Iran is one of the most potential and untapped markets in the Middle-East region. Iran market declined sharply during 2012-15 due to the imposition of the US Sanctions. These sanctions resulted in slowdown of the economy and devaluation of Iranian currency, which affected several construction projects in the country.
However, in 2016, the market is exhibited to regain its momentum on the back of removal of sanctions and expected investments inflow in the country. With these developments, the construction industry is likely to revive, which would create the demand for construction equipment.
According to 6Wresearch, Iran's Construction Equipment Market is anticipated to register 7.9% growth in the year 2016. Over the next six years, entry of international real estate players and expansion of public & private infrastructures is projected, which would fuel the market for construction equipment.
According to Prijo Samuel, Senior Research Analyst, Research and Consulting, 6Wresearch, "Excavator market captured major share of the market pie; however, its market share is expected to decline owing to rising demand for backhoe loaders in the country. Low price and removable attachment (bucket) option available have led for the growth of backhoe loader market.
"Additionally, investments and expansion in the mining industry in the forecast period would further boost the demand for loaders in the country. Metal and oil exploration activities over the next six years, would be the other key drivers for the Iran's construction equipment market," Prijo further added.
According to Shefali Goel, Research Analyst, Research and Consulting, 6Wresearch, "Although, amongst all industries, construction industry contributes major share in the market but mining industry would witness significant growth during the forecast period due to expected FDIs."
"Excavation & demolition and heavy lifting applications are the prime revenue generating applications in Iran's construction equipment market. In excavation application market, excavators accounted for large share, whereas in heavy lifting application loaders have led the market revenues," Shefali concluded.
"Iran Construction Equipment Market (2016-2022)" provides in-depth analysis with 89 figures and 24 tables covered in more than 130 pages. The report estimates and forecast overall Iran construction equipment market by revenue, by types, by industries, by region and by applications such as excavation & demolition, heavy lifting, and recycling and waste management. The report also gives the insights on competitive landscape, market share by companies, companies benchmarking, company profiles, market drivers and restraints.
Media Source: Dubai Chronicle