Construction equipment market in GCC region was buoyed by several factors such as growing construction market, several utility projects in countries such as UAE, Saudi Arabia and Qatar. Saudi Arabia held majority of the market share followed by UAE and Qatar.
However, declining global oil prices resulted in slowdown in the infrastructure spending, which halted several projects in the region. Major impact of the declining oil revenues was witnessed in Saudi Arabia. However, utility sector recorded investments due to growing demand for energy, which fueled the growth of the market.
Government spending to expand the existing infrastructures combined with new projects and budding utility projects in countries such as Qatar, Saudi Arabia and UAE have resulted in the demand for construction equipment in the GCC region. Additionally, investments in utility sector has driven the demand for new construction equipment in the recent years.
The GCC construction equipment market is anticipated to grow at a CAGR of 1.6% from 2016 to 2022. During 2015-17, the market for construction equipment is expected remain affected due to lower government spending due to declining oil revenues. However, post 2017, market would register improvement due to expected recovery of oil prices and initiatives taken by the various governments to diversify the economies.
Amongst all construction equipment segments, earthmoving equipment segment held majority revenue share followed by mobile crane and dump truck. Earthmoving equipment are largely deployed across construction as well as mining sectors.
In the overall GCC construction equipment market, Saudi Arabia held the highest revenue share, however, the market growth is exhibited to remain sluggish. On the contrary, countries such as UAE and Qatar are expected to register growth on account of upcoming World Expo in Dubai 2020 and FIFA World Cup in Qatar in 2022.
The report thoroughly covers the market by construction equipment types, by applications and by regions. The report provides unbiased and detailed analysis of the on-going trends, opportunities/ high growth areas, market drivers, which would help stakeholders to device and align market strategies according to current and future market dynamics.
By Construction Equipment Types: - Cranes - Earthmoving Equipment: -- Loader -- Motor Grader -- Crawler Dozer -- Excavator - Dump Trucks
By Applications: - Construction - Mining & Quarrying - Utilities
By Countries: - Saudi Arabia - UAE - Qatar - Kuwait - Oman - Bahrain
CNH Industrial N.V Caterpillar Incorporation Doosan Infracore Construction Equipment Hitachi Construction Machinery Co., Ltd. Kobelco Construction Komatsu Ltd Manitowoc Company Inc. Tadano Ltd. Volvo Construction Equipment Corporation