Saudi Arabia Construction Equipment Market size is projected to grow at a CAGR of 4.2% in terms of revenue during 2021-2027

Mobile crane segment acquired the largest revenue share in the Saudi Arabia Construction Equipment Market – 6Wresearch.

Growth in the non-oil sectors with an aim to diversify the economy under the ambit of the Saudi Vision 2030 and the National Transformation Program would lead to substantial growth of the Saudi Arabia construction equipment market over the coming years. Government development plans coupled with the rising foreign direct investment and increasing contribution of private sector players towards urban transformation are the main factors that would drive the construction equipment market in the country.

According to 6Wresearch, the Saudi Arabia Construction Equipment Market size is projected to grow at a CAGR of 4.2% in terms of revenue during 2021-2027. By applications, Oil & gas segment acquired highest share in the Saudi Arabia construction equipment market in 2020 as this sector is still one of the major contributors to the GDP of Saudi Arabia. However, construction sector is anticipated to register fastest growth in the forecast period due to the government’s aim to diversify the economy and focus on non-oil sector. Increasing government investment in setting up manufacturing industries and construction of transportation and public infrastructure projects across the country is expected to further augment growth of construction sector in the coming years.

According to Srajan Yadav, Research Analyst, 6Wresearch, “By types, loaders acquired a significant share in the overall earth moving equipment market in 2020 capturing around 58% of the overall market volume share. It is further segmented into backhoe loader, skid steer loader, wheeled loader and compact track. These loaders are mainly designed for applications such as loading materials into trucks, laying pipes, clearing rubble, and digging.”

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