Iran Construction Equipment Market to Reach $411 million by 2028.
In 2022, the Iranian government announced 48 industrial and infrastructure projects worth $19 billion, which will help to reduce the impact of sanctions and jump-start the economy. 15 transportation infrastructure projects worth $47.6 million and 8 other projects worth $12.2 million were completed in the aviation sector, which include the development and improvement of flight levels and airports of Bandar Abbas, Zahedan, Saravan, and Khorramabad. Hence, the rise in infrastructure development activities in Iran expects to drive the demand for construction equipment in the market.
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Iran construction equipment market is expected to grow significantly at a CAGR of 5.76% during the forecast period (2022-2028) with high demand for excavators in earthmoving segment due to factors such as increased government investment in development of highways, railways, metro, hydraulics, airport & renewable energy projects in 2021.
According to the World Bank Group, Iran's economy expects to contract by 5.3% by 2023 due to the COVID-19 pandemic. Therefore, at the end of 2020, the size of Iran's economy declined by 83% as compared with 2017.
In 2022, the Iranian government announced 48 industrial and infrastructure projects worth $19 billion, which will help to reduce the impact of sanctions and jump-start the economy.
In 2022, Iranian Transport and Urban Development Minister, Rostam Qasemi, inaugurated 500 projects in in ports and navigation, road and road transport, rail, airport, construction fields coupled meteorology across the country.
In 2021, the Head of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) announced that 29 projects in mines and mining industries are ready for inauguration across the country.
In 2021, Iran Minerals Production and Supply Company (IMPASCO) announced that the organization will soon inaugurate 23 development projects in mines and mining industries. These projects worth over $355 million would create direct jobs for 1,053 persons and indirect jobs for 2,655 persons.
In 2021, the Head of the National Iranian Oil Company (NIOC), Khojastehmehr, had put the gas production capacity at around 1 billion cu m/day which could reach 1.5 billion cu m/day in the next 10 years. According to an announcement by the NIOC, the next round of Iran nuclear talks could swing global oil supply by 1.5 million b/d in 2022.
The Iranian government aims to complete over 2,423 miles of new railways and roads by 2022 to boost the economy and improve investments in the energy, oil and gas, petrochemicals, infrastructure, and industrial sectors.
In 2020, Iran produced less than 2 million barrels per day (b/d) of crude oil, an almost 40-year low in Iran's production levels according to our analysis, which we updated in July.
Caterpillar, Komatsu, XCMG, Volvo, SANY, Hitachi Construction Equipment, Hyundai Construction Equipment, Liebherr, JCB, Kubota, Zoomlion and Kobelco are prominent vendors which accounts for major share in Iran construction equipment market.
Caterpillar, Komatsu, Kubota, Hitachi construction equipment and Volvo Construction Equipment are market leaders which accounted for nearly ~32% of overall construction equipment market share in 2021.
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