Saudi Arabia Construction Equipment Rental Market Research Report 2021-2026

Posted by arshiyashaikh on February 17th, 2022

Market Reports on Saudi Arabia Provides the Trending Market Research Report on Saudi Arabia Construction Equipment Rental Market, By Equipment Type (Dump Truck, Diesel Genset, Crane, Wheel Loader, Excavator, Bulldozer, Motor Grader, Telescopic Handler and Others), By Region (South & West, North & Central, East), By Province (Mecca, Riyadh, Eastern, Asir, Medina, East), Competition, Forecast & Opportunities, 2016-2026F under Heavy Industry Market Research Reports category. The Construction Equipment Rental Market Database in Saudi Arabia is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports.

Saudi Arabia Construction Equipment Rental Market stood at USD1419.71 million in 2020 and is expected to grow at a CAGR of around 6.85% to reach USD2166.66 million by 2026. Increasing investments in housing projects by government authorities, rising efforts to reduce the dependence on the oil & gas industry, and ongoing technological advancements are driving the growth of the Saudi Arabia construction equipment rental market in the forecast period.

Increased government spending on infrastructure development and construction activities to boost the country\'s economy and create an alternate revenue source for the country is bolstering the pace of construction activities in the country. The high initial cost required for purchasing the construction equipment makes the contractors and construction companies opt for rental services to fulfill their demands. Renting construction equipment eliminates the maintenance costs and the need to invest in technological upgradation of the construction equipment, which is one of the major reasons for the high demand of the construction equipment rental market. The surge in the number of market players offering rental services and intense competition among them makes the market players take measures to stay ahead. The adoption of telematics and automation technology by construction equipment manufacturing companies is aiding in making the products more efficient and advanced. Market players are shifting to online platforms to expand their consumer base and make their services accessible to a larger audience is expected to boost the growth of Saudi Arabia construction equipment rental market in the forecast period. However, fluctuations in raw material prices may hinder the growth of the market in the forecast period.

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