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Qatar Construction Equipment Market - Outlook and Forecast 2022-2028
The Qatar construction equipment market is projected to experience a compound annual growth rate (CAGR) of 4.97% from 2022 to 2028. In 2022, the government increased its infrastructure investments, focusing on the development of roads, airports, highways, and stadiums for the upcoming FIFA World Cup event scheduled later in 2022. The government has allocated $7 billion for the National Vision 2030 plan. Aggressive investments are planned for the development of roadways and highways in Doha, Lusail, and Al Wirrah cities of Qatar in 2022.
According to the World Bank, Qatar’s economy is expected to grow by 3-4% in 2022. However, the country’s long-term growth may be hindered by its overreliance on the oil and gas industry, which is subject to extreme volatility in oil prices that directly impact the industry’s performance.
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USD 228.5 million in 2020
Type and End User
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The Qatar government is undertaking various infrastructure, road, and highway projects across the country. Notable projects include the Sharq Crossing project in Doha ($12 billion), the New Doha Port ($7.4 million), the Qatar Long Distance Railways Project ($3,456 million), the Siraj Al Kharsaah Solar Power Project in Al-Sahaniya ($462 million), the Al Rayyan Stadium ($600 million), the Al Bayt Stadium ($192.3 million), and the North Field Extension ($500 million).
The oil and gas industry in Qatar experienced a strong rebound in 2021, benefiting from a surge in crude oil prices in the global market. Qatar is a leading producer and exporter of oil in the Middle Eastern region, and the rise in oil prices has supported robust economic recovery in 2021.
The ongoing infrastructure and development projects for the World Cup 2022 have led to a sharp increase in the demand for cranes. Luffing jib cranes witnessed high demand in 2021, and a similar trend is expected due to the various mega projects in the pipeline under the National Development Plan 2030.
The market is segmented based on various factors, including type and end user.
Segmentation by Type
Earthmoving Equipment – Excavator, Backhoe Loaders, Motor Graders, Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
Material Handling Equipment – Crane, Forklift & Telescopic Handlers, Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
Road Construction Equipment – Road Rollers, Asphalt Pavers
Segmentation by End Users
In 2021, the earthmoving equipment segment constituted 41.6% of the total construction equipment market in Qatar. It is projected that by 2028, this segment will reach a volume of 3,180 units, growing at a compound annual growth rate (CAGR) of 4.10%. Earthmoving equipment holds the second-largest share in the Qatar market as of 2021. The demand for such equipment is expected to be supported by government investments in infrastructure upgrades for the FIFA World Cup event.
The construction industry, as an end-user of construction equipment, accounted for 52.8% of the overall market in 2021. By 2028, it is anticipated that the utilization of construction equipment will reach 4,417 units, with a CAGR of 5.44%. Under the national vision 2030 plan, the Qatar government has allocated approximately $7 billion for investment purposes. This funding will be utilized for the development of roads, railways, airports, and public utilities as outlined in the plan.
Key companies profiled in this report include Hyundai Construction Equipment, XCMG, Zoomlion, Sany, Volvo, Liebherr, JCB, Komatsu, Caterpillar, Kobelco, Yanmar, Tadano, Liu Gong, Qatar Tractors & Equipment Co., Jaidah Heavy Equipment, Qatar Building Co. Heavy Equipment.
Key Questions Answered
What is the size of the construction equipment market in Qatar?
What is the rate of growth in the construction equipment market in Qatar?
Who are the major players in the construction equipment market in Qatar?
What are the current trends in the construction equipment industry in Qatar?
Which companies are the leading distributors in the construction equipment market in Qatar?