Oman: Fork-Lift Truck Market 2024

Fork-Lift Truck Market Size in Oman

The Omani fork-lift truck market contracted to $X in 2022, shrinking by -11.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a noticeable downturn. Fork-lift truck consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Fork-Lift Truck Exports

Exports from Oman

In 2022, approx. X units of fork-lift trucks were exported from Oman; rising by 20% on 2021 figures. Over the period under review, exports posted significant growth. The growth pace was the most rapid in 2017 with an increase of 124% against the previous year. Over the period under review, the exports hit record highs at X units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, fork-lift truck exports skyrocketed to $X in 2022. In general, exports recorded significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 148%. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Qatar (X units), the United Arab Emirates (X units) and Iraq (X units) were the main destinations of fork-lift truck exports from Oman, with a combined 61% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +46.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for fork-lift truck exported from Oman were the United Arab Emirates ($X), Qatar ($X) and Yemen ($X), together accounting for 77% of total exports.

In terms of the main countries of destination, Yemen, with a CAGR of +72.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average fork-lift truck export price stood at $X per unit in 2022, surging by 8.9% against the previous year. Over the period under review, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 an increase of 72% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Iran ($X per unit), while the average price for exports to Sudan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Yemen (+28.8%), while the prices for the other major destinations experienced more modest paces of growth.

Fork-Lift Truck Imports

Imports into Oman

In 2022, approx. X units of fork-lift trucks were imported into Oman; shrinking by -15.7% compared with the previous year. Overall, imports, however, enjoyed a mild expansion. The most prominent rate of growth was recorded in 2013 with an increase of 118%. Imports peaked at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, fork-lift truck imports expanded to $X in 2022. Over the period under review, imports saw a abrupt descent. The growth pace was the most rapid in 2017 when imports increased by 49% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), Japan (X units) and Pakistan (X units) were the main suppliers of fork-lift truck imports to Oman, together comprising 50% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Pakistan (with a CAGR of +76.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United Arab Emirates ($X) and Malaysia ($X) constituted the largest fork-lift truck suppliers to Oman, with a combined 48% share of total imports. Japan, the UK, Pakistan, Kuwait, Sweden and South Korea lagged somewhat behind, together accounting for a further 26%.

Pakistan, with a CAGR of +96.2%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average fork-lift truck import price amounted to $X per unit, with an increase of 24% against the previous year. In general, the import price, however, continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2015 an increase of 43% against the previous year. The import price peaked at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for Pakistan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+11.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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