The earthmoving equipment market in Qatar is set to grow at a CAGR (compound annual growth rate) of 10.77 per cent over the next four years as the country gears up for the biggest sporting event Fifa World Cup 2022, said a report.

The market is shifting from renting to owning earthmoving equipment, stated the report entitled "Earthmoving Equipment Market in Qatar 2015-2019".

With the rise in the number of long-term infrastructure projects in the country like the preparation for Fifa World Cup in 2022, construction companies prefer to own heavy earthmoving equipment rather than rent it, it stated.

The 2015-2019 report covers the present scenario and the growth prospects of the earthmoving equipment market in Qatar.

It also includes the historical sales of earthmoving equipment in the construction equipment market in the country. In addition, the report discusses the major drivers influencing the growth of the market, and the major challenges faced by vendors and the market at large, as well as the key trends emerging in the market.

According to the report, Qatar will generate a high demand for earthmoving equipment as it starts work on more and more  large-scale infrastructure development projects for the World Cup 2022.

The major players in the market are Caterpillar, Hitachi Construction Machinery, Komatsu, Volvo Construction Equipment besides JCB and Liebherr Group, the report added.-TradeArabia News Service