Topics Covered in Morocco Construction Equipment Market Report
The Morocco construction equipment market report thoroughly covers the market by types, and applications. Sudan construction equipment market outlook report provides an unbiased and detailed analysis of the ongoing Sudan construction equipment market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Morocco Construction Equipment Market Synopsis
The Morocco Construction Equipment Market is estimated to grow at a rapid pace during the forecast period. However, the industry in 2020 observed decline due to pandemic as the economic were halted to curb the spread of COVID as the government enforced lockdown therefore, the construction activities were stopped, and the construction industry recorded decline of 3.8% in real terms thereby declining the demand for construction equipment in Morocco.
The market started to recover slightly in 2021 as the effect of the pandemic subsided and the construction industry registered growth of 10.6% in real terms in 2021. Furthermore, in 2022, 18 hotel projects comprising of 2,743 rooms opened that led to increase in demand for construction equipment in the period 2021-22.
According to 6Wresearch, Morocco Construction Equipment Market revenue size is anticipated to grow at a CAGR of 5.7% during 2023-2029. The $4.16 billion annual infrastructure budget announced in 2020 till 2030 by Ministry of Equipment, Transport, Logistics, and Water is expected to drive the market for construction equipment in Morocco. The initiatives such as Airports Development 2030, 2040 Rail strategy along with the construction of hotel projects such as Waldorf Astoria Tanger, Lincoln Casablanca would grow the Morocco construction equipment market in the upcoming years. In the upcoming years, the Morocco construction equipment market is expected to witness growth on the back of construction of hotels such as Waldorf Astoria Tanger, DoubleTree by Hilton Ben Guerirour Seasons Hotel Rabat. Moreover, in 2020, The Ministry of Equipment, Transport, Logistics, and Water of Morocco approved a $4.16 billion yearly infrastructure budget till 2030 that would further boost the market for construction equipment in Morocco.
The majority of Morocco Construction Equipment Industry which is a key part of Africa Construction Equipment Market rely on outdated equipment that have an average lifecycle of 9 years however, the machinery used in Morocco are quite old. The demand for old machines in Morocco also gains prominence as old machines are much cheaper compared to the newer construction machines. Moreover, in Morocco there is absence of regulatory framework to monitor the old equipment used in the construction sector therefore the construction equipment even after they become obsolete are still being used. Henceforth, the sale of the new construction equipment would suffer in Morocco.
Morocco Construction Equipment Industry: Key Players
The first key player in the Moroccan construction equipment market is STOMIL, which is a subsidiary of the Polish company POL-MOT. The company produces equipment such as graders, bulldozers, and excavators. STOMIL's heavy equipment is widely used in the construction industry. The second key player in this market is Caterpillar, an American multinational corporation that produces construction equipment. Caterpillar's equipment is considered some of the best in the industry and is used in various markets worldwide. Another player worth mentioning is JLG Industries, an American company that produces aerial work platforms, including scissor lifts, boom lifts, and telehandlers.
Construction Equipment Market in Morocco: Government Policies
Government initiatives to facilitate the growth of the construction equipment market promote investment in construction. For instance, the government collaborates with a range of stakeholders - including the private sector - to garner support for projects that will bolster the country's infrastructure and promote the construction industry's growth. Additionally, the government has initiated new laws to ensure that the equipment is of high quality and meets industry standards. In addition to the efforts mentioned above, the Moroccan government also focuses on technology transfer and innovation in the construction equipment industry. This is done by organizing conferences and workshops to encourage the exchange of information among researchers and manufacturers. Furthermore, there are ongoing efforts to collaborate with international organizations - like the World Bank, International Finance Corporation (IFC), and the European Investment Bank - to obtain funding support for investments in the construction equipment industry.
Market by Types
Cconstruction equipment market in Morocco in 2022 in terms of revenue was dominated by earth moving equipment on the back of Tiznit-Dakhla highway project that is under construction and expected to be completed by 2023.
Material handling equipment acquired the maximum volume share in 2022 on the back of rise in infrastructure projects including hotels, roads etc.
Market by Applications
Construction is expected to achieve maximum growth in the forecasted period owing to the construction of highways, strong hotel pipeline, commercial buildings. The upcoming hospitality projects such as Waldorf Astoria Tanger, Lincoln Casablanca would further grow the revenue share of construction sector in the subsequent years.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 11 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- Morocco Construction Equipment Market Outlook
- Market Size of Morocco Construction Equipment Market, 2022
- Forecast of Morocco Construction Equipment Market, 2029
- Historical Data and Forecast of Morocco Construction Equipment Market Revenues & Volume for the Period 2019 - 2029
- Morocco Construction Equipment Market Trend Evolution
- Morocco Construction Equipment Market Drivers and Challenges
- Morocco Construction Equipment Price Trends
- Morocco Construction Equipment Porter's Five Forces
- Morocco Construction Equipment Industry Life Cycle
- Historical Data and Forecast of Morocco Construction Equipment Market Revenues and volume by Type for the Period 2019 – 2029
- Historical Data and Forecast of Morocco Construction Equipment Market Revenues and Volume by Cranes for the Period 2019 - 2029
- Historical Data and Forecast of Morocco Construction Equipment Market Revenues and volume by Construction Tractor and Bulldozer for the Period 2019 - 2029
- Historical Data and Forecast of Morocco Construction Equipment Market Revenues and volume by Earthmoving Equipment for the Period 2019 - 2029
- Historical Data and Forecast of Morocco Construction Equipment Market Revenues and volume by Aerial Work Equipment for the Period 2019 - 2029
- Historical Data and Forecast of Morocco Construction Equipment Market Revenues and volume by Material Handling Equipment for the Period 2019 - 2029
- Historical Data and Forecast of Morocco Construction Equipment Market Revenues and volume by Dump Trucks for the Period 2019 - 2029
- Historical Data and Forecast of Morocco Construction Equipment Market Revenues and volume by Road Construction Equipment for the Period 2019 - 2029
- Historical Data and Forecast of Morocco Construction Equipment Market Revenues and volume by Application for the Period 2019 - 2029
- Historical Data and Forecast of Morocco Construction Equipment Market Revenues and volume by Construction for the Period 2019 - 2029
- Historical Data and Forecast of Morocco Construction Equipment Market Revenues and volume by Oil and Gas for the Period 2019 - 2029
- Historical Data and Forecast of Morocco Construction Equipment Market Revenues and volume by Mining for the Period 2019 - 2029
- Historical Data and Forecast of Morocco Construction Equipment Market Revenues and volume by Others for the Period 2019 – 2029
- Morocco Construction Equipment Import Export Trade Statistics
- Market Opportunity Assessment By Type
- Market Opportunity Assessment By Application
- Morocco Construction Equipment Top Companies Market Share
- Morocco Construction Equipment Competitive Benchmarking By Technical and Operational Parameters
- Morocco Construction Equipment Company Profiles
- Morocco Construction Equipment Key Strategic Recommendation
Market Scope and Segmentation
Thereportprovides a detailed analysis of the following market segments:
By Types
- Crane
- Bulldozer and Construction Tractor
- Earthmoving Equipment
- Material Handling Equipment
- Dump Truck
- Aerial Work Platform
- Road Construction Equipment
By Applications
- Construction
- Mining
- Oil & Gas
- Others (Municipality, Road Construction etc.)
