PUBLISHED DATE : Sep 2022 | Pages : 109
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Kuwait Construction Equipment Market Research Report includes segments by
The Industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Market Size, Sales, and Growth Forecast 2022-2028
109 Pages
18 Tables
60 Charts
1 Regions
1 Countries
20 Companies
4 Market Segment
| Report Attribute | Details |
|---|---|
| Market Size (2028) | USD 450.4 Million |
| Market Size (2021) | USD 306 Million |
| CAGR (2021-2028) | 5.76% |
| Base Year | 2021 |
| Historic Year | 2019-2020 |
| Forecast Year | 2022-2028 |
| TYPE | Earthmoving Equipment, Road Construction Equipment, and Material Handling Equipment |
| END-USERS | Construction, Manufacturing, Mining, and Others |
| KEY VENDORS | Hitachi Construction Machinery, Liebherr, Caterpillar, Zoomlion, XCMG, SANY, Hyundai Construction Equipment, Volvo, JCB, and Kobelco |
The Kuwait construction equipment market was valued at USD 306 million by 2021 and is expected to reach USD 450.4 million by 2028, growing at a CAGR of 5.76% from 2022 to 2028. Construction equipment are specially designed machinery used to perform construction operations. The Kuwait construction equipment market share by units is expected to reach 7,383 by 2028. The growth in the construction equipment market is majorly driven by the increase in government investment in infrastructure & renovation projects, the boost given by the demand by the oil sector, and Kuwait's construction plans to expand its power generation capacity in wind and solar parks.
Rising In Infrastructure Stimulates Economic Recovery
Kuwait has approved more than $60 billion for infrastructure, health, environment, and power projects, with 5% of partnerships with the private sector in 2022. The projects include 14 major public projects with a total value of approximately $59 billion and four partnership projects worth nearly $3.2 billion. The projects comprise mainly the airport expansion, development of Silk City- island development, trans-Kuwait rail network and rail link with nearby Gulf countries, Malta City, and the Clean Fuel Project, which are expected to contribute 2.5% of the country's GDP collectively.
In addition, Kuwait has permitted funding of $6.8 billion for developing a residential project, South Saad Al Abdullah Town, along with renovating the historic marketplace Souq Al Mubarakiya. According to World Bank, Kuwait is the second fastest growing GDP after Saudi Arabia in the Middle Eastern region.
Expansion of Renewable Energy Capacity
According to the Ministry of Electricity and Water, by 2030, the country's energy demand will increase significantly. Oil remained the country's most prominent power source and accounted for 65.5% of its total output in 2020. However, it is expected that Kuwait will boost the use of natural gas in place of oil for power production over the medium-to-long term as the government attempts to free up more of the country's oil reserves for export.
In 2019, Kuwait Renewable Energy Prediction System (KREPS) had a stated national goal of 15% renewable energy generation by 2030. The government planned to build a 5GW solar power complex in the country's north. In addition, solar capacity is planned installed capacity at Shagaya by 2030 with an investment of USD 20 million.
Growth in Housing & Airport Projects Supports the Demand for Flat Top Tower Cranes
Kuwait's Public Authority for Housing Welfare awarded a housing projects contract of $227.2 million to the Chinese firm First Group Company in 2021. The country's real estate sector is expected to have strong growth due to government investment in long-term developments across the region, such as the expansion of South Saad Al Abdullah New City.
The surge in real estate & public infrastructure projects supports the demand for tower cranes in the region. For instance, Zoomlion exports eight large tonnage flat-top tower cranes from China to construct Kuwait International Airport's new terminal. The flat-top tower crane provides a high lifting capacity & long boom length, which makes it suitable for hoisting heavy prefabricated concrete components. Other major OEMs in the region, such as XCMG, Liebherr, Hyundai construction machinery, & SANY, are expected to upgrade the existing tower crane to capture the growing demand for tower cranes in the region.
