Saudi Arabia is fast becoming a major market for earthmoving equipment manufacturers, thanks to the ongoing construction and infrastructure development activities in the country, said a report.
The earthmoving equipment market in Saudi Arabia is poised to grow at a compound annual growth rate (CAGR) of 9.2 percent over the next six years, according to a study by 6wresearch.
The growing civil construction market, mining industry, and coupled with the rise in spending on construction of public infrastructure have boosted Saudi Arabia earthmoving equipment market.
Loaders have prominently fuelled the growth of the overall market followed by construction tractors and excavators. In the forecast period, the construction tractors are anticipated to marginally decline owing to the demand for excavators.
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Media Courtesy : GULF CONSTRUCTION ONLINE