Saudi Arabia Construction Equipment Rental Market to Surpass $ 1 Billion by 2023
Rising investments by government coupled with
growing construction & infrastructure sectors to drive Saudi Arabia
construction equipment rental market through 2023
According
to TechSci Research report, “Saudi Arabia Construction Equipment Rental Market By Equipment Type,
Competition Forecast & Opportunities, 2013-2023”, Saudi Arabia construction equipment rental market
is projected to cross $ 1 billion by 2023, owing to reviving construction
industry and rising government investments in the country’s infrastructure
sector. Moreover, due to high purchasing cost of construction equipment
construction, an increasing number of companies prefer procuring construction equipment
on rent which is further pushing the rental demand. Additionally, major construction
and infra projects such as Vision 2030, Jazan Economic City, King Abdullah
Economic City and Jeddah Metro, etc., are in the pipeline, and these projects are
expected to significantly augment demand for construction equipment in the
country during the forecast period, consequently driving Saudi Arabia construction
equipment rental market.
Browse 57
market data Figures and Tables spread through 112 Pages
and an in-depth TOC on "Saudi Arabia Construction Equipment Rental
Market"
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According to a survey conducted by TechSci Research, more than 65%
customers are not willing to change their construction equipment rental company
in Saudi Arabia. Zahid Tractor and Heavy Machinery Company and Bin Quraya Rental
grabbed the highest satisfaction level among contractors in terms of product
quality, availability and service of construction equipment rental in Saudi
Arabia. Zahid Tractor and Heavy
Machinery Company and General Contracting Company (GCC) were also the leading
players in Saudi Arabia construction equipment rental market in 2017, and they
are expected to continue leading the market during forecast period as well,
owing to continuing collaborations with construction companies coupled with the
companies’ strong sales network spread across the country.
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Dump truck
segment dominated Saudi Arabia construction equipment rental market in 2017 and
is expected to continue dominating during forecast period as well, owing to its
extensive use to carry gravel, sand, subbase and other materials from one
location to another. Moreover, it is widely used in residential, commercial, and
almost all types of construction projects. Dump trucks with operating weight of
16 cubic meter are the most preferred type of dump trucks. A large demand for
construction equipment rental emanates from South & West region as a huge
number of large-scale projects are being undertaken in these regions of the
country. South & West region is followed by North & Central and East
regions of Saudi Arabia, which are also fuelling growth in the country’s overall
construction equipment rental market.
“Various upcoming infrastructure projects coupled with increasing
government expenditure towards industrial, tourism and construction sectors to
stabilise the country’s economy would push the demand for construction
equipment rental in Saudi Arabia in the coming years. Moreover, developing real
estate & housing projects and surging foreign investments in equipment
rental market, are further anticipated to fuel the market during the forecast
period.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Saudi Arabia
Construction Equipment Rental Market By Equipment Type, Competition Forecast
& Opportunities, 2013-2023” has analyzed the potential of construction equipment rental market across the country,
and provides statistics and information on market sizes, shares and trends. The
report will suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by the Saudi Arabia construction equipment
rental market.
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