Market Size of Saud Arabia Construction Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 1.40 Billion |
| Market Size (2029) | USD 1.71 Billion |
| CAGR (2024 - 2029) | 4.13 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Construction Equipment Market Analysis
The Saud Arabia Construction Equipment Market size is estimated at USD 1.40 billion in 2024, and is expected to reach USD 1.71 billion by 2029, growing at a CAGR of 4.13% during the forecast period (2024-2029).
- The construction sector experienced a strong rebound in 2019. However, the outbreak of COVID-29has affected the growth of the construction sector negatively. As the construction sector is labor intensive, it requires a significant number of laborers. Currently, the prevention of the spread of COVID-19 is of paramount concern. This concern, along with the global economic slowdown, has led to a decline in the demand for construction machinery.
- Under the ministry of housing's ESKAN project, the government has planned to build 500,000 units of housing. Additionally, the government has also allocated a budget for the construction of 1,500,000 units of houses for the next five years.
- The tourism sector also witnessed significant growth in the last few years. The country has also taken up large hotel projects to accommodate the increasing number of tourists to Makkah, Madinah, Riyadh, and Jeddah.
- Saudi Arabia is one of the fastest-growing nations in the GCC region. The low and middle-income groups of people in the country and the government's significant efforts in constructing new residential buildings are the factors driving the demand for construction machinery market.
