Saudi Arabia Construction Equipment Rental Market to Surpass $ 1 Billion by 2023

 

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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.

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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.



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“Saudi Arabia Construction Equipment Rental Market By Equipment Type, Competition Forecast & Opportunities, 2013-2023” has analyzed the potential ofconstruction 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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TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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