Saudi Arabia Forklift Market Assessment, By Type [Counterbalance Forklift, Reach Truck, Stacker, Pallet Truck, Articulated Forklift, Others], By Capacity [1 Ton to 2.5 Tons, 2.5 Tons to 8 Tons, 8 Tons to 16 Tons, above 16 Tons], By Class [Class 1, Class 2, Class 3, Class 4, Class 5, Class 6], By Operation [Manual, Autonomous], By Propulsion [Electric, ICE], By End-user Industry [Food and Beverages, Automotive, E-commerce, Aviation, Paper and Pulp, Others], By Region, Opportunities and Forecast, 2018-2032F

Saudi Arabia forklift market is projected to witness a CAGR of 7.39% during the forecast period 2025-2032, growing from USD 801.14 million in 2024 to USD 1417.04 million in 2032. This growth is driven by the expansion of logistics sectors, supported by increasing demand for efficient material handling solutions.  As urbanization accelerates and construction projects increase, the demand for forklifts has surged, becoming essential for the movement of goods within warehouses, construction sites, and manufacturing facilities.

Industrialization in Saudi Arabia is one of the key factors driving forklift market growth, influenced by heavy investments in infrastructure development under the Vision 2030 program. This futuristic program aims to shift the economy from oil to other sectors such as logistics, manufacturing, and retail. The commitment from the government to infrastructure projects has led to a rise in construction activities and thereby increased the demand for effective material handling solutions such as forklifts.

For instance, in October 2024, Saudi Arabia's Zakat, Tax, and Customs Authority (ZATCA) announced a key initiative to build 13 custom warehouses at 13 Point of Entry (POEs) of the kingdom. It is a project developed using the Public-Private Partnership model by renovating one already in existence and building 12 new customs warehouses at 12 facilities. It will feature highly advanced machinery and equipment and significantly enhance the efficiency of loading and unloading goods using forklifts and other machines.

Furthermore, workplace safety and adherence to stringent safety standards have increased the adoption of forklifts with advanced safety features. Companies recognize that investing in modern material handling equipment increases productivity by ensuring a safer working environment.

Growth in the Logistics Sector to Drive Market Growth

The logistics industry is going through a tremendous pace of development in Saudi Arabia, mainly driven by rapid growth in e-commerce and huge investments originating from the kingdom. The strategic investments aim to diversify the economy and make it a logistics hub connecting Europe, Asia, and Africa. The government's focus is on creating world-class infrastructure, which will include considerable investments in transportation, warehousing, and distribution. This leads to an extreme rise in infrastructural construction all over the economy to cope with the rising duty to control and manage inventory in an effective and timely manner. Development in this region has also encouraged local companies to upgrade their competencies in operations, which indirectly fuels the demand for forklifts to move goods around and handle them for quick and effective order fulfillment.

For example, in July 2024, OMODA & JAECOO Automobile Co., Ltd., opened their first premier spare parts warehouse in Dammam. The 5,200 square meter facility is set to deliver original spare parts within 24-48 hours, thus answering the after-sales service challenge in Saudi Arabia and enhancing customer satisfaction.

Technological Advancements in Forklift Drive Demand

Advanced technologies are significantly driving demand for forklifts. Artificial intelligence (AI) and automation are integrated into forklift operations, enhancing efficiency and reducing operational costs. Autonomous forklifts are becoming more prevalent, allowing for optimized material handling processes that can operate with minimal human intervention. This trend aligns with the broader push towards operational efficiency, as companies seek to improve productivity and accuracy in operation. Many manufacturers are introducing their autonomous forklifts to enhance their contribution to the economy and to gain extra market share by capturing the demand. Furthermore, the scale of industrial projects is huge in Saudi Arabia, and advanced forklifts are needed for improved efficiency and timely work.

For instance, in November 2024, Gulf Warehousing Company Q.P.S.C (GWC) announced that its wholly owned subsidiary, GWC Energy Services, has partnered with Saudi Offshore Fabrication Company (OFC) to develop 100,000 square meters of Grade ‘A’ logistics facilities at Ras Al-Khair Industrial Port.

Electric Forklifts to Dominate Saudi Market Share

Electric forklifts are widely adopted in the Kingdom and hold the largest market share in the Saudi Arabia forklift market. The demand for this type is majorly influenced by the requirement for efficient and sustainable material handling solutions across a broad range of industries. With businesses continuing to drive efficiency and sustainability, electric forklifts are a great alternative to traditional Internal Combustion Engine (ICE) forklifts. Under Vision 2030, the Saudi Arabian government is encouraging the adoption of environment-friendly alternatives. Even the companies are working together with foreign companies to upgrade the productivity and efficiency of forklifts and increase their contribution towards the kingdom's major goal of sustainability.

For example, in May 2024, Kanoo Machinery UAE and KSA, a member of Yusuf Bin Ahmed Kanoo Co. Ltd. (YBA Kanoo Group), agreed on a partnership with Combilift, a global multidirectional, sideloading, and articulated forklift manufacturer. The collaboration shall provide sustainable forklifting solutions in the region, evidencing their shared commitment to innovation and efficiency in material handling.

