The Ethiopia and Djibouti heavy equipment market size, which was $323.9 million in 2018, is projected to reach $496.1 million in 2026, growing at a CAGR (compound annual growth rate) of 5.6 percent, according to Allied Market Research (AMR).
The original equipment segment accounted for over fourth-fifths of the Ethiopia and Djibouti heavy equipment market share in 2018 and is expected to witness significant growth during the forecast period.
Heavy equipment are machines used for activities involved in earthwork such as excavation, heavy lifting, tunneling, and material handling. The market is mainly driven by residential & commercial growth, and rise in economy.
The growth in the demand for infrastructure development largely drives the market. The heavy equipment market is experiencing continuous growth along with the rise in demand for industrial, residential, and commercial infrastructure setup. In the emerging economies such as Ethiopia and Djibouti, infrastructural development has created the need for heavy equipment and positively influenced the market, the report related.
On the basis of machinery type, the earthmoving machinery held the largest market share so far, while the excavating segment was the largest in revenue generation. By end-user industry, the construction segment tok the lead, and is projected to grow at a significant CAGR during the period of projection, until 2026.
The key players profiled in AMR's report include AB Volvo, Caterpillar Inc., Deere & Company, Doosan Infracore, Hitachi, Ltd., J C Bamford Excavators Ltd, Kobelco Construction Machinery Co., Ltd., Komatsu Ltd., SANY Group, and Xuzhou Construction Machinery Group Co., Ltd. (XCMG).
Source: Allied Analytics
