The Latin America, Middle East and Africa Forklift Market would witness market growth of 14.4% CAGR during the forecast period (2024-2031). In the year 2027, the LAMEA market's volume is expected to surge to 155.6 thousand units, showcasing a growth of 15.9% (2024-2031).
Lead-acid batteries are a common power source for forklifts, known for their reliability and cost-effectiveness. These batteries consist of lead plates immersed in an electrolyte solution of sulfuric acid, providing a steady and consistent power supply for electric forklifts. Lead-acid batteries are available in various voltages and capacities to suit different truck models and applications. They are robust and durable, capable of withstanding heavy usage and harsh operating conditions. Thus, the Brazil market consumed 18.05 thousand units of lead-acid battery-powered lift trucks in 2023.
The Brazil market dominated the LAMEA Forklift Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3,259.2 million by 2031. The Argentina market is showcasing a CAGR of 15.3% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 14% during (2024 - 2031).
Lift trucks improve operational efficiency by streamlining material handling processes, reducing manual labor, and minimizing downtime. Businesses invest in these trucks to enhance productivity, optimize workflow, and effectively meet production or distribution targets. The adoption of lift trucks is driven by the desire to achieve operational excellence and remain competitive in the marketplace.
Safety considerations and regulatory compliance requirements influence forklift adoption. Businesses prioritize the safety of their employees and the integrity of their operations by investing in lift trucks that meet industry standards and regulations for equipment safety and operator training. Compliance with safety regulations and adherence to best practices in lift trucks operation are key drivers of adoption.
The Middle East is developing significant infrastructure to support its growing logistics sector, including constructing ports, airports, warehouses, and distribution centers. As per the UAE government, the Middle East logistics sector is expected to reach USD 66.3B by 2020. The sector saw the highest amount of funding raised in the MENA region in 2019. Likewise, e-commerce fulfillment centers require a wide range of material handling equipment, including pallet jacks, lift trucks, and reach trucks, to streamline operations and ensure timely order fulfillment. The growing e-commerce industry in Brazil is driving increased demand for various types of lift trucks tailored to the specific needs of warehouse operations. International Trade Administration (ITA), Brazil is one of the most populous nations in Latin America, and its e-commerce sector is anticipated to surpass US$200 billion by 2026, expanding at 14.3% annually. Hence, the market's expansion is being propelled by the region's expanding e-commerce and logistics sectors.
Free Valuable Insights: The Worldwide Forklift Market is Projected to reach USD 167.9 Billion by 2031, at a CAGR of 13.2%
Based on Power Source, the market is segmented into Electric and ICE. Based on Load Capacity, the market is segmented into 5-15 Ton, Below 5 Ton and Above 16 Ton. Based on Modality, the market is segmented into Lead Acid and Li-ion. Based on End-use, the market is segmented into Industrial, Retail & E-Commerce, Logistics, Food & Beverage, Chemical and Others. Based on Class, the market is segmented into Class 3, Class 4/5, Class 1, and Class 2.Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Power Source (Volume, Thousand Units, USD Billion, 2020-2031)
By Load Capacity (Volume, Thousand Units, USD Billion, 2020-2031)
By Modality (Volume, Thousand Units, USD Billion, 2020-2031)
By End-use (Volume, Thousand Units, USD Billion, 2020-2031)
By Class (Volume, Thousand Units, USD Billion, 2020-2031)
By Country (Volume, Thousand Units, USD Billion, 2020-2031)
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