A surge in Investment in Public Infrastructure & Renovation Projects
The government has planned to invest $65 billion in infrastructure projects, including health, power, road, and railways. The government also increased the funding for housing sectors, and various housing renovation projects are planned in the regions like Souq Al Mubarakiya region of the country. A major railway project is scheduled to link all six Gulf Council member states in Eastern Arabia. The project is estimated to be worth $250 billion and is expected to complete by 2023. In addition, redevelopment projects such as Kuwait International Airport Expansion worth $ 4,265 million are under progress in 2022. Such significant support measures by the government have supported the growth of Kuwait construction equipment market. Apart from this government has planned to improve road connectivity across the country for fast transit.
The government's Waste Management Strategy Program is expected to positively impact the Demand for Excavators.
In 2021, the Kuwait government invested $147.9 million in waste management. Developing an effective waste management system is the core of the circular economy to improve waste recycling and resource recovery, reduce solid waste, and encourage efficient use, reuse, and repair.
Similar waste management facilities are expected to be developed in several locations by the government under the waste management strategy program. And this, in turn, is expected to give growth to the Kuwait construction equipment market by the impact the demand for excavators and loaders for handling waste.
Increasing Building material prices & Labour shortage Hamper Infrastructure Projects.
There is a continuous rise in building material prices in the country's market. In 2020, building material prices increased by 5%, but in 2022, the prices surged by more than 25%. Rising building material adversely impacted the country's real estate sector. For instance, in 2022, New residential projects such as Mutlaa and West Abdullah Al- Mubarak are highly affected by the increasing building material prices. The prices of iron, steel, cement & wood increased by 28% in 2022.
Frequently Asked Questions
What is the growth rate of the Kuwait construction equipment market?
Kuwait construction equipment market size is expected to grow at a CAGR of 5.76% in the forecast period.
What is the expected number of construction equipment units sold by 2028 in the Kuwait?
The Kuwait construction equipment market can witness the sale of around 7,383 units by 2028.
How big will be the Kuwait construction equipment market size by 2028?
Kuwait construction equipment market size is estimated to reach USD 450.4 million by 2028.
Who are the key players in the Kuwait construction equipment market?
Caterpillar, Volvo, Liebherr, Komatsu, CNH Industrial, Hitachi, JCB, Xuzhou Machinery Group Co., Ltd. (XCMG), Kubota, and SANY are the key players in the Kuwait construction equipment market.
What are the trends in the Kuwait construction equipment market?
An increase in government investment in the infrastructure & renovation projects and the rising demand for construction equipment by the oil sector are the trends boosting the demand for construction equipment in Kuwait.
The Kuwait construction equipment market is expected to grow at a CAGR of approximately 5.76% from 2022 to 2028.
The following factors are likely to contribute to the growth of the Kuwait construction equipment market during the forecast period:
Base Year: 2021
Forecast Year: 2022-2028
The report considers the present scenario of the Kuwait construction equipment market and its market dynamics for 2022−2028. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes leading companies and several other prominent companies operating in the market.
Key Vendors
Other Prominent Vendors
Distributors Profiles
Segmentation by Type
Section 1 – Introduction
• Market Snapshot
• Executive Summary
Section 2 – The Market Overview
Economic Scenario, Foreign Direct Investment
Section 3 – Kuwait Construction Equipment (Type & Application)
