PUBLISHED DATE : Apr 2023 | Pages : 169
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Saudi Arabia 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 for 2023-2029
169 Pages
xx Tables
54 Charts
1 Regions
1 Countries
30 Companies
5 Market Segment
| Report Attribute | Details |
|---|---|
| Market Size (2029) | 48,717 Units |
| Market Size (2022) | 33,551 Units |
| CAGR (2022-2029) | 5.47% |
| HISTORIC YEAR | 2020-2021 |
| BASE YEAR | 2022 |
| FORECAST YEAR | 2023-2029 |
| TYPE | Earthmoving Equipment, Road Construction Equipment, Material Handling Equipment, and Other Construction Equipment |
| END-USERS | Construction, Mining, Manufacturing, and Others |
| KEY VENDORS | Caterpillar, Komatsu, Xuzhou Construction Machinery Group Co. Ltd. (XCMG), Liebherr, Volvo Construction Equipment, Hitachi Construction Machinery, JCB, SANY, CNH Industrial, and Kobelco |
The Saudi Arabia construction equipment market size was valued at 33,551 units by 2022 and is expected to reach 48,717 units by 2029, growing at a CAGR of 5.47% during the forecast period. In 2021, the Saudi Arabian government launched National Infrastructure Fund for infrastructure development for the decade. The government planned to invest USD 53.3 billion in different sectors across the country over the decade. The National Infrastructure Fund aims to invest in areas such as water, transportation, energy, and health, contributing to the country’s goal to transform the economy and make it less reliant on oil revenue. The surge in investment under Vision 2030 plan is expected to drive Saudi Arabia construction equipment market during the forecast period.
Investment in Infrastructure Projects
Saudi’s goal ‘Vision 2030’ plans to build over 555,000 residential units, over 275,000 hotels, 4.3 million square meters of retail space, and over 6.1 million square meters of office space by 2030. Saudi Arabia is building a new smart city, ‘NEOM,’ valuing USD 500 billion. The mega project will include several cities, resorts, and other projects. NEOM will build around an area of 25,600 sq. km. in north-western Saudi Arabia, and it will consist of ten projects built across four regions - the Line, Oxagon, Trojena, and Sindalah. The Line includes a 170-km linear city, which expects to encompass 9 million people. The city will also entail two parallel 500-meter-high skyscrapers. Similarly, another region, Oxagon, will consist of an octagon-shaped port city, which will be constructed on the Red Sea.
A Surge in Renewable Energy Projects
In line with its goal to achieve net zero emissions by 2060, the Saudi government launched several renewable energy projects nationwide under the National Renewable Energy Program (NREP). In 2023, the government announced ten renewable energy projects. The country aimed to enhance the power generated from solar and wind sources and reduce the dependency on fossil fuel & oil for electricity generation. These ten renewable energy projects' total power generation capacity will be 7 GW. In addition, the government launched three wind energy projects and two solar energy projects with 3,300 megawatts of energy capacity in 2022.
ACWA Power, a Saudi energy company, planned to build a 2,060 MW solar photovoltaic plant in Western Saudi Arabia, which will be operational by 2025. In addition, LONGi, a Chinese company, has signed an agreement to provide 1,292 MW photovoltaic modules to L&T for the two solar projects under construction in Saudi Arabia.
Extensive Application of Hydraulic Crawler Excavators in Saudi Arabia
In December 2022, Kanoo Machinery received an order of 10 XCMG XE490D excavators in Saudi Arabia. These hydraulic excavators will be delivered in the Tabuk region, which will help the country in its NEOM project. In May 2022, Hyundai Doosan Infracore earned orders for 75 mid to large excavators from Saudi Arabia. These machines would be used at the construction site of Neom City in Saudi Arabia. Further, the government is taking measures to reduce the waste dumped in landfills and seas. It has initiated several waste management projects to reduce solid waste generation and promote recycling.
