Market Forecast By Countries (Saudi Arabia, UAE, Qatar, Kuwait, Oman, Bahrain, And Turkey), By Product (Excavators, Loaders, Dump Trucks, Others), By Application (Construction, Mining, Agriculture & Forestry, Others), And Competitive Landscape According to 6Wresearch, Middle East Earthmoving Equipment Market size is anticipated to witness growth during 2021-2027. Recent initiatives taken by governments of several countries to revive the region’s economy from a worldwide crisis would support the growth of the Earthmoving Equipment market in the Middle East region. For instance, the UAE Central Bank has allocated incentives for SMEs and local banks to revive and develop the construction sector of the region. Additionally, the central bank also declared to offer incentives through collateralized loans at zero cost to all banks operating in the UAE, as well as an additional incentive that would be freed up from lenders’ capital buffers. Mobile cranes and earthmoving equ...
Expanding Construction Industry on Account of Upcoming Dubai Expo 2020 Coupled with Government Initiatives such as UAE Vision 2021 Would Surge the UAE Construction Equipment Rental Market By 2024
UAE construction equipment rental market registered substantial growth as a result of increasing construction activities as well as strengthening commercial, hospitality and residential sectors. Construction sector growth is attributed to increased infrastructure spending for World Expo 2020. Further, to avoid the cost of purchasing new equipment and to evade maintenance expenses, construction companies in UAE are opting for renting the equipment.
According to 6Wresearch, UAE Construction Equipment Rental Market revenues are projected to grow at a CAGR of 3.3% during 2018-24. Projects such as $37 billion Yas Island Development and $22 billion Masdar City which are expected to be completed by 2025 would increase the demand for construction equipment. Moreover, Dubai overall budget has been increased by nearly 20% for upcoming World Expo 2020 from $13.1 billion (AED 47.31 billion) in 2017 to $15.5 billion (AED 56.6 billion) in 2018. Out of this budget, around 21% was allocated to infrastructure development. With increasing infrastructure spending, the rental equipment market would also witness growth over the coming years.
"UAE Construction Equipment Rental Market (2018-2024)" provides in-depth analysis with 81 figures and 59 tables covered in more than 190 pages. The report estimates and forecast the overall UAE Construction Equipment Rental market by revenues, equipment types, applications such as construction and others as well as regions. The report also offer insights on competitive landscape, company profiles, market drivers and restraints.
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