Qatar Earthmoving Equipment Market to Grow at 5% till 2021
Increasing
construction activities and upcoming mega sports events coupled with favorable
government initiatives to drive Qatar earthmoving equipment market through 2021
According to TechSci Research
report, “Qatar Earthmoving Equipment Market By Type, Competition Forecast & Opportunities, 2011-2021”, earthmoving equipment market in Qatar is projected to
grow at a CAGR of over 5% during 2016 – 2021, on account of booming
construction and mining industries in the country. 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 further expected to boost demand for earthmoving equipment in Qatar over
the next five years.
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Qatar National Vision 2030 was officially launched in
October 2008 with an objective to transform the nation into a developed
country. Under this mission, the government has set various goals including
expansion of the country’s infrastructure. Consequently, Government of 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. 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.
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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 centers due
to upcoming 2022 FIFA World Cup are driving demand for earthmoving equipment in
the country.
“Increasing government efforts to diversify the country’s
economy into non-oil sector is favoring the construction and housing sectors, where
excavators are being widely used to execute several tasks such as digging,
extracting, trenching, etc. 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.”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Qatar Earthmoving
Equipment Market By Type, Competition Forecast & Opportunities, 2011-2021”
has
evaluated the future growth potential of Qatar earthmoving equipment market and
provides statistics and information on market size, consumer behavior 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.
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