Shift Toward Green Hydrogen Fuel-Based Equipment
The government has taken several initiatives to develop green hydrogen fuel. For instance, in 2021, new projects in the energy sector included renewables and hydrogen fuel (USD 5 billion Helios Green Fuels hydrogen project). The country is also building one of the world’s major green hydrogen projects, a joint venture among NEOM, Air Products, and ACWA Power. The project will combine 4 GW of solar and wind energy to generate 650 tons of hydrogen daily. The project is scheduled to be operational in 2025.
Labor Shortage in the Construction Industry
The Saudi Arabia construction equipment market is presently facing a labor force shortage. To overcome this challenge local construction industry often relies heavily on foreign workers hired on contracts from other countries. It is a major challenge faced by the construction & mining industries in Saudi Arabia. As these industries are highly labor intensive, hiring skilled laborers is one of the contractors’ biggest challenges.
Overdependency on the Hydrocarbon Industry
The economy of Saudi Arabia heavily depends on its hydrocarbon industry. Saudi Arabia earns 80% of its export income from oil, making around 40% of Saudi gross domestic products in 2022. Despite government efforts to promote non-hydrocarbon sectors, the country’s economy highly relies on the oil & gas industries. The economic growth of Saudi Arabia depends on the performance of the oil & gas industry, which is entirely influenced by oil prices in the global market. For instance, in 2020, a decline in oil prices in the global market adversely affected the country’s oil & gas industry export. There was a 4% decline in natural gas demand in the Saudi market in 2020.
Frequently Asked Questions
How big is the Saudi Arabia construction equipment market?
The Saudi Arabia construction equipment market was valued at 33,551 units by 2022 and is expected to reach 48,717 units by 2029.
What is the growth rate of the Saudi Arabia construction equipment market?
The Saudi Arabia construction equipment market share is expected to grow at a CAGR of 5.47% from 2022-2029.
Who are the key players in the Saudi Arabia construction equipment market?
Caterpillar, Komatsu, Xuzhou Construction Machinery Group Co. Ltd. (XCMG), Liebherr, Volvo Construction Equipment, Hitachi Construction Machinery, JCB, SANY, CNH Industrial, and Kobelco are the key players in the Saudi Arabia construction equipment market.
What are the trends in the Saudi Arabia construction equipment market?
The shift toward green hydrogen fuel-based to meet net-zero emission targets, extensive use of hydraulic crawler excavators, and construction of tall tower triggering tower cranes demand are key trends in the Saudi Arabia construction equipment industry.
Which are the major distributor companies in the Saudi Arabia construction equipment market?
Kanoo Machinery, Al-Futtaim Auto & Machinery Company, Arabian Truck & Construction Equipment Co., Arabian Auto Agency, and Al-Qahtani Vehicle & Machinery Company are the major distributor companies in the Saudi Arabia construction equipment market.
The Saudi Arabia construction equipment market is expected to grow at a CAGR of approximately 5.47% from 2022 to 2029.
The following factors are likely to contribute to the growth of the Saudi Arabia construction equipment market during the forecast period:
Base Year: 2022
Forecast Year: 2023-2029
The report considers the present scenario of the Saudi Arabia construction equipment market and its market dynamics for 2023−2029. 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