3.1 Kuwait Construction Equipment Market by Type (Volume & Value)
3.1.1. Earth Moving Equipment
1. Excavator
2. Backhoe Loader
3. Motor Grader
4. Other Earth Moving Equipment (Other Loaders, Bulldozer, Trencher, etc.)
3.1.2. Material Handling Equipment
1. Crane
2. Forklift and Telescopic Handler
3. Aerial Platform (Articulated Boom lifts, Telescopic Boom lifts, Scissor Lifts, etc)
3.1.3. Road Construction Equipment
1. Road Rollers
2. Asphalt Paver
3.2 Kuwait Construction Equipment Market by Application (Volume & Value)
1. Construction
2. Mining
3. Manufacturing
4. Others (Power Generation, Utilities Municipal Corporations, Oil & Gas, Cargo Handling, Power Generation Plants, Waste Management, etc)
Section 4: Market Dynamics
Market Drivers, Restraints, Trends, Advantage Kuwait, Key Economic Regions, Import/Export Trends, Supply Chain Analysis, COVID-19 Impact
Section 5: Technology Development
Advent of Technology
Section 6 – Competitive Landscape
1. Competitive Landscape Overview
2. Major Vendors (Caterpillar | Volvo Construction Equipment| Hitachi Construction Machinery | Terex Corporation | Liebherr | Kobelco | Hyundai Construction Equipment | Liu Gong| Tadano| CASE Construction| JCB| Zoomlion| SANY| XCMG)
3. Other Prominent Vendors
4. Distributors Profile
Section 7-Quantitative Summary
Section 8 – Report Summary
1. Key Insights
2. Abbreviations
3. List of Graphs
4. List of Tables
Section 9 – Report Scope & Definition
1. Research Methodology
2. Research Objective
3. Market Definition, Inclusion & Exclusion
Graph-1 Kuwait Construction Equipment Market by Volume 2019–2028 (Unit Sales)
Graph-2 Construction Equipment Market in Kuwait by Type 2021 (% Volume Share)
Graph-3 Kuwait Construction Equipment Market by Volume 2019–2028 (Unit Sales)
Graph-4 Kuwait Construction Equipment Market by Value 2019–2028 ($ MN)
Graph-5 Kuwait Construction Equipment Market by End-User 2021 (%)
Graph-6 Kuwait Construction Equipment Market by Type 2019–2028 (Unit Sales)
Graph-7 GDP 2017–2020 ($ BN)
Graph-8 Investment in Several Sectors 2021 ($ BN)
Graph-9 FDI Inward Inflow 2018–2021 ($ BN)
Graph-10 Countries Investing in Kuwait 2020 (% share)
Graph-11 Kuwait Construction Equipment Market by Type 2019–2028 (Unit Sales)
Graph-12 Kuwait Construction Equipment Market by Type 2021 (% Volume Share)
Graph-13 Kuwait Construction Equipment Market by End-User 2019–2028 (Unit Sales)
Graph-14 Kuwait Earthmoving Construction Equipment Market 2019–2028 (Unit Sales)
Graph-15 Kuwait Earthmoving Construction Equipment Market 2019–2028 ($ MN)
Graph-16 Kuwait Excavators Construction Equipment Market 2019–2028 (Unit Sales)
Graph-17 Kuwait Excavators Construction Equipment Market 2019–2028 ($ MN)
Graph-18 Kuwait Backhoe Loaders Market 2019–2028 (Unit Sales)
Graph-19 Kuwait Backhoe Loaders Market, 2019–2028 ($ MN)
Graph-20 Kuwait Motor Graders Market 2019–2028 (Unit Sales)
Graph-21 Kuwait Motor Graders Market 2019–2028 ($ MN)
Graph-22 Kuwait Other Earthmoving Equipment Market 2019–2028 (Unit Sales)
Graph-23 Kuwait Other Earthmoving Equipment Market 2019–2028 ($ MN)
Graph-24 Kuwait Material Handling Equipment Market 2019–2028 (Unit Sales)
Graph-25 Kuwait Material Handling Equipment Market 2019–2028 ($ MN)
Graph-26 Kuwait Cranes Construction Equipment Market 2019–2028 (Unit Sales)
Graph-27 Kuwait Cranes Construction Equipment Market 2019–2028 ($ MN)
Graph-28 Kuwait Forklifts and Telescopic Handlers Market 2019–2028 (Unit Sales)
