The construction equipment rental market in Saudi Arabia is expanding rapidly on an account of robust growth in the construction activities due to rising foreign direct investments and increasing government spending toward the development of real estate and housing projects. According to Saudi Arabian Monetary Authority, foreign direct investment surged 10% from USD 3.18 billion in 2018 to USD 3.50 billion in 2019. Along with this, the government announced a trillion-dollar pipeline of infrastructure projects in 2019, which would include smart cities, significant tourism activities, and clean energy initiatives. Thus, it is anticipated to outgrow the demand for construction equipment rental market in the forecast period.
According to MarkNtel Advisors’ research report “Saudi Arabia Construction Equipment Rental Market Analysis, 2020”, the Saudi Arabia Construction Equipment Rental market is anticipated to grow at a CAGR of around 11% during 2020-25 on an account of rising demand for construction equipment from oil & gas and mining sectors and a growing inclination of companies toward rental equipment in order to avoid expenses related to its maintenance and major costs associated with its purchase. Moreover, the outbreak of COVID-19 pandemic has impacted the growth of equipment rental market due to a halt on construction activities in the country.
“Saudi Arabia Construction Equipment Rental Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Construction Equipment Rental providers across the country. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Industrial Sector Exhibits the Fastest Growth
Based end user, residential acquired the significant market share in 2019. With an aim of home ownership rates to reach 60% by 2020, launch of various housing programs, which is expected to increase the demand for rental equipment in the country. However, industrial segment is expected to attain the fastest growth in the coming years. In Vision 2030, under the National Development and Logistic Programme (NIDLP), the government introduced 60 initiatives in mining, industry, logistic and energy sectors. Hence, these are anticipated to place a positive impact on the growth of construction equipment rental market in the forthcoming timeline as stated in MarkNtel Advisors’ research report “Saudi Arabia Construction Equipment Rental Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Saudi Arabia Construction Equipment Rental market are Zahid Tractor and Heavy Machinery Company, Bin Quraya, Rezayat Sparrow Arabian Crane Hire Co. Ltd., YounesFateh Al Khaja, Arabian Consolidated Trading Group – Crane & Heavy Equipment Rental, Arabian Machinery & Heavy Equipment Co. (AMHEC), Industrial Supplies Development Co. Ltd Rental and Service, Abdullah H. Al Shuwayer Company, Al Arabi Heavy Equipment Lease Company (AHELCO), Hertz Dayim Equipment Rental Co., etc.
1. By Type (Earthmoving Equipment, Construction Vehicle, Material Handling Equipment, Other Construction and Tunneling Equipment)
2. By End Users (Residential, Commercial, Industrial)
3. By Geographic Region (North, West, South, East, Central)
4. By Competitors (Zahid Tractor and Heavy Machinery Company, Bin Quraya, Rezayat Sparrow Arabian Crane Hire Co. Ltd., YounesFateh Al Khaja, Arabian Consolidated Trading Group – Crane & Heavy Equipment Rental, Arabian Machinery & Heavy Equipment Co. (AMHEC), Industrial Supplies Development Co. Ltd Rental and Service, Abdullah H. Al Shuwayer Company, Al Arabi Heavy Equipment Lease Company (AHELCO), Hertz Dayim Equipment Rental Co.)
Key questions answered in the study:
1. What are the current and future trends of the Saudi Arabia construction equipment Rental?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the country?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the Saudi Arabia construction equipment Rental?
6. What are the customer orientation, purchase behavior, and expectations from the rental construction equipment companies across various regions?