UAE Forklift Market to be dominated by Four-Wheel Forklift till 2027
The growing use of automation technology in forklifts and
innovation in the engine of forklifts is expected to drive the demand for the
UAE forklift market in the forecast period, 2023-2027.
According
to TechSci Research report, “UAE Forklift Market By Region, Competition
Forecast & Opportunities, 2027”,
the UAE forklift market is expected to witness steady growth in the forecast
period, 2023-2027. A forklift is a type of industrial vehicle consisting of an
attached pronged device that can be raised or lowered under the load for
lifting or moving it. Forklifts are used in outdoor environments, warehouses,
industrial facilities, and distribution centers. The government's growing focus
on renewable energy sources is creating the demand for electric forklifts.
Trucks with hydrogen fuel cells are environment friendly and aid the
environment through decarbonization and lowering harmful pollutants and noise
in the environment. Forklift manufacturers are introducing a wide range of
forklifts using fuel cell technology into the market to expand their consumer
base. The high demand for forklifts that can move through constricted spaces
and the growing economic activities in the country are propeling the demand for
the UAE forklifts market.
However,
the unavailability of skilled professionals and high initial investments and
purchasing costs may restrain the UAE forklift market growth in the forecast
period.
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The
UAE forklift market is segmented into tonnage capacity, class,
type, propulsion, end use, regional distribution, and competitive landscape.
Based
on tonnage capacity, the market is divided into less than 5-ton, 5-15 ton,
16-25 ton, and above 25 ton. Less than 5-ton capacity segment is expected to
capture the highest market share in the forecast period. These forklifts
operate on all kinds of fuels but are majorly electric forklifts. Forklifts in
this range are easy to use and have good travel speed.
Based
on class, the market is divided into class 1, class 2, class 3, class 4, class
5, and others. The class 5 forklift is projected to witness significant growth
in the forecast period. Class 5 forklifts are internal combustion engine
pneumatic tire trucks and are specifically designed for outdoor activities.
They are considered highly durable and suitable for construction sites,
lumberyards, and other outdoor applications. The huge number of ongoing
construction and infrastructure development activities in the UAE is expected
to surge the demand for class V forklifts for the next five years.
Based
on type, the market is divided into three-wheel and four-wheel. The four-wheel
forklifts are expected to dominate the market in the next five years as they
are highly stable and are suitable for various kinds of work at construction
sites and warehouses. They have high load carrying capacity and can also be
used efficiently for light work.
Based
on propulsion, the market is bifurcated into ICE and electric. The electric
segment is expected to witness the fastest incremental growth in the forecast
period owing to the high adoption of electric vehicles in the UAE. The rise in
efforts and investments to set up electric vehicle charging infrastructure in
the country are encouraging customers to purchase electric vehicles. Also, the
increased focus on fuel efficiency and stringent emission norms have made the manufacturers
focus on battery-operated, and fuel cell-powered forklifts.
Based
on the end use, the market is divided into the port facility, logistics,
construction, municipality, and others. The construction segment is anticipated
to account for a significant market share over the forecast period. The
ministry of infrastructure development is planning to launch 36 projects,
including the construction of federal road and maintenance projects and six new
health centers and hospitals. The strong economic position of the UAE and the
rise in the efforts by the leading authorities to make the world-class
infrastructure in UAE are fueling the construction activities in the country.
Major
market players operating in the UAE forklift market are:
·
EP
Equipment
·
VMECH
Industrial Equipment L.L.C
·
Jungheinrich
AG
·
Komatsu
Ltd.
·
Kion
Group AG
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“Market players are adopting novel
technologies such as artificial intelligence, connected things, robotics, and
automation technology to improve the performance and efficiency of forklifts.
The launch of high-performing forklifts in the market is expected to influence
demand. Also, the growing popularity of the construction equipment rental
companies which provides advanced forklift at affordable rates to the
interested end-users are expected to create lucrative growth opportunities for
the UAE forklift market throughout the forecast period.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“UAE Forklift Market By
Tonnage Capacity (Less than 5 ton, 5-15 ton, 16-25 ton, Above 25 ton), By Class
(Class 1, Class 2, Class 3, Class 4, Class 5, Others), By Type (Three-Wheel,
Four-Wheel), By Propulsion (ICE, Electric), By End Use (Port Facility,
Logistics, Construction, Municipality, Others), By Region, Competition Forecast
& Opportunities, 2027”, has evaluated the future
growth potential of UAE forklift market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in UAE forklift market.
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