Saudi Arabia is fast becoming a major market for earth moving equipment manufacturers, thanks to the  ongoing construction and infrastructure development activities in the kingdom, said a report.

The earth moving equipment market in Saudi Arabia is poised to grow at a compound annual growth rate
(CAGR) of 9.2 per cent over the next six years, according to a study by 6wresearch.

Growing civil construction market, mining industry and coupled with rise in spending on construction of public infrastructures have boosted Saudi Arabia’s Earthmoving Equipment market.

Further, with the growing demand and increasing competition, earth moving equipment market in the country is expected to gain momentum, the report added.

In the Saudi earthmoving equipments market, the loaders have prominently fueled the growth of the overall market followed by construction tractors and excavators.

In the forecast period, construction tractors market share is anticipated to marginally decline owing to the demand for excavators.

The study pointed out that the domestic manufacturing and joint ventures of international players with domestic players would increase the completion, thus would lead to fall in prices of these heavy equipment.

Amongst all the applications, construction segments captured the major share of market pie in the country, it added.
 
Acccording to experts, the growth in construction activities in the areas such as housing, retail, industrial, public infrastructures and business parks have spurred the demand for earth moving equipment market.

Western region is one of the key areas in Saudi Arabia where major construction activities are underway, they stated.

Cities such as Makkah and Madinah are contributing in a big way towards the Western region's growth, they added.-TradeArabia News Service