6Wresearch has released a new report entitled "Saudi Arabia Construction Equipment Market (2015-2021)."
Saudi Arabia is one of the largest countries in the GCC (Gulf Cooperation Council, also now known as the Cooperation Council for the Arab States of the Gulf) with an oil-based economy. In order to achieve better economic performance, the government of Saudi Arabia is aiming to diversify its economy by investing in various sectors of business and industry such as hospitality, banking, retail, agriculture, infrastructure & transportation and education. The metal and mining sector is also expanding in the country, which is one of the key reasons for the growing Saudi Arabia construction equipment market.
According to 6Wresearch, the Saudi Arabia construction equipment market is forecast to grow at a CAGR of 8.75% from 2015 to 2021. The Saudi Arabia construction equipment market is a highly import driven and consolidated market with few global players accounting for a majority of the market. International players are increasingly making their footprints in the market through partnerships or distribution.
Metal and mining is the major application of the construction equipment market in the country, contributing to the maximum revenue in the Saudi Arabia construction equipment market. According to the Saudi Commission for Tourism and Antiquities, 214 new hotels will be built in the country over the next two years and over $30 billion will be investing to boost the hospitality sector.
According to Rajat Kharbanda, Senior Consultant, Research and Consulting, 6Wresearch, "With the large number of mega projects coming up in the construction industry and expansion of public and private infrastructures in the country, the market is expected to witness growth trajectory in the Saudi Arabia construction market during the forecast period.
"[A] Growing tourism sector would further contribute in the revenue growth in the construction equipment market in the country due the development of more hotels for accommodating the rising tourist numbers. Other construction projects include shopping malls, airports, metro stations and hospitals where construction equipment would be highly required," Kharbanda further adds.
According to Sathi Paul, Research Associate, Research and Consulting, 6Wresearch, "[The] Western region of Saudi Arabia is the main revenue generator of Saudi Arabia construction equipment market as large number of hotel and retail outlets are in the pipeline which would be constructed in Madinah and Makkah.
"In Saudi Arabia construction equipment market, Loaders accounted for the major share in the Construction equipment, followed by Crane and Construction Tractors. Crawler Loaders generated major share, followed by the tower & mobile crane and in construction Tractors Bulldozer/Crawler Tractor has captured the market," Paul concludes.
International players operating in the Saudi Arabia construction equipment market include Caterpillar, Komatsu, Hitachi, Mitsubishi, BEML and Liebherr Group.
“Saudi Arabia Construction Equipment Market (2015-2021)” provides in-depth analysis with 99 figures and 36 tables covered in 166 pages. The report estimates and forecast overall Saudi Arabia Construction Equipment market by revenue, by types of construction equipment and end user applications such energy, metal & mining and construction. The report also gives the insights on competitive landscape, market share by companies, company profiles, market drivers, restraints and key performance indicators.