Dublin, March 08, 2023 (GLOBE NEWSWIRE) -- The "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, By End Use, By Region, Competition Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
The UAE forklift market is anticipated to grow at a steady CAGR in the forecast period, 2024-2028
Factors such as the growing popularity of the e-commerce industry and the ongoing advancements in technology are driving the demand for the UAE forklift market.
Also, the flourishing construction industry of the country and the adoption of automation technologies in the manufacturing process are expected to create huge demand for forklifts in the coming years.
Flourishing E-Commerce Industry Drives the Market Growth
UAE is the leading e-commerce industry in the Gulf Cooperation Council (GCC) states. The Dubai Chamber of Commerce and Industry has forecasted the e-commerce industry to generate $8 billion in sales by 2025. T
he high internet penetration and proliferation of smart devices are accelerating the popularity of the e-commerce industry across the country. Market players provide additional facilities to consumers, including doorstep delivery, exchange option, and payment mode flexibility, among others, attracting consumers to buy through the online sales channel.
The increased online shopping demand is boosting the warehouse and logistics industry. The market players operating in the e-commerce industry are working on lowering the delivery time, which is expected to accelerate the demand for forklifts among consumers.
The growing demand for shopping through online channels by consumers and the adoption of advanced technologies and equipment by the market players to improve services are expected to propel the UAE forklift market growth over the next five years.
Technological Advancements Support the High Market Demand
The construction and automotive industry are evolving at a rapid pace and are adopting novel technologies and modern handling equipment, which is expected to boost the market demand.
The logistics industry is driving the demand for advanced forklifts for efficient inventory movement. Narrow-aisle forklifts, pallet stackers, and counterbalance forklifts are some of the advanced versions of forklifts that are witnessing massive demand among the end-use industries.
Forklift manufacturers are continuously investing in research and development activities to improve the performance and efficiency of forklifts. Advancements in technology and the launch of advanced forklifts in the market are expected to attract prominent industry verticals to invest in the purchase of forklifts.
Growing Construction Industry Fuels the Market Demand
UAE is set to invest $3.2bn in development projects by 2023. The government is working on developing transportation and road infrastructure and is allocating substantial funds to support the infrastructure activities.
UAE has lined up several transportation and road infrastructure projects, including the $5.9 billion proposed hyperloop project between Dubai and Abu Dhabi, the $11 billion Etihad Rail, the $2.7 billion Sheikh Zayed double-deck road project, and many more.
Also, over 11,000 new houses are being constructed by the government of the UAE, which is to be handed over as soon as the completion of the project. The forklift plays a major role in completing the with accuracy and efficiency.
They act as weight-carrier to carry large equipment and products during the construction job, which ensures the safety of the workers. A large number of ongoing construction activities is expected to create lucrative growth opportunities for the UAE forklift market for the next five years.
Competitive Landscape
Detailed analysis of the major companies present in UAE forklift market.
- EP Equipment
- VMECH Industrial Equipment L.L.C
- Jungheinrich AG
- Komatsu Ltd.
- Kion Group AG
Report Scope:
UAE Forklift Market, By Tonnage Capacity:
- Less than 5 ton
- 5-15 ton
- 16-25 ton
- Above 25
UAE Forklift Market, By Class:
- Class 1
- Class 2
- Class 3
- Class 4
- Class 5
- Others
UAE Forklift Market, By Type:
- Three-Wheel
- Four-Wheel
UAE Forklift Market, By Propulsion:
- ICE
- Electric
UAE Forklift Market, By End Use:
- Port Facility
- Logistics
- Construction
- Municipality
- Others
UAE Forklift Market, By Region:
- Dubai
- Abu Dhabi
- Sharjah
- Rest of UAE
For more information about this report visit https://www.researchandmarkets.com/r/kdvhv5
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