Post 2014, construction equipment market in the Middle East region witnessed sluggish growth on account of the crude oil price crash. The demand for construction equipment is directly dependent upon the infrastructural projects, which was majorly impacted during 2014-18. However, the construction equipment market in Middle East region is expected is regain momentum due to recovery of crude oil prices, diversification of the economy and government supported infrastructural development projects including hospitals, offices, retail, educational institutions and malls in the region. Moreover, upcoming events such as Dubai Expo 2020 and Qatar FIFA world cup 2022 has resulted in increase in construction activities in UAE and Qatar. As a result, the market is expected to witness substantial rise during the forecast period.
According to 6Wresearch, Middle East Construction Equipment market revenues are projected to grow at a CAGR of 1.8% during 2018-24. Government initiatives such as Saudi Vision 2030, UAE Vision 2021 and Turkey Vision 2023, would drive the construction equipment market during the forecast period. Additionally, the Middle East countries are transitioning towards non-oil sectors to diversify the economy which in turn would eventually lead to the growth of construction equipment market in the region.
According to Ravi Bhandari, Senior Manager, 6Wresearch, "Earthmoving equipment and mobile cranes are the key revenue generating segments in the Middle East construction equipment market due to high demand for these equipment at the construction sites. Furthermore, the demand for mobile cranes and earthmoving equipment would remain high during the forecast period on account of soaring demand for high rise buildings and skyscrapers."
According to Prateek Gupta, Research Associate, Research and Consulting, 6Wresearch, "Construction application segment is expected to demonstrate substantial growth owing to large number of construction projects pipelined in the region followed by the oil & gas segment."
"Turkey acquired the highest revenue share in the Middle East construction equipment market in 2017 followed by UAE and Saudi Arabia. Whereas, Qatar is anticipated to register maximum CAGR due to upcoming FIFA World Cup 2022," Prateek further said.
Some of the major companies in Middle East construction equipment market includes - Caterpillar, Komatsu, Hyundai Construction Equipment, Volvo Construction Equipment and JCB.
"Middle East Construction Equipment market (2018-2024)" report provides an in-depth analysis with 234 figures and 81 tables, covered in 345 pages. The report estimates and forecast the overall Middle East Construction Equipment market by revenue, volume, types, countries and applications such as construction, oil & gas, mining and others. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.