DUBLIN, Dec. 8, 2022 /PRNewswire/ — The “Saudi Arabia Construction Equipment Rental Market, By Equipment Type (Dump Truck, Diesel Genset, Crane, Wheel Loader, Excavator, Bulldozer, Motor Grader, Telescopic Handler and Others), By Region, By Province, Competition, Forecast & Opportunities, 2016-2026F” report has been added to ResearchAndMarkets.com’s offering.
The Saudi Arabian Construction Equipment Rental Market stood at USD1419.71 million in 2020 and is expected to grow at a CAGR of around 6.85% to reach USD2166.66 million by 2026.
Increasing investments in housing projects by government authorities, rising efforts to reduce the dependence on the oil & gas industry, and ongoing technological advancements are driving the growth of the Saudi Arabian Construction Equipment Rental Market in the forecast period.
Increased government spending on infrastructure development and construction activities to boost the country’s economy and create an alternate revenue source for the country is bolstering the pace of construction activities in the country. The high initial cost required for purchasing the construction equipment makes the contractors and construction companies opt for rental services to fulfill their demands.
Renting construction equipment eliminates the maintenance costs and the need to invest in technological upgradation of the construction equipment, which is one of the major reasons for the high demand of the construction equipment rental market. The surge in the number of market players offering rental services and intense competition among them makes the market players take measures to stay ahead.
The adoption of telematics and automation technology by construction equipment manufacturing companies is aiding in making the products more efficient and advanced. Market players are shifting to online platforms to expand their consumer base and make their services accessible to a larger audience is expected to boost the growth of the Saudi Arabian Construction Equipment Rental Market in the forecast period. However, fluctuations in raw material prices may hinder the growth of the market in the forecast period.
The telescopic handler segment is expected to witness the fastest CAGR growth in the forecast period. Telescopic handlers are in high demand among construction companies as they can move on-road and off-road and showcase high load capacity and flexibility to carry heavy loads with ease.
Objective of the Study:
To analyze the historical growth in the market size of the Saudi Arabian Construction Equipment Rental Market from 2016 to 2020.
To estimate and forecast the market size of the Saudi Arabian Construction Equipment Rental Market from 2021 to 2026 and growth rate until 2026.
To classify and forecast the Saudi Arabian Construction Equipment Rental Market based on equipment type, region, province, competitive landscape.
To identify the dominant region or segment in the Saudi Arabian Construction Equipment Rental Market.
To identify drivers and challenges for the Saudi Arabian Construction Equipment Rental Market.
To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Saudi Arabian Construction Equipment Rental Market.
To identify and analyze the profiles of leading players operating in the Saudi Arabian Construction Equipment Rental Market.
To identify key sustainable strategies adopted by the market players in the Saudi Arabian Construction Equipment Rental Market.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Saudi Arabian Construction Equipment Rental Market.
Zahid Tractor and Heavy Machinery Company
General Contracting Company (GCC)
Bin Quraya Rental
Industrial Supplies Development Co. Ltd. (ISDC Rental Company)
Abdulla Nass & Partners Co. Ltd. (ANPC)
Saad Al Qahtani Contracting (SAQCO)
Arabian Consolidated Trading Group – Crane & Heavy Equipment Rental
Altaaqa Alternative Solutions Co. Ltd.
Al Faris
Rezayat Sparrow Arabian Crane Hire Co. Ltd.
Report Scope:
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Saudi Arabia Construction Equipment Rental Market, By Equipment Type
Dump Truck
Diesel Genset
Crane
Wheel Loader
Excavator
Bulldozer
Motor Grader
Telescopic Handler
Others
Saudi Arabia Construction Equipment Rental Market, By Region
South & West
North & Central
East
Saudi Arabia Construction Equipment Rental Market, By Province
Mecca
Riyadh
Eastern
Asir
Medina
East
For more information about this report visit https://www.researchandmarkets.com/r/q6fimz
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SOURCE Research and Markets
