Saudi Arabia construction equipment rental market is expected to grow at a steady CAGR of 7.57% to reach a value of USD2395.33 million by 2027. Factors such as favorable government policies and the rise in infrastructure developments are the primary drivers for the Saudi Arabia construction equipment rental market. Also, the changing preference of end-users towards the adoption of rental construction equipment services owing to their enhanced affordability and easy availability are expected to play a crucial role in accelerating the market demand over the forecast period.
Saudi Arabia is majorly dependent on the oil & gas industry for revenue generation. The government is trying to reduce its dependency on the oil & gas industry and diversify its income sources by launching mega-budget plans like the Saudi Vision 2030 National Transformation Program. To achieve the targets set by the leading authorities, the government is promoting infrastructural development in the country. Several projects launched by the government, including the Red Sea Tourism Project, Qiddiya entertainment city, and Riyadh Metro, are expected to boost the demand for construction equipment rental services over the forecast period. The ongoing infrastructure development activities are supported by National Infrastructure Fund (NIF) in 2021 with an aim to attract private investment and partnerships in the country.
The Saudi Arabia construction equipment rental market is segmented into equipment type, region, province, and competitive landscape. Based on the provincial analysis, the Eastern region dominated the market in 2021, with a market share of 34.57% of the overall market share. Eastern province is witnessing rapid urbanization, industrialization, and infrastructure development activities in line with the Kingdom’s Vision 2030. Recently, Prince Saud Bin Naif, emir of the Eastern Province, launched a Central Awamiyah project to develop a tourist destination and a civil, cultural, and artistic center in the Eastern province, which is expected to fuel the demand for construction equipment rental services.
Zahid Tractor and Heavy Machinery Co. Ltd, General Contracting Company (GCC), Bin Quraya for Rental and Heavy Equipment, Industrial Supplies Development Co. Ltd. (ISDC Rental Company , Abdulla Nass & Partners Co. Ltd. (ANPC), Saad Al Qahtani Contracting Co. (SAQCO), Arabian Consolidated Trading (ACT Crane & Heavy Equipment), Altaaqa Alternative Solutions Company, Al Faris Group, Rezayat Sparrow Arabian Crane Hire Co. Ltd are the major market players operating in the Saudi Arabia construction equipment rental market.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022E
Forecast Period: 2023F–2027F
Objective of the Study:
- To analyze the historical growth in the market size of the Saudi Arabia construction equipment rental market from 2017 to 2021.
- To estimate and forecast the market size of Saudi Arabia construction equipment rental market from 2022E to 2027F and growth rate until 2027F.
- To classify and forecast the Saudi Arabia construction equipment rental market based on equipment type, region, province, competitive landscape.
- To identify the dominant region or segment in the Saudi Arabia construction equipment rental market.
- To identify drivers and challenges for Saudi Arabia construction equipment rental market.
- To examine competitive developments such as expansions, mergers & acquisitions, etc., in the Saudi Arabia construction equipment rental market.
- To identify and analyze the profiles of leading players operating in the Saudi Arabia construction equipment rental market.
- To identify key sustainable strategies adopted by market players in the Saudi Arabia construction equipment rental market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service providers, distribution channels and presence of all major players across the country.
TechSci Research calculated the market size of the Saudi Arabia construction equipment rental market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these services for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Construction equipment rental service providers
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums, and alliances related to construction equipment rental
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, Saudi Arabia construction equipment rental market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Saudi Arabia Construction Equipment Rental Market, By Equipment Type:
o Wheel Loader
o Dump Truck
o Diesel Genset
o Motor Grader
o Telescopic Handler
- Saudi Arabia Construction Equipment Rental Market, By Region:
o South & West
o North & Central
- Saudi Arabia Construction Equipment Rental Market, By Province:
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia construction equipment rental market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).