Middle East and Africa Construction Equipment Market Size Expands at Steady CAGR of 4.56% during 2024 - 2030
Published | 09 July 2024
Middle East and Africa Construction Equipment Market is flourishing due to rapid urbanization, infrastructure development, government initiatives, oil & gas sector growth, and rising investments in construction and industrial projects.
BlueWeave Consulting, a leading strategic consulting and Market research firm, in its recent study, estimated Middle East and Africa Construction Equipment Market size by value at USD 4.26 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Middle East and Africa Construction Equipment Market size to expand at a CAGR of 4.56% reaching a value of USD 6.61 billion in 2023. Middle East and Africa Construction Equipment Market is influenced by several driving factors, shaping its growth trajectory. Firstly, rapid urbanization and industrialization across the region are propelling the demand for construction equipment. As cities expand and infrastructure development projects multiply, the need for advanced machinery becomes paramount, boosting market growth. Moreover, governments’ supportive initiatives aimed at infrastructure development, such as roads, bridges, airports, and residential complexes, further fuel the demand for construction equipment. These initiatives often involve significant investments, driving the adoption of modern construction machinery to expedite projects and enhance efficiency.
By volume, BlueWeave estimated the Brazil Tractor Market size at 55,600 units in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Brazil Tractor Market size to expand at a CAGR of 4.89% reaching a volume of 61,200 units by 2030. The exploration and development of natural resources in the Middle East & Africa region significantly contribute to the construction equipment market's expansion. Countries endowed with vast oil and gas reserves require extensive infrastructure to support extraction, refining, and transportation operations. This necessitates heavy investment in construction machinery for building pipelines, refineries, and associated facilities. Additionally, the growing focus on renewable energy projects, such as solar and wind farms, creates a demand for construction equipment to develop the necessary infrastructure. Consequently, the convergence of energy sector investments and infrastructural development projects serves as a major driving force behind the growth of the construction equipment market in the Middle East and Africa.
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Opportunity – Expansion of Construction Equipment Rental Services Segment
Middle East and Africa Construction Equipment Market is experiencing robust growth driven by the expansion of rental services. Companies and contractors increasingly prefer renting over purchasing due to cost-effectiveness and flexibility. This trend is propelled by the rising number of infrastructure projects, urbanization, and government initiatives promoting construction activities. Rental services provide access to advanced equipment without the burden of maintenance and depreciation costs. Additionally, the influx of global rental companies into the region enhances availability and variety, further boosting market expansion and meeting the dynamic needs of the construction industry.
Impact of Escalating Geopolitical Tensions on Middle East and Africa Construction Equipment Market
Escalating geopolitical tensions in Middle East and Africa significantly impact the construction equipment market. Conflicts and political instability disrupt supply chains, causing delays and increased costs for equipment and materials. For instance, the ongoing conflicts in Israel, Palestine, and Yemen and the instability in Libya have led to a contraction in construction activities. Additionally, international sanctions on countries like Iran restrict the import of essential construction machinery, stifling market growth. Despite these challenges, reconstruction efforts in war-torn regions, such as Syria, present opportunities for market recovery. Further, initiatives like Saudi Arabia’s Vision 2030 drive demand for advanced construction equipment, although geopolitical uncertainties continue to pose risks to sustained growth and market stability.
Middle East and Africa Construction Equipment Market
Segmental Coverage
Middle East and Africa Construction Equipment Market – By Engine Capacity
Based on engine capacity, Middle East and Africa Construction Equipment Market is divided into <5L, 5
10L, and >10L segments. The >10L engine capacity is the largest segment in Middle East and Africa Construction Equipment Market. The segment encompasses heavy-duty machinery tailored for large-scale construction projects, infrastructure development, and mining operations, reflecting the region's demand for robust and powerful equipment to handle substantial tasks efficiently. The >10L segment's dominance underscores the significance of high-performance machinery in meeting the region's construction needs and facilitating its economic growth.
Competitive Landscape
Middle East and Africa Construction Equipment Market is fiercely competitive. Major companies in the Market include Caterpillar Inc., CNH Industrial (Case Construction), Doosan Corp, Hitachi Construction Machinery Co., JCB, Kobelco Construction Machinery Co. Ltd, Liebherr Group, Manitowoc Company Inc., Sumitomo Corporation, Mitsubishi Electric Corporation, Volvo AB, Komatsu Ltd, Tadano Ltd, Hyundai Doosan Infracore (Doosan Infracore Co., Ltd), and Deere & Company (John Deere). These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Middle East and Africa Construction Equipment Market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Middle East and Africa Construction Equipment Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Middle East and Africa Construction Equipment Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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