and Saudi Arabia (320 units) - each amounted to a 3.2% share of total exports.

Exports from Turkey increased at an average annual rate of +1.7% from 2013 to 2024. At the same time, Israel (+31.5%), Kuwait (+16.8%) and the United Arab Emirates (+3.7%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +31.5% from 2013-2024. By contrast, Saudi Arabia (-5.0%) illustrated a downward trend over the same period. While the share of Israel (+5.5 p.p.) increased significantly in terms of the total exports from 2013-2024, the share of Saudi Arabia (-2.1 p.p.) and Turkey (-6.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($52M) remains the largest fork-lift truck supplier in the Middle East, comprising 63% of total exports. The second position in the ranking was held by the United Arab Emirates ($14M), with a 17% share of total exports. It was followed by Saudi Arabia, with a 4.2% share.

In Turkey, fork-lift truck exports expanded at an average annual rate of +9.4% over the period from 2013-2024. In the other countries, the average annual rates were as follows: the United Arab Emirates (-5.6% per year) and Saudi Arabia (+2.5% per year).

Non-self-propelled fork-lift trucks prevails in exports structure, recording 17K units, which was near 87% of total exports in 2024. Self-propelled fork-lift trucks with non-electric motor (1.5K units) ranks second in terms of the total exports with a 7.8% share, followed by self-propelled fork-lift trucks with electric motor (5.7%).

From 2013 to 2024, average annual rates of growth with regard to non-self-propelled fork-lift trucks exports of stood at +2.3%. At the same time, self-propelled fork-lift trucks with electric motor (+6.0%) and self-propelled fork-lift trucks with non-electric motor (+2.0%) displayed positive paces of growth. Moreover, self-propelled fork-lift trucks with electric motor emerged as the fastest-growing type exported in the Middle East, with a CAGR of +6.0% from 2013-2024. From 2013 to 2024, the share of self-propelled fork-lift trucks with electric motor increased by +1.8 percentage points, while the shares of the other products remained relatively stable throughout the analyzed period.

In value terms, self-propelled fork-lift trucks with non-electric motor ($48M) remains the largest type of fork-lift trucks supplied in the Middle East, comprising 57% of total exports. The second position in the ranking was taken by non-self-propelled fork-lift trucks ($21M), with a 25% share of total exports.

From 2013 to 2024, the average annual growth rate of the value of self-propelled fork-lift trucks with non-electric motor exports stood at +2.8%. With regard to the other exported products, the following average annual rates of growth were recorded: non-self-propelled fork-lift trucks (+6.9% per year) and self-propelled fork-lift trucks with electric motor (+4.9% per year).

In 2024, the export price in the Middle East amounted to $4.1 thousand per unit, with an increase of 8.1% against the previous year. Over the period under review, the export price saw a slight expansion. The most prominent rate of growth was recorded in 2021 when the export price increased by 7,971% against the previous year. The level of export peaked in 2024 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exported products. In 2024, the product with the highest price was self-propelled fork-lift trucks with non-electric motor ($31 thousand per unit), while the average price for exports of non-self-propelled fork-lift trucks ($1.2 thousand per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by non-self-propelled fork-lift truck (+4.5%), while the other products experienced mixed trends in the export price figures.

The export price in the Middle East stood at $4.1 thousand per unit in 2024, surging by 8.1% against the previous year. In general, the export price recorded a slight increase. The pace of growth was the most pronounced in 2021 an increase of 7,971%. The level of export peaked in 2024 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($11 thousand per unit), while Israel ($2.6 thousand per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+7.9%), while the other leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the fork-lift truck market in the Middle East. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

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