In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Saudi Arabia Construction Equipment Market - Strategic Assessment & Forecast Report. In Saudi Arabia construction equipment market, the earthmoving segment has been widely spread at construction sites for excavation and loading/unloading heavy objects, earthmoving equipment accounted for 48.
New York, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Saudi Arabia Construction Equipment Market - Strategic Assessment & Forecast 2022-2028" - https://www.reportlinker.com/p06221915/?utm_source=GNW
9% of the overall Saudi Arabia construction equipment market. The Saudi Arabia earthmoving equipment market is expected to reach 22,784 units by 2028, growing at a CAGR of 5.58%, due to increased use of excavators in affordable housing projects and growing popularity of modular construction technology.
SAUDI ARABIA CONSTRUCTION EQUIPMENT MARKET INSIGHTS
• Saudi Arabia construction equipment market size will be valued at USD 1,889.5 million by 2028.
• The Saudi Arabia construction equipment market is expected to grow significantly during the forecast period, owing to factors such as increased government expenditure in highway, metro, and airport construction projects and rising preference for renting equipment.
• In 2022, a Spike in FDI and development in the industrial sector due to major investments in mining and renewable energy projects will significantly contribute to the expansion of the construction equipment market.
• Construction being the primary industry sector in Saudi Arabia, equipment used in the construction industry accounted for the largest market share of nearly 59% in 2021.
KEY HIGHLIGHTS IN THE REPORT
• A key pillar in Saudi Arabia’s Vision 2030 is the development of a thriving society. It is to increase the availability of affordable housing for its citizens. This translated into the objective of 70% Saudi homeownership by 2030 (Eskan Program). It requires that the existing housing supply grows with ~700k houses between 2020 and 2025 to achieve 65% Saudi homeownership, the 2025 target is to stay on track for the 2030 ambition boosting the growth of the market.
• Saudi Arabia government is boosting its efforts to improve the ability of low- and middle-income households to purchase affordable homes by bridging the gap between strong demand and poor supply of housing units for the lower-income categories. In line with the Vision 2030 initiative, Saudi Arabia has taken unprecedented measures by announcing plans to build one million new housing units to fuel the market’s growth.
SAUDI ARABIA CONSTRUCTION EQUIPMENT MARKET SEGMENTATION
• Earthmoving equipment captured a major share in the overall Saudi Arabia construction equipment market due to their extensive usage at construction sites for excavation and demolition and loading/unloading heavyweights.
• The growth in the transportation sector with the boost in government investment toward the highway, metro and airport construction projects are the major drivers increasing the demand for earthmoving equipment in Saudi Arabia construction equipment market
• Excavators are expected to grab the major market share over the forecast period due to an increase in government investments in construction activities, such as roads, highways, metros, and airports. Increasing inclination towards the technologically advanced (electric, Hydraulic Circuit Technology, etc.) excavators in Saudi Arabia. In addition, an increase in building residential projects and hospitality construction will further spur the market.
Market Segmentation by Type
• Earth Moving Equipment
o Backhoe Loaders
o Motor Graders
o Other Earth Moving Equipment
• Road Construction Equipment
o Asphalt Paver
o Road Rollers
• Material Handling Equipment
• Telescopic Handlers
• Aerial Platforms (Articulated Boom Lifts, Telescopic Boom Lifts, Scissor Lifts, etc)
Market Segmentation by Application
• Saudi Arabia has launched the Made in Saudi program, which aims to assist businesses in expanding their local footprint and increasing exports to key markets. Thereby, such growth in the manufacturing sector will positively impact the demand for the Saudi Arabia construction equipment market.
• The largest hurdles for local developers and contractors will not be market demand but rigorous environmental laws in response to pollution concerns and labor shortages. To tackle these difficulties, the government is encouraging innovative construction techniques that will increase efficiency, minimize pollution, and lower the industry’s labor intensity to drive market growth.
• Al Ramz, one of the largest residential development companies in Saudi Arabia, had partnered with Watheeq Proptech VC Fund as an investor to utilize the opportunities in the sustainable housing market in Saudi Arabia. The fund was invested in construction technology startups, which use prefabricated buildings, and construction robots to boost the market’s economy.
• Volvo Construction Equipment
• XCMG Group
• Hitachi Construction Machinery Middle East Corporation FZE (HMEC)
• JCB Ltd
• Kubota Corporation
• Zoomlion Heavy Industry Science & Technology Co. Ltd.
Other Prominent Vendors:
• Kobelco Construction Machinery
Other Distributor Profiles:
• Kanoo Machinery
• Al-Futtaim Auto & Machinery Company
• Arabian Truck & Construction Equipment Co.
• Arabian Auto Agency
• Dayim Equipment Rental
• Al-Qahtani Vehicle & Machinery Company
WHY SHOULD YOU BUY THIS REPORT?
This report is among the few in the market that offers outlook and opportunity analysis forecast in terms of:
• Volume (Unit sales)
• Value (USD)
• Gain competitive intelligence about the economic scenario, advantages in Saudi Arabia countries major projects and investments, dynamics, and market share.
• Examples of the latest technologies.
• Get presentation-ready format and easy-to-interpret data.
• Enable decision-makers to make informed and profitable choices
• Gain expert quantitative and qualitative analysis on value/volume growth projections of the Saudi Arabia construction equipment market share.
• Complete supply chain analysis
• Get COVID-19 impact analysis of the market
• Company Profile of 10 prominent vendors.
KEY QUESTIONS ANSWERED:
1. What is the size of Saudi Arabia construction equipment market?
2. Who are the key market players in the Saudi construction equipment industry?
3. What are the different types of construction equipment covered in the report?
4. What is the positive impact on demand for excavators in the forecast period?
5. What are the factors driving demand for asphalt paver in Saudi Arabia market?
Read the full report: https://www.reportlinker.com/p06221915/?utm_source=GNW
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