Lead–Acid Segment to Dominate Middle East & Africa Forklift Battery Market during 2018–2028

According to a new market research study on “Middle East & Africa Forklift Battery Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 367.21 million by 2028 from US$ 248.20 million in 2021. The market is estimated to grow at a CAGR of 5.8% from 2021 to 2028. Rapid industrialization in several countries is the major factor driving the growth of the Middle East & Africa forklift battery market. However, electric pallet stacker as an alternate of forklift trucks may hinder the growth of Middle East & Africa forklift battery market. The report provides trends prevailing in the Middle East & Africa forklift battery market along with the drivers and restraints pertaining to the market growth.

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.

The Middle East & Africa forklift battery market is segmented into type, application, and country. Based on the type, the Middle East & Africa forklift battery market is segmented into lithium ion, lead-acid, and others. The lead-acid battery segment holds the largest market share in 2020 and lithium ion is the fastest growing segment in the Middle East & Africa forklift battery market. Based on application, the Middle East & Africa forklift battery market is segmented into warehouses, construction, manufacturing, retail and wholesale stores, and others. The manufacturing segment holds the largest market share in 2020, and warehouse segment is anticipated to grow at the highest CAGR during the forecast period. Similarly, based on country, the market is segmented into South Africa, UAE, Saudi Arabia, and rest of Middle East & Africa. South Africa contributed a substantial share in 2020. 

Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Crown Equipment Corporation, East Penn Manufacturing Company, EnerSys, Exide Industries Limited, ForeverPure Corporation, Microtex Energy Private Limited, and Saft Groupe SA are among the leading companies in the Middle East & Africa forklift battery market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Crown launched its own V-Force branded solutions for customers who were seeking to improve forklift performance by using lithium-ion technology. Crown’s V-Force Energy Storage Systems (ESS) consists of lithium-ion batteries and chargers.

Middle East & Africa Forklift Battery Market, By Country, 2020 and 2028 (%)

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