Heavy Equipment Market in Ethiopia and Djibouti to Reach $496.1 Million, by 2026 at 5.6% CAGR: Allied Market Research
- Increase in construction & infrastructure activities, economic growth, and rise in focus on public-private partnerships drive the growth in the Ethiopia and Djibouti heavy equipment market.
PORTLAND, Oregon, Dec. 13, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Ethiopia and Djibouti Heavy Equipment Market, by Machinery Type (Earth Moving Machinery, Material Handling Machinery, Roadway Machinery, and Others), Function (Hauling, Drilling, Excavating, Paving and Grading, and Others), Business Type (Original equipment and Aftermarket), and End-User Industry (Construction, Mining, Agriculture, Energy, Transportation, and Others): Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the Ethiopia and Djibouti heavy equipment market garnered $323.9 million in 2018, and is estimated to reach $496.1 million in 2026, registering a CAGR of 5.6% from 2019 to 2026.
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Increase in construction & infrastructure activities, economic growth, and rise in focus on public-private partnerships drive the growth in the market. However, rise in carbon emissions and high capital investment restrain the market growth. On the other hand, technological investments would present new opportunities in the market.
Earth moving machinery segment to maintain its dominating position
Based on machinery type, the earth moving machinery segment accounted for the largest share, contributing to nearly two-thirds of the total market in 2018, and will maintain its dominating position throughout the forecast period. This is attributed to rise in applications in the construction sector. On the other hand, the material handling machinery segment is expected to register the highest market share with a CAGR of 7.8% from 2019 to 2026. This is due to rise in focus on workplace safety, surge in adoption in manufacturing sector, and growth in mining activities.
Excavating segment to continue its lead in terms of revenue by 2026
On the basis of function, the excavating segment held the major market share, contributing nearly half of the total share in 2018, and is estimated to continue its lead by 2026. This is due to availability of improved solutions to reduce cost of operation and increase productivity. However, the drilling segment would register the fastest CAGR of 8.5% from 2019 to 2026, owing to availability of highly efficient and reliable drilling machines.
Construction segment to dominate throughout the forecast period
Based on end user, the construction segment contributed the highest market share in terms of revenue with more than two-fifths of total market in 2018. On the other hand, the energy segment is estimated to register the fastest growth rate with a CAGR of 7.7% during the forecast period, owing to supportive government initiatives in the energy sector.
Ethiopia to offer lucrative opportunities
Ethiopia held the