BURNABY, Canada, July 7, 2015 /PRNewswire/ --
Growth in construction sector coupled with easy availability of construction equipment on rent to drive Saudi Arabia construction equipment rental market through 2020
Construction sector in Saudi Arabia is witnessing continuing growth, which is translating into rising demand for construction equipment in the country. Due to high acquisition costs of construction equipment, construction companies prefer procuring equipment on rent. The country's construction equipment rental market is broadly segmented into six major categories including crane, excavator, wheel loader, bulldozer, motor grader and telescopic handler. According to a TechSci Research report, "Saudi Arabia Construction Equipment Rental Market Forecast & Opportunities, 2020", the construction equipment rental market in Saudi Arabia projected to surge at a CAGR of over 12% during 2014-20. Key factors driving the market include consistent growth in public and private infrastructure development projects and rising price of construction equipment translating into growing trend towards renting.
Construction equipment rental companies such as Bin Quraya, Zahid Tractor &Heavy Machinery Company and Industrial Supplies Development Co. Ltd.are few of the leading players in Saudi Arabia construction equipment rental market. JCB, Tadano, Liebherr, Caterpillar, Grove, etc., are the major equipment brand offered by these rental companies through customized rental agreements in Saudi Arabia. South-West and North-Central regions account for over 70% of the country's construction equipment rental market, with major demand emanating from the cities of Makkah, Madinah, Riyadh and Ha'il.
"Cranes, followed by excavators, dominate Saudi Arabia construction equipment rental market. Crane rental segment is projected to dominate the market in terms of revenues through 2020, owing to their large fleet and essential requirement in construction activities. However, telescopic handlers segment is expected to emerge as the fastest growing category due to its use in multiple applications in the construction sector.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Saudi Arabia Construction Equipment Rental Market Forecast & Opportunities, 2020" has evaluated the future growth potential of Saudi Arabia construction equipment rental market and provides statistics and information on market structure, and future growth of Saudi Arabia construction equipment rental market. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in Saudi Arabia construction equipment rental market.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
Sales & Marketing Consultant
Contact Phone- +1 646 360 1656
SOURCE TechSci Research