Posted On: 2020-03-17
Earthmoving equipment type accounts for the largest revenue share in the Saudi Arabia construction equipment market- 6Wresearch
The implementation of the Vision 2030 Plan is already underway by the Saudi Government under which the aim is to diversify the country’s oil-dependent economy. Additionally, the government is encouraging investment in nearly all economic sectors, with priority being given to transportation, education, health, information and communications technology, life sciences and energy sectors. Further, construction of four new large scale economic cities in different regions would give a huge boost to the construction equipment market in Saudi Arabia during the forecast period.
According to 6Wresearch, Saudi Arabia Construction Equipment System Market revenue is expected to grow at a CAGR of 3.0% during 2020-26. Earthmoving equipment type accounted for majority of the revenue share followed by mobile cranes in the year 2019. Additionally, initiatives, such as Saudi Vision 2030 and the National Transformation Plan (NTP), the demand for construction equipment in Saudi Arabia would pick up pace over the next decade.
According to Prateek Gupta, Senior Research Analyst, Research and Consulting, 6Wresearch, “Saudi Arabia construction equipment market is regaining its momentum after facing the consequences of oil crisis from last few years. Both the government and the private players are investing heavily for the infrastructure development which include expansion of metros and airports, along with the construction of new hotels and shopping malls. Hence , this is expected to create a moderate drag on market revenues over the coming years.”
According to Ravi Bhandari, Manager, Research and Consulting, 6Wresearch, “Construction application dominates the overall market revenue share in the construction equipment market of Saudi Arabia and is also expected to experience the highest growth rate owing to substantial demand for such equipments in building of large number of upcoming offices spaces, road, bridges, hotels and healthcare projects under the proposed economic city projects, such as Jazan Economic City and Prince Abdulaziz Bin Mousaed Economic City.
Some of the key players in Saudi Arabia construction equipment system market include Caterpillar, Komatsu, Hyundai Construction Equipment, Volvo Construction Equipment, J C Bamford Excavators and several others.
“Saudi Arabia Construction Equipment System Market (2020-26)” report provides an in-depth analysis with 57 figures and 12 tables covered in more than 90 pages. The report estimates and forecast the overall Saudi Arabia construction equipment system market by revenues, volumes, equipment type, applications and regions. 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 devise and align their market strategies according to the current and future market dynamics.