Middle East and Africa Forklift Battery Market Key Companies and SWOT Analysis by 2028

The forklift battery market in Middle East & Africa is expected to grow from US$ 248.20 million in 2021 to US$ 367.21 million by 2028; it is estimated to grow at a CAGR of 5.8% from 2021 to 2028.

The forklift battery market is growing significantly in several countries due to the rising industrialization and urbanization. The fast paced industrialization in several countries can be attributed to the government support for the manufacturing industries and low operating cost in region due cheap labor wages, which attract businesses from larger manufacturing bases. Besides that, the growing middle class population and their disposable income are proliferating the demand for consumer goods and that is attracting more manufacturing companies to setup its business in developing economies. Thus, the growing industrialization in developing economies is expected to boost infrastructure and manufacturing industries and to smoothly operate its day to day operations, the industries are generating the demand for forklift trucks. Thus, the following development is expected to create more demand for forklift trucks and the aforementioned factor is expected to impact positively to the Middle East & Africa forklift battery market.Oil & gas production and export are the major contributors to the economic growth of Middle Eastern countries. The impact of COVID-19 pandemic on most regions in the world has led to drop in oil demand. As a result, numerous oil production stations in the Middle East were shut down or reduced their production levels. On the other hand, these countries are thriving to diversify their economies. The COVID-19 pandemic has disturbed the economic progress in many of these countries. Energy, aviation, food & beverages, chemicals, retail and e-commerce, and travel and tourism are among the major non-oil industries in the Middle East that have experienced severe effects of the pandemic. Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are among the countries that have witnessed the ill effects of the outbreak. The region registered a slight decline in raw material supply from various manufacturers across North America, Europe, and Asia Pacific in 2020, as these regions suspended their production and trade activities. The economy regained its pace in 2021 after the resumption of demand- and supply-sides operations.

Middle East & Africa Forklift Battery Market Revenue and Forecast to 2028 (US$ Million)

 

Middle East & Africa Forklift Battery Market Segmentation       

Middle East & Africa Forklift Battery Market – By Type

• Lithium ion
• Lead–Acid
• Others

Middle East & Africa Forklift Battery Market – By Application

• Warehouses
• Construction
• Manufacturing
• Retail and Wholesale Stores
• Others

Middle East & Africa Forklift Battery Market– By Country

• South Africa
• UAE
• Saudi Arabia
• Rest of Middle East & Africa

Middle East & Africa Forklift Battery Market-Companies Mentioned

• Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
• Crown Equipment Corporation
• East Penn Manufacturing Company
• EnerSys
• Exide Industries Limited
• ForeverPure Corporation
• Microtex Energy Private Limited
• Saft Groupe SA

Middle East and Africa Forklift Battery Report Scope