Press Release

Saudi Arabia Forklift Rental Market to Cross US$ 18 Million by 2022

Various upcoming greenfield and brownfield infrastructure projects coupled with booming industrial sector to propel growth in Saudi Arabia forklift rental market through 2022

According to TechSci Research report, Saudi Arabia Forklift Rental Market By Forklift Type, By Fuel Type, By Rental Period, Competition Forecast & Opportunities, 2015-2022’’, the country’s forklift rental market is forecast to cross US$ 18 million by 2022, on account of expanding industrial sector and anticipated growth in manufacturing sector. Large size of the construction industry in Saudi Arabia is projected to drive rental demand for forklifts in the country during 2017-2022. Moreover, Saudi Arabia is one of the leading exporters in the GCC region. Increasing trade opportunities in the country are projected to buoy growth in the country’s forklift rental market during the forecast period.

Browse 8 market data Tables and 23 Figures spread through 106 Pages and an in-depth TOC on "Saudi Arabia Forklift Rental Market"

In 2015, Saudi Arabia emerged as the largest exporter of oil, globally. With GDP of around USD656 billion in 2015, the country’s economy is largely dependent on revenues earned from oil & gas sector. During 2003-2013, increasing oil production and growing oil prices translated into large fiscal surpluses, on the back of which, the country managed to lower its debts. However, slump in global oil prices, at a CAGR of over 16% during 2011-2015, impacted the country’s economy, thereby impacted growth in key sectors. This affected rental demand for construction equipment such as forklifts. However, with recovery in crude oil prices post 2016, and revival of construction, manufacturing and industrial sectors, Saudi Arabia forklift rental market is poised to grow at a moderate pace during 2017-2022.

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“The country registered huge rental demand for diesel forklifts, due to its various advantages such as better efficiency and high load capacity, as compared to electric and petrol/LPG forklifts. Further, foreseeing the huge demand for procuring forklifts on rent in Saudi Arabia, many leading authorized distributors have set up their rental divisions to cater to the rising rental demand for forklifts in the country. Growing demand for housing and increasing number of construction projects are further anticipated to augur well for the country’s forklift rental market during 2017-2022.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Saudi Arabia Forklift Rental Market By Forklift Type, By Fuel Type, By Rental Period, Competition Forecast & Opportunities, 2015-2022 has analyzed the potential of Saudi Arabia forklift rental market, and provides information and statistics on market structure, dynamics and trends. The report intends in providing intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry. 

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