Growth in construction activities has emerged as the major driver for the demand for construction equipment in the GCC region. In construction market, amongst all GCC countries, Saudi Arabia is the largest contributing country, where rise in both public and private infrastructures can be witnessed. This has resulted into the demand for construction equipment especially earthmoving equipment on rent in the country.
According to 6Wresearch, Saudi Arabia Earthmoving Equipment Rental Market is projected to grow at a CAGR of 12.3% during 2015-21. High cost and ease of availability of earthmoving equipment on rent has spurred rental equipment business. In 2014, excavator rental market accounted for majority of the market share in the overall market followed by construction tractor. However, Excavator and loader markets are expected to grow at comparatively higher growth rates.
Sectors such as transportation, retail, hospitality, and energy are witnessing significant growth in the country. In 2014, western region accounted for major share in Saudi Arabia earthmoving equipment rental market followed by central region. The construction of high rise buildings and hotels in the regions has stimulated the market growth. Cities like Makkah and Madinah would especially witness growth in number of new hotels. More than 77% of hospitality investments in the Kingdom would be spent in the two cities only. There are about 149 new hotels under construction in Saudi Arabia, which are driving the market for earthmoving equipment on rent in the country.
Saudi government is planning to invest about $30 billion in tourism sector during 2013-23, which would drive the construction and expansion of road, rail, transportation, and airport infrastructures in the country, thus boosting rental equipment market.
Apart from construction application, mining is other major revenue generating application in earthmoving equipment rental market. Mining in oil & gas and metal segments have added to the demand for equipment on rent.
“Saudi Arabia Earthmoving Equipment Rental market (2015-2021)” provides in-depth analysis with 56 figures and 20 tables covered in 120 pages. The report estimated and forecast overall Saudi Arabia Earthmoving Equipment rental market by revenue, by types such as excavators, construction tractors, loaders and motor grader, by application such as construction, mining and agriculture and market by region such as Southern region, Eastern region, Western region and Central region. The report also gives the insights on competitive landscape, market share by companies, rental price trends, company profile, market drivers and restraints.