Saudi Arabia Forklift Rental Market to Cross US$ 18 Million by 2022
Various upcoming greenfield
and brownfield infrastructure projects coupled with booming industrial sector to
propel growth in Saudi Arabia forklift rental market through 2022
According to TechSci Research report, “Saudi
Arabia Forklift Rental Market By
Forklift Type, By Fuel Type, By Rental Period, Competition Forecast &
Opportunities, 2015-2022’’,
the country’s forklift rental market is forecast to cross US$ 18 million by
2022, on account of expanding industrial sector and anticipated growth in
manufacturing sector. Large size of the construction industry in Saudi Arabia is
projected to drive rental demand for forklifts in the country during 2017-2022.
Moreover, Saudi Arabia is one of the leading exporters in the GCC region. Increasing
trade opportunities in the country are projected to buoy growth in the
country’s forklift rental market during the forecast period.
Browse 8
market data Tables and 23 Figures spread through 106 Pages and an
in-depth TOC on "Saudi
Arabia Forklift Rental Market"
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In 2015, Saudi Arabia emerged as the
largest exporter of oil, globally. With GDP of around USD656 billion in 2015,
the country’s economy is largely dependent on revenues earned from oil &
gas sector. During 2003-2013, increasing oil production and growing oil prices
translated into large fiscal surpluses, on the back of which, the country
managed to lower its debts. However, slump in global oil prices, at a CAGR of
over 16% during 2011-2015, impacted the country’s economy, thereby impacted growth in key
sectors. This affected rental demand for construction equipment such as
forklifts. However, with recovery in crude oil prices post 2016, and revival of
construction, manufacturing and industrial sectors, Saudi Arabia forklift
rental market is poised to grow at a moderate pace during 2017-2022.
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“The country registered huge
rental demand for diesel forklifts, due to its various advantages such as better
efficiency and high load capacity, as compared to electric and petrol/LPG
forklifts. Further, foreseeing the huge demand for procuring forklifts on rent
in Saudi Arabia, many leading authorized distributors have set up their rental
divisions to cater to the rising rental demand for forklifts in the country.
Growing demand for housing and increasing number of construction projects are
further anticipated to augur well for the country’s forklift rental market
during 2017-2022.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Saudi Arabia Forklift Rental Market
By Forklift Type, By Fuel Type,
By Rental Period, Competition Forecast & Opportunities, 2015-2022” has analyzed the potential of Saudi
Arabia forklift rental market, and provides information and statistics on
market structure, dynamics and trends. The report intends in providing intending
clients with cutting-edge market intelligence and help them in taking sound
investment decisions. The report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by the industry.
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