Distributor Profiles
Segmentation by Type
Section 1 – Research Methodology
Section 2 – Research Objective
Section 3 – Research Process
Section 4 – Introduction
4.1 Market Coverage
4.2 Report Scope
Section 5 – Market At A Glance
5.1 Market Snapshot
Section 6 – Executive Summary
Section 7– Market Landscape
7.1 PESTEL Analysis
7.2 Economic Scenario
7.3 Key Projects
7.4 Market Dynamic
7.5 Key Upcoming Cities in Saudi Arabia
7.6 Import & Export Analysis
7.7 Supply chain Analysis
Section 8– Segmentation
8.1 By Equipment Type
8.1.1 Equipment Definition (Earthmoving)
8.1.1.1 Earthmoving Equipment (Volume & Value)
8.1.1.2 Excavators
8.1.1.3 Backhoe Loaders
8.1.1.4 Motor Graders
8.1.1.5 Other Earthmoving Equipment (Other Loaders, Bulldozers, Trenchers, etc.)
8.1.2 Equipment Definition (Road Construction)
8.1.2.1 Road Construction (Volume & Value)
8.1.2.2 Road Rollers
8.1.2.3 Asphalt Pavers
8.1.3 Equipment Definition (Material Handling)
8.1.3.1 Material Handling Equipment (Volume & Value)
8.1.3.2 Cranes
8.1.3.3 Forklifts & Telehandlers
8.1.3.4 Aerial Platforms
8.1.4 Equipment Definition (Other Equipment)
8.1.4.1 Other Equipment (Volume & Value)
8.1.4.2 Dumpers
8.1.4.3 Tippers
8.1.4.4 Concrete Mixtures
8.1.4.5 Concrete Pump Trucks
8.2 By End-users
8.2.1 End-user Definition
8.2.2 Construction
8.2.3 Manufacturing
8.2.4 Mining
8.2.5 Others (Waste Management, Agriculture, Oil & Gas Extraction, Utilities & Energy, Power Generation, Disaster Management and Water Management)
Section 9– Geographical Analysis
Section 10– Technology Development
Section 11– Competitive Landscape
11.1 Competitive Landscape Overview
11.2 List of Construction Companies/ Contractors
11.3 Vendors (Caterpillar | Volvo Construction Equipment| Komatsu | Hitachi Construction Machinery |Liebherr | JCB | Hyundai Doosan Infracore | CNH Industrials| Kobelco| Kubota| Manitou |Yanmar |SANY| XCMG)
11.4 Other Prominent Vendors
11.5 Distributors Companies Profiles
Section 12– Report Summary
12.1 Key Insights
12.2 Abbreviation
12.3 Exhibits
12.4 Related Report
12.5 Database
12.6 Global Reach
12.7 Offerings
Graph 1 CONSTRUCTION EQUIPMENT RENTAL MARKET VOLUME (UNITS)
Graph 2 CONSTRUCTION EQUIPMENT MARKET 2022 (%)
Graph 3 INCREMENTAL GROWTH BY EQUIPMENT TYPE 2022-2029 (UNITS)
Graph 4 CONSTRUCTION EQUIPMENT MARKET VALUE BY END-USER INDUSTRIES. 2022 (% SHARE)
Graph 5 SAUDI ARABIA CONSTRUCTION EQUIPMENT MARKET VOLUME 2022–2029 (UNITS)
Graph 6 SAUDI ARABIA EARTHMOVING CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNIT SALES)
Graph 7 SAUDI ARABIA EARTHMOVING CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($MN)
Graph 8 SAUDI ARABIA EXCAVATOR CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNITS SALES)
Graph 9 SAUDI ARABIA EXCAVATOR CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($MN)
Graph 10 SAUDI ARABIA BACKHOE LOADERS MARKET 2020–2029 (UNITS SALES)
Graph 11 SAUDI ARABIA BACKHOE LOADERS MARKET 2020–2029 ($MN)
Graph 12 SAUDI ARABIA MOTOR GRADER MARKET 2020–2029 (UNITS SALES)
