Latest Development (2022) in Saudi Arabia Construction Equipment Market

Saudi Arabia Construction Equipment Market is expected to generate proliferation during the upcoming years owing to increasing projects by the government in order to develop the infrastructure of the country. The government of the country is planning to expand the housing sector which will further flourish Saudi Arabia Construction Market Growth. Moreover, the strengthening of the tourism sector coupled with the rising number of residential buildings is driving the development of the market. Rising penetration towards speeding up of construction activities by the companies is driving the Saudi Arabia Construction Equipment market share.

Saudi Arabia Construction Equipment Market Synopsis

Saudi Arabia Construction Equipment Market report is a part of the Middle East Construction Equipment Market report thoroughly covers the market by types, applications, and regions. Saudi Arabia Construction Equipment Market report provides an unbiased and detailed analysis of the ongoing 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.

The construction equipment market in Saudi Arabia declined over the past few years on account of reduced government expenditure due to low crude oil prices, which resulted in the cancellation of many large-scale construction projects, thereby affecting the demand for construction equipment negatively. However, the rising government infrastructure spending underpinned by initiatives such as Saudi Vision 2030 and National Transformation Program coupled with rising FDI, and private sector investment would drive the construction equipment market in the Kingdom. The spread of the COVID-19 pandemic has resulted in a slowdown of the overall economy leading to a temporary halt in many construction projects across the region, thereby impacting the construction equipment market in Saudi Arabia, which is expected to regain momentum in the year 2021.

According to 6Wresearch, Saudi Arabia Construction Equipment Market size is projected to grow at a CAGR of 4.2% in terms of revenues during 2021-2027. Growing economic growth coupled with increasing investment in the development of the construction sector is accelerating the Saudi Arabia Construction Equipment Market Growth. The rising shift toward smart cities along with the partnership of private firms with government authorities is driving the development of the industry. 

Market by Types Analysis

On the basis of types, the mobile crane segment is expected to grow at a substantial rate over the coming years on account of widespread utility for moving containers, especially in the oil & gas industry. Earthmoving equipment has garnered the major market revenue share in Saudi Arabia’s construction equipment market owing to its prevalent usage in sectors such as mining, transportation, and commercial, where they are extensively used for excavating, lifting heavy weights, and laying railway tracks.

 Market by Applications Analysis

On the basis of applications, the construction application segment is expected to demonstrate significant growth over the coming years owing to a large number of upcoming infrastructure projects in the region such as NEOM city, the Red Sea project, and Diriya Gate project. Additionally, the rising hotel chains and entertainment areas on account of Saudi vision to boost the tourism sector have further escalated the demand for construction equipment in the country. Based on regions, the central region of Saudi Arabia is anticipated to register the fastest growth in the forecast period on the back of many upcoming infrastructure development projects in the region.

COVID-19 Impact on Saudi Arabia Construction Equipment Market

The construction equipment market in Saudi Arabia has bethe en declining over the last few years on account of the halting and cancellation of various projects in the wake of several factors such as the oil crisis. Further, with the outbreak of the COVID-19 pandemic in 2020, the construction sector witnessed another massive hit due to supply chain disruptions, delays, and lack of manforce, thus, negatively impacting the construction equipment market in the country in 2020.

Key Players in the Market

• Some of the key players in Saudi Arabia Construction Market are:
• Komatsu Ltd.
• Volvo Construction Equipment Corporation.
• Caterpillar Incorporation.
• Hitachi Construction Machinery Co. Ltd.
• Manitowoc Company Inc.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2017 to 2020.
• Base Year: 2020
• Forecast Data until 2027.
• Key Performance Indicators Impacting the Market.

Key Highlights of the Report

• Saudi Arabia Construction Equipment Market Overview
• Saudi Arabia Construction Equipment Market Outlook
• Saudi Arabia Construction Equipment Market Forecast
• Saudi Arabia Construction Equipment Market Share
• Saudi Arabia Construction Equipment Market Growth
• Historical Data and Forecast of Saudi Arabia Construction Equipment Market Revenues for the Period 2017-2027F
• Historical Data and Forecast of Saudi Arabia Construction Equipment Market Revenues, By Types for the Period 2017-2027F
• Historical Data and Forecast of Saudi Arabia Construction Equipment Market Revenues, By Applications for the Period 2017-2027F
• Historical Data and Forecast of Saudi Arabia Construction Equipment Market Revenues, By Regions for the Period 2017-2027F
• Market Drivers, Restraints
• Saudi Arabia Construction Equipment Market Trends
• Industry Life Cycle
• Saudi Arabia Construction Equipment Market – Porter’s Five Forces
• Saudi Arabia PESTEL Analysis
• Market Opportunity Assessment
• Company Shares
• Market Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

• By Types

  • Mobile Crane
  • Bulldozer and Construction Tractor
  • Earthmoving Equipment
    • Loader
    • Excavator
    • Motor Grader
  • Material Handling Equipment
    • Telescopic Handler
    • Forklift
  • Dump Truck
  • Aerial Work Platform
    • Articulated Boom lift
    • Telescopic Boom lift
    • Scissor Lift
  • Road Construction Equipment
    • Paver
    • Road Roller

By Applications

• Oil & Gas
• Construction
• Mining
• Others (Municipality, Road Construction, etc.)

By Regions

• Eastern Region
• Western Region
• Central Region
• Southern Region

Frequently Asked Questions About the Market Study:

Does the report consider the COVID-19 impact?

The report not only considered COVID-19 impact but also current market dynamics, trends, and KPIs into consideration.

How much growth is expected in the Saudi Arabia construction equipment market over the coming years?

The Saudi Arabia construction equipment market revenue is anticipated to record a CAGR of 4.2% during 2021-27.

Which segment has captured key share of the market?

The segment, earthmoving segment garnered the majority revenue share in Saudi Arabia construction equipment market

Which segment is exhibited to gain traction over the forecast period?

The Mobile crane segment would record key growth throughout the forecast period 2021-27.

Who are key the key players in the market?

The key players in the market include- Caterpillar Inc., Komatsu Middle East FZE [KME], Hitachi Construction Machinery Middle East Corporation FZE, Hyundai Construction Equipment Co., Ltd., etc.

Is customization available in the market study?

Yes, we can do customization as per your requirements. Please feel free to write to us sales@6wresearch.com for any customized or any other requirements

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