Press Release Description

Saudi Arabia Construction Equipment Market to Record a Substantial CAGR of Around 4.5% During 2024-30

The Saudi Arabia Construction Equipment Market is projected to grow at a CAGR of 4.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The industry in Saudi Arabia would experience a significant uptick due to the robust growth in infrastructure development & the blooming tourism industry within the region. The country is currently undergoing a transformative phase marked by industrialization & economic diversification. Being reliant on the oil & gas sector over the past years, the government of Saudi Arabia has been vigorously undertaking measures to lessen this dependency, ushering support towards non-oil-related sectors.

Further, at the forefront of this economic transformation is the Vision 2030 plan, serving as a comprehensive roadmap for the Kingdom's development. This visionary initiative places a distinct emphasis on the development of the industrial sector & the attraction of foreign investment. The industrial construction sector emerges as a vital participant, contributing to Saudi Arabia's economic development strategy. This sector is instrumental in building the essential infrastructure needed for a spectrum of industrial projects, possessing manufacturing plants, refineries, petrochemical facilities, and mining operations.

Along with this, the industrial construction sector also serves as a vital source of employment & opportunities, promoting domestic & foreign investment in Saudi Arabia. Hence, the convergence of infrastructure development, economic diversification efforts, and strategic initiatives highlighted in Vision 2030 would collectively enhance the Construction Equipment Market size in Saudi Arabia, further strengthening the country's economy, further states the research report, “Saudi Arabia Construction Equipment Market Analysis, 2024.”.

Saudi Arabia Construction Equipment Market

Saudi Arabia Construction Equipment Market Segmentation Analysis

Earthmoving Equipment to Lead the Saudi Arabia Construction Equipment Market Growth

Based on Type of Equipment, the market is fragmented into Earthmoving Equipment, Loaders, Material Handling Equipment, Road Building Equipment, and Road Roller. Of them, the Earthmoving Equipment sector held a substantial share of the Saudi Arabia Construction Equipment Market. This can be attributed to its versatile applications in diverse earthworks required for construction projects in residential & commercial sectors.

These equipment varieties are integral to construction sites, where they perform crucial tasks such as moving & excavating substantial amounts of earth for establishing foundations of large structures. The increased construction activities nationwide, coupled with rapid industrialization, have led to a surge in construction projects, consequently amplifying the demand for earthmoving equipment at these sites, further aiding in elevating the market share in the ensuing years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Caterpillar Incorporation, AB Volvo, Komatsu Middle East, CNH Industrial America LLC, Liebherr-International Deutschland GmbH, Hitachi Construction Machinery, Sumitomo Construction Machinery Co., Ltd., Xuzhou Construction Machinery Group Co., Ltd., Doosan Corporation, Kobelco Construction Machinery Middle East and Africa FZCO, and others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Saudi Arabia Construction Equipment Market?
  3. What key factors would propel and impede the industry across the country?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping the country?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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