Qatar’s booming construction and mining industries as well as upcoming major sports events will drive the country’s earthmoving equipment market to grow at a CAGR of over 5 per cent during 2016 - 2021, a report said.

Some of the other major factors such as increasing expatriate population and upcoming mega sports events such as Fifa World Cup 2022 and IAAF World Athletics Championship 2019 are expected to add to the demand for earthmoving equipment in Qatar over the next five years, according to the report titled "Qatar Earthmoving Equipment Market By Type, Competition Forecast & Opportunities, 2011-2021" from TechSci Research, a leading global market research firm.

Qatar has undertaken various road projects under Expressway Programme Project such as construction of Lusail Expressway, New Orbital Highway & Truck Route, Lijmiliya - Leatooriya - Al Sheehaniya Road., etc., over the last few years, the report said.

Apart from all these road projects, the government is also planning to develop deep water sea port, new international airport, new cities, schools, hospitals and electric substations in the country during the forecast period. All these government projects are expected to significantly boost demand for earthmoving equipment in the country over the next five years.

In 2015, more than 2.90 million tourists visited Qatar. According to the Qatar Tourism Authority (QTA), the government is targeting on attracting 7 million visitors every year by 2030. Increasing government thrust to make Qatar a tourist hub in the Middle-East region, coupled with rising number of hotels and wellness centres due to upcoming 2022 Fifa World Cup are driving demand for earthmoving equipment in the country, according to the report.

"Increasing government efforts to diversify the country's economy into non-oil sector is favouring the construction and housing sectors, where excavators are being widely used to execute several tasks such as digging, extracting, trenching, etc.,” said Karan Chechi, research director with TechSci Research.

 “Over the last few years, Qatar has emerged as one of the prominent markets for earthmoving equipment in the GCC region. Due to lack of domestic manufacturing of earth moving equipment in Qatar, demand for such equipment is being catered through imports. CAT, JCB, Volvo, Hyundai and Komatsu are the top five players operating in the country's earthmoving equipment market,” he added.

The report has evaluated the future growth potential of Qatar earthmoving equipment market and provides statistics and information on market size, consumer behaviour and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in Qatar earthmoving equipment market. – TradeArabia News Service