GCC Construction Machinery Market to Perceive Momentous Accruals with 12.7% of CAGR with Deere and Co., Caterpillar, Komatsu, CNH Industrial (Case Construction) By 2023

The GCC region has an overall strong demand for heavy machinery with an estimated USD 128 billion worth of projects to be completed annually between 2016 and 2019. This shows a significant pipeline even after years of substantial infrastructure spending. Exports of heavy machinery from ASEAN to the GCC region has grown significantly at a CAGR of 12.7%, which is supported by the factors such as heavy investment in the construction projects in the GCC region. Few examples of high growth opportunities in the GCC region are Saudi Arabia, Bahrain and the UAE, among others of which Saudi Arabia is currently is the second largest destination for exports of heavy machinery from ASEAN countries and has been growing at the fastest rate with a CAGR of 25.1%.

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Key Developments:

Mar, 2018 – Al-Bahar, exclusive CAT dealer in UAE Bahrain, Kuwait and Oman introduced CAT 320 medium excavator and CAT 962L wheel loader to the GCC market during the expo in Dubai.

Key Industry Players:

Deere and Co., Caterpillar, Komatsu, CNH Industrial (Case Construction) are few major players in the market.

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SAUDI ARABIA BOASTS OF HIGH MARKET OPPORTUNITIES... WHY?

Among the GCC countries, Saudi Arabia is the fastest growing destination for exports of heavy machinery from ASEAN, with a 3-year CAGR of 25.1%. Saudi Arabia has led the transformation in the GCC construction market with the development of the six economic cities. It currently has a pipeline of megaprojects, such as the KACARE Renewable Energy Program (worth USD 150 billion alone) with more than 80% of the investment flowing through these multi-billion-dollar projects, creating demand for heavy machinery.

Apart from Saudi Arabia, UAE has also been investing continually in their construction industry. For instance, UAE government initiatives, such as Dubai Plan 2021 and Abu Dhabi Vision 2030, are the key factors driving the Emirati construction industry. These initiatives are expected to result in the expansion of metros and airports, and construction of new hotels and shopping malls, which are likely to boost the demand of construction machinery over the forecast period

The market study on GCC construction machinery market is segmented into cranes, excavators, loaders, backhoe, motor graders, and others based on machinery type; concrete and road construction, earth moving and material handling based on end-user industry. This study covers all the major countries of GCC, which includes Saudi Arabia, UAE, Bahrain, and Others (Kuwait, Oman, and Qatar)

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