Graph 13 SAUDI ARABIA MOTOR GRADER MARKET 2020–2029 ($MN)
Graph 14 SAUDI ARABIA OTHER EARTHMOVING EQUIPMENT MARKET, 2020–2029 (UNIT SALES)
Graph 15 SAUDI ARABIA OTHER EARTHMOVING EQUIPMENT MARKET 2020–2029 ($MN)
Graph 16 SAUDI ARABIA ROAD CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNIT SALES)
Graph 17 SAUDI ARABIA ROAD CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($ MN)
Graph `18 SAUDI ARABIA ROAD ROLLERS MARKET, 2020–2029 (UNIT SALES)
Graph 19 SAUDI ARABIA ROAD ROLLERS MARKET, 2020–2029 ($ MN)
Graph 20 SAUDI ARABIA ASPHALT PAVERS MARKET 2020–2029 (UNIT SALES)
Graph 21 SAUDI ARABIA ASPHALT PAVERS MARKET 2020–2029 ($ MN)
Graph 22 SAUDI ARABIA MATERIAL HANDLING EQUIPMENT MARKET 2020–2029 (UNIT SALES)
Graph 23 SAUDI ARABIA MATERIAL HANDLING EQUIPMENT MARKET 2020–2029 ($ MN)
Graph 24 SAUDI ARABIA CRANES MARKET, 2020–2029 (UNIT SALES)
Graph 25 SAUDI ARABIA CRANES MARKET 2020–2029 ($ MN)
Graph 26 SAUDI ARABIA FORKLIFTS AND TELESCOPIC HANDLERS MARKET 2020–2029 (UNIT SALES)
Graph 27 SAUDI ARABIA FORKLIFTS AND TELESCOPIC HANDLERS MARKET 2020–2029 ($ MN)
Graph 28 SAUDI ARABIA AERIAL PLATFORMS MARKET 2020–2029 (UNIT SALES)
Graph 29 SAUDI ARABIA AERIAL PLATFORMS MARKET 2020–2029 ($ MN)
Graph 30 SAUDI ARABIA OTHERS CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNIT SALES)
Graph 31 SAUDI ARABIA OTHER CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($MN)
Graph 32 SAUDI ARABIA DUMPERS MARKET 2020–2029 (UNIT SALES)
Graph 33 SAUDI ARABIA DUMPERS MARKET 2020–2029 ($MN)
Graph 34 SAUDI ARABIA TIPPERS MARKET 2020–2029 (UNIT SALES)
Graph 35 SAUDI ARABIA TIPPERS MARKET 2020–2029 ($MN)
Graph 36 SAUDI ARABIA CONCRETE MIXTURES MARKET 2020–2029 (UNIT SALES)
Graph 37 SAUDI ARABIA CONCRETE MIXTURES MARKET 2020–2029 ($MN)
Graph 38 SAUDI ARABIA CONCRETE PUMP TRUCKS 2020–2029 (UNIT SALES)
Graph 39 SAUDI ARABIA CONCRETE PUMP TRUCKS 2020–2029 ($MN)
Graph 40 SAUDI ARABIA CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNIT SALES)
Graph 41 SAUDI ARABIA CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($ MN)
Graph 42 SAUDI ARABIA MANUFACTURING CONSTRUCTION EQUIPMENT MARKET IN, 2020–2029 (UNIT SALES)
Graph 43 SAUDI ARABIA MANUFACTURING CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($ MN)
Graph 44 SAUDI ARABIA MINING CONSTRUCTION EQUIPMENT MARKET, 2020–2029 (UNIT SALES)
Graph 45 SAUDI ARABIA MINING CONSTRUCTION EQUIPMENT MARKET 2020–2029 ($ MN)
Graph 46 SAUDI ARABIA OTHERS CONSTRUCTION EQUIPMENT MARKET 2020–2029 (UNIT SALES)
Graph 47 SAUDI ARABIA OTHERS CONSTRUCTION EQUIPMENT MARKET IN OTHERS 2020–2029 ($ MN)
Graph 48 MARKET SHARE OF LEADING VENDORS VS OTHERS (2021)
Graph 49 KOMATSU: SALES BY REGION IN 2021(% SHARE)
Graph 50 KOMATSU: BREAKDOWN OF NET SALES BY BUSINESS SEGMENT 2021 (% SHARE)
Graph 51 LIEBHERR: SALES BY REGION 2021 (% SHARE)
Graph 52 LIEBHERR: SALES BY PRODUCT SEGMENT 2021 (% SHARE)
Graph 53 VOLVO: NET SALES BY REGION 2021 (% SHARE)
Graph 54 VOLVO: NET SALES BY SEGMENT 2021(% SHARE)
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