February 01, 2022 08:28 ET | Source: Research and Markets Research and Markets

Dublin, Feb. 01, 2022 (GLOBE NEWSWIRE) -- The "Saudi Arabia Construction Equipment Market - Strategic Assessment & Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.

Saudi Arabia construction equipment market size will be valued at USD 1,889.5 million by 2028. The market is expected to reach 22,784 units, growing at a CAGR of 5.58%, due to increased use of excavators in affordable housing projects and growing popularity of modular construction technology.

The Saudi Arabia construction equipment market is expected to grow significantly during the forecast period, owing to factors such as increased government expenditure in highway, metro, and airport construction projects and rising preference for renting equipment.

In 2022, a Spike in FDI and development in the industrial sector due to major investments in mining and renewable energy projects will significantly contribute to the expansion of the construction equipment market. Construction being the primary industry sector in Saudi Arabia, equipment used in the construction industry accounted for the largest market share of nearly 59% in 2021.

In Saudi Arabia construction equipment market, the earthmoving segment has been widely spread at construction sites for excavation and loading/unloading heavy objects, earthmoving equipment accounted for 48.9% of the overall Saudi Arabia construction equipment market.

Earthmoving equipment captured a major share in the overall Saudi Arabia construction equipment market due to their extensive usage at construction sites for excavation and demolition and loading/unloading heavyweights.

The growth in the transportation sector with the boost in government investment toward the highway, metro and airport construction projects are the major drivers increasing the demand for earthmoving equipment in Saudi Arabia construction equipment market

Excavators are expected to grab the major market share over the forecast period due to an increase in government investments in construction activities, such as roads, highways, metros, and airports. Increasing inclination towards the technologically advanced (electric, Hydraulic Circuit Technology, etc.) excavators in Saudi Arabia. In addition, an increase in building residential projects and hospitality construction will further spur the market.

KEY HIGHLIGHTS IN THE REPORT

A key pillar in Saudi Arabia's Vision 2030 is the development of a thriving society. It is to increase the availability of affordable housing for its citizens. This translated into the objective of 70% Saudi homeownership by 2030 (Eskan Program). It requires that the existing housing supply grows with ~700k houses between 2020 and 2025 to achieve 65% Saudi homeownership, the 2025 target is to stay on track for the 2030 ambition boosting the growth of the market.

Saudi Arabia government is boosting its efforts to improve the ability of low- and middle-income households to purchase affordable homes by bridging the gap between strong demand and poor supply of housing units for the lower-income categories. In line with the Vision 2030 initiative, Saudi Arabia has taken unprecedented measures by announcing plans to build one million new housing units to fuel the market's growth.

Key Topics Covered: Section 1 - Introduction 1.1 Market Snapshot 1.2 Executive Summary Section 2 - Market Overview

Section 3 - Market Landscape Section 4 - Market Dynamics

Section 9 - Report Scope & Definition

For more information about this report visit https://www.researchandmarkets.com/r/xlkvga