Riyadh to Dominate the Forklift Market Share

Riyadh holds the highest share and is expected to continue dominating during the forecast period. Being the capital and central hub for economic and industrial development, Riyadh is witnessing high growth in industrial development. The city is also witnessing considerable investments aimed at improving its transport and logistics sector, which significantly boosts the demand for efficient material-handling solutions like forklifts. Furthermore, the strategic positioning of Riyadh as a focal point for the country's businesses further stretches its market influence. Its growing urbanization and industrialization require more infrastructure, in particular, warehouses and distribution centres, which are critical for efficient logistics operation, driving demand for forklifts.

For example, in October 2023, the General Authority for Civil Aviation of Saudi Arabia launched the first Special Integrated Logistics Zone (SILZ) within the Kingdom together with King Khalid International Airport. The SILZ occupies 3 million square meters and shall be used for the stimulation of trade, manufacturing and logistics opportunities, with competitive advantages and regulatory incentives.

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Future Market Scenario (2025 – 2032F).

·       Major cities like Riyadh and Damman are experiencing infrastructure development, creating a strong demand for forklift tools to enhance the overall efficiency of the work.

·       Growth in e-commerce is expected to drive demand for forklifts in the kingdom, aimed at enhancing inventory management and timely fulfillment.

·       There is a growing need for automation in material handling products, leading to the adoption of advanced forklifts equipped with the latest technologies like the Internet of Things (IoT) and telematics.

·       The Saudi Government is continuously investing by announcing different schemes under Vision 2030, promoting economic diversification, and driving demand for forklifts across multiple sectors.

Report Scope

“Saudi Arabia Forklift Market Assessment, Opportunities and Forecast, 2018-2032F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of Saudi Arabia forklift market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2024
Historical Period	2018-2023
Forecast Period	2025-2032
Projected Growth Rate	CAGR of 7.39% between 2025 and 2032
Revenue Forecast in 2031	USD 1417.04 million
Segments Covered	Type, Capacity, Class, Operation, Propulsion, End-user Industry
Regions Covered	Riyadh, Makkah, Eastern Region, Madinah, and Rest of Saudi Arabia
Key Companies Profile	Toyota Material Handling International AB, Crown Gabelstapler GmbH & Co. KG, HD Hyundai Construction Equipment Co., Ltd., Lonking (Fujian) International Trade Co., Ltd., Liugong Machinery Co., Ltd., Jungheinrich AG, Mitsubishi Logisnext Co., Ltd., Hyster-Yale, Inc., Anhui Heli Co., Ltd.
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In the report, the Saudi Arabia forklift market has been segmented into the following categories:

·       By Type

o   Counterbalance Forklift

o   Reach Truck

o   Stacker

o   Pallet Truck

o   Articulated Forklift

o   Others

·       By Capacity

o   1 Ton to 2.5 Tons

o   2.5 Tons to 8 Tons

o   8 Tons to 16 Tons

o   Above 16 Tons

·       By Class

o   Class 1

o   Class 2

o   Class 3

o   Class 4

o   Class 5

o   Class 6

·       By Operation

o   Manual

o   Autonomous

·       By Propulsion

o   Electric

o   ICE

·       By End-user Industry

o   Food and Beverages

o   Automotive

o   E-commerce

o   Aviation

o   Paper and Pulp

o   Others

·       By Region

o   Riyadh

o   Makkah

o   Eastern Region

o   Madinah

o   Rest of Saudi Arabia

Key Players Landscape and Outlook

The key players in Saudi Arabia forklift market are continuously developing modern designs and innovating the product to please the consumer. These companies lead to adopting sustainable practices and advanced technologies to create environmentally friendly forklifts. As Saudi Arabia diversifies its economy under Vision 2030, the material handling tools are crucial in transforming the landscape, promoting environmental sustainability, and enhancing the economic activity of the kingdom. Moreover, companies are understanding the potential in Saudi Arabia.

For instance, in August 2023, Saudi Arabia announced plans to establish 59 logistics centers by 2030, covering over 100 million square meters. This initiative aims to enhance the kingdom's logistics sector and support economic diversification through improved export capabilities and e-commerce growth. Consequently, companies are inspired to transform their forklifts, increase production and innovation, fulfill the massive demand, and contribute to the kingdom's vision.

Key Players Operating in the Saudi Arabia Forklift Market are:

• Toyota Material Handling International AB
• Crown Gabelstapler GmbH & Co. KG
• HD Hyundai Construction Equipment Co. Ltd.
• Lonking (Fujian) International Trade Co., Ltd.
• Liugong Machinery Co., Ltd.
• Jungheinrich AG
• Mitsubishi Logisnext Co., Ltd.
• Hyster-Yale, Inc.
• Anhui Heli Co., Ltd.

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