Graph-29 Kuwait Forklifts and Telescopic Handlers Market 2019–2028 ($ MN)
Graph-30 Kuwait Aerial Platforms Market 2019–2028 (Unit Sales)
Graph-31 Kuwait Aerial Platforms Market 2019–2028 ($ MN)
Graph-32 Kuwait Road Construction Equipment Market 2019–2028 (Unit Sales)
Graph-33 Kuwait Road Construction Equipment Market 2019–2028 ($ MN)
Graph-34 Kuwait Road Rollers Market 2019–2028 (Unit Sales)
Graph-35 Kuwait Road Rollers Market 2019–2028 ($ MN)
Graph-36 Kuwait Asphalt Pavers Market 2019–2028 (Unit Sales)
Graph-37 Kuwait Asphalt Pavers Market 2019–2028 ($ MN)
Graph-38 Kuwait Construction Equipment Market by Construction 2019–2028 (Unit Sales)
Graph-39 Kuwait Construction Equipment Market 2019–2028 ($ MN)
Graph-40 Kuwait Manufacturing Construction Equipment Market 2019–2028 (Unit Sales)
Graph-41 Kuwait Manufacturing Construction Equipment Market 2019–2028 ($ MN)
Graph-42 Kuwait Mining Construction Equipment Market 2019–2028 (Unit Sales)
Graph-43 Kuwait Mining Construction Equipment Market 2019–2028 ($ MN)
Graph-44 Kuwait Others Construction Equipment Market 2019–2028 (Unit Sales)
Graph-45 Kuwait Others Construction Equipment Market 2019–2028 ($ MN)
Graph-46 Import Value of Construction Equipment from Major Countries 2020 ($ Thousand)
Graph-47 Export Value of Construction Equipment to Major Countries 2020 ($ Thousand)
Graph-48 Hitachi Construction Equipment: Revenue (2018–2020) ($BN)
Graph-49 Liebherr: Total Revenue 2018–2020 (% Share)
Graph-50 Liebherr: Revenue by Region (% Share)
Graph-51 Liebherr: Total Revenue by Product Segment 2020 (% Share)
Graph-52 Caterpillar: Total Revenue 2018–2021 ($ BN)
Graph-53 Caterpillar: Breakdown of Sales by Region 2021 (% share)
Graph-54 Caterpillar: Breakdown of Sales by Segment in 2021 (% share)
Graph-55 Zoomlion: Total Revenue 2018–2021 ($BN)
Graph-56 Hyundai Construction Equipment Revenue 2018–2021 ($BN)
Graph-57 Volvo: Revenue 2018–2020 ($BN)
Graph-58 Volvo: Breakdown of Sales by Segment 2020 (% share)
Graph-59 Volvo: Breakdown of Sales by Segment 2020 (% share)
Graph-60 Kobelco: Net Sales (2017–2020) ($ BN)
LIST OF TABLES:
Table-1 Number of FDI Projects by Sectors
Table-2 Major Residential Projects
Table-3 Upcoming Major Power & Water Projects
Table-4 List of Projects for Warehouse Capacity Expansion
Table-5 Infrastructure Projects in Logistics Sector
Table-6 Upcoming Major Infrastructure Projects in Kuwait
Table-7 Kuwait Construction Equipment Market by Volume 2019–2028
Table-8 Kuwait Construction Equipment by Type 2019–2018
Table-9 Kuwait Earthmoving Equipment Market Size & Forecast by Type (Volume, Units)
Table-10 Kuwait Material Handling Equipment Market Size & Forecast by Type (Volume, Units)
Table-11 Kuwait Road Construction Equipment Market Size & Forecast by Type (Volume, Units)
Table-12 Kuwait Construction Equipment Market Size & Forecast by End-User(Units)
Table-13 Kuwait Construction Equipment Market by Value 2019–2028
Table-14 Kuwait Construction Equipment by Type 2019–2018
Table-15 Kuwait Earth Moving Equipment Market Size & Forecast by Type (Value, $MN)
Table-16 Kuwait Road Construction Equipment Market Size & Forecast by Type (Value, $MN)
Table-17 Kuwait Material Handling Equipment Market Size & Forecast by Type (Value, $MN)
Table-18 Kuwait Construction Equipment Market Size & Forecast by End-User
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