Construction segment by application, accomplished the largest share revenue in the Morocco Construction Equipment Market - 6Wresearch
Construction sector acquired the maximum revenue share in the Morocco construction equipment market in 2022 on the back of completion of 18 hospitality projects consisting of 2,743 rooms. Furthermore, the upcoming hospitality projects such as Waldorf Astoria Tanger, Lincoln Casablanca would further grow the revenue share of construction sector in the subsequent years.
The Morocco Construction Equipment Industry in 2020 observed decline owing to pandemic as the economic were halted to curb the spread of virus since the government of the country imposed lockdown thus, the construction activities were restricted, and the construction industry recorded decline of 3.8% in real terms, which declined the demand for construction equipment in the nation. The Construction Equipment Market in Morocco recovered in 2021 since the effect of the coronavirus pandemic subsided and construction sector registered growth in 2021. Moreover, in 2022, 18 projects of hotels comprising of 2,743 rooms opened which led to a rise in demand for construction equipment.
According to 6Wresearch, Morocco Construction Equipment Market revenue size is anticipated to grow at a CAGR of 5.7% during 2023-2029. 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 opening of 7 hotel projects with 3,280 rooms in 2023 and 8 hotel projects comprising of 1,367 rooms in 2024 will also stimulate the market for construction equipment in the country.
According to Ravi Bhandari, Research Head, 6Wresearch, in 2022, the construction equipment industry in Morocco was dominated by earthmoving equipment segment owing to the Tiznit-Dakhla highway project which is under construction and is anticipated to be completed soon. The sector will attain more growth in the years to come.
The Morocco Construction Equipment Market (2023-2029)” report provides an in-depth analysis with 24 figures and 21 tables, covered in 90 pages. This report on Construction Equipment Market in Morocco comprehensively covers the industry by types, product types, and applications. The report provides a detailed as well as unbiased analysis of the on-going drivers, opportunities/high growth areas, and trends of the market that are likely to support the stakeholders to align and devise their market strategies according to the latest and future sector dynamics.