Saudi Arabia Forklift Truck Market 2022-2028
MARKET OUTLOOK
Triton Market Research’s report on the Saudi Arabia forklift truck market estimates that the market will advance at a CAGR of 4.62% in revenue and 4.48% in volume during the forecast period 2022-2028.
The construction industry is witnessing significant growth owing to the rise in development projects across the nation. The government, in this regard, is focusing on constructing around 1600 new schools, which will fuel the adoption of forklift trucks. Besides, the food and beverage and retail sectors are expanding at a rapid pace. This expansion is expected to support the adoption of material handling equipment to ensure proper storage and transport of products across and outside warehouses.
Further, the e-commerce sector’s growth has increased the need for warehousing space to store products that are distributed via pallet loads and cases. Several distribution strategies and technologies are adopted to ensure the easy distribution of products without damaging the products. Therefore, growing e-commerce sectors create novel opportunities for the forklift truck market across Saudi Arabia.
COMPETITIVE OUTLOOK
The key companies in the Saudi Arabia forklift truck market include Hyundai Heavy Industries Co Ltd, Mitsubishi Logisnext Co Ltd, Toyota Industries Corporation, Kion Group AG, Doosan Group, Lonking Holdings Limited, and Caterpillar Inc.
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