Report : Middle East & Africa Industrial Vehicles Market Forecast to 2030 - Regional Analysis - by Type (Forklifts, Aisle Trucks, Tow Tractors, Container Handlers, and Others), Drive Type (Internal Combustion Engine, Battery-Operated, and Gas-Powered), Level of Autonomy (Non/Semi-autonomous and Autonomous), and Application (Manufacturing, Warehousing, and Others)
At 4.5% CAGR, Middle East & Africa Industrial Vehicles Market is Speculated to be Worth US$ 5,756.30 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Middle East & Africa industrial vehicles market was valued at US$ 4,060.06 million in 2022 and is expected to reach US$ 5,756.30 million by 2030, registering a CAGR of 4.5% from 2022 to 2030. Efficient, safe, and cost-effective industrial vehicles and growth of e-commerce are among the critical factors attributed to the Middle East & Africa industrial vehicles market expansion.
The integration of autonomous industrial vehicles such as autonomous industrial vehicles (IVs) represents a transformative phase in the industrial vehicle market, fueled by improved efficiency, reduced maintenance costs, and enhanced safety records. Autonomous industrial vehicles, operating within geofenced topographies and adhering to specific rules, address one of the persistent challenges in industrial vehicle operations-wear and tear. Unlike human operators, whose driving habits can vary significantly, autonomous vehicles follow prescribed actions, minimizing the potential for routing errors, reducing wear on critical components, and improving the overall asset lifetime. Komatsu, a key player in this space, reports that its autonomous solutions have the potential to improve tire and brake life by up to 40%-which can lead to the widespread adoption of autonomous technology. Similarly, Telematics, a crucial component of autonomous trucks, relies on internet-connected sensors to monitor vehicle performance in real time. This constant feedback loop allows for proactive adjustments, ensuring that vehicles operate at optimal levels. By leveraging telematics, industrial vehicles can experience a significant reduction in error and unnecessary movement, potentially extending their lifespan by up to 50%. This not only promotes sustainability but also presents a compelling economic case for companies looking to maximize the return on their industrial vehicle investments.
The implementation of autonomous industrial vehicles in real-world applications continues to be successful. Resolute Mining's debut of the world's first fully autonomous underground gold mine in 2019 showcased the broader applicability of autonomous technology. By employing a completely autonomous operations, Resolute Mining achieved a substantial reduction in the mine's total cost of gold production-US$ 135 per ounce-and reduced operating expenses by 30%. These outcomes highlight the transformative potential of autonomous technology in optimizing operational efficiency and cost-effectiveness.
Thus, various industries are witnessing potential for extended asset lifetimes, improved safety records, and significant cost savings, which are likely to present lucrative opportunities for manufacturers and stakeholders operating in the industrial vehicle market during the forecast period.
On the contrary, significant initial, operational and maintenance costs hamper the growth of Middle East & Africa industrial vehicles market.
Based on type, the Middle East & Africa industrial vehicles market is segmented into forklifts, aisle trucks, tow tractors, container handlers, and others. The forklifts segment held 28.3% share of the Middle East & Africa industrial vehicles market in 2022, amassing US$ 1,148.21 million. It is projected to garner US$ 1,670.06 million by 2030 to expand at 4.8% CAGR during 2022-2030.
In terms of drive type, the Middle East & Africa industrial vehicles market is segmented into internal combustion engine, battery-operated, and gas-powered. The battery-operated segment held 59.9% share of the Middle East & Africa industrial vehicles market in 2022, amassing US$ 2,431.75 million. It is estimated to garner US$ 3,718.31 million by 2030 to expand at 5.5% CAGR during 2022-2030.
By level of autonomy, the Middle East & Africa industrial vehicles market is bifurcated into non/semi-autonomous and autonomous. The non/semi-autonomous segment held 64.1% share of Middle East & Africa industrial vehicles market in 2022, amassing US$ 2,601.87 million. It is predicted to garner US$ 3,397.18 million by 2030 to expand at 3.4% CAGR during 2022-2030.
Based on application, the Middle East & Africa industrial vehicles market is segmented into manufacturing, warehousing, and others. The manufacturing segment held 52.3% share of the Middle East & Africa industrial vehicles market in 2022, amassing US$ 2,122.26 million. It is projected to garner US$ 3,028.64 million by 2030 to expand at 4.5% CAGR during 2022-2030.
Based on country, the Middle East & Africa industrial vehicles market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Saudi Arabia held 36.6% share of Middle East & Africa industrial vehicles market in 2022, amassing US$ 1,485.27 million. It is projected to garner US$ 2,125.45 million by 2030 to expand at 4.6% CAGR during 2022-2030.
Key players operating in the Middle East & Africa industrial vehicles market are Kion Group AG, Toyota Industries Corp, Mitsubishi Heavy Industries Ltd, Komatsu Ltd, Hyster-Yale Materials Handling Inc, Jungheinrich AG, Crown Equipment Corp, Konecranes Plc, and Anhui Heli Co Ltd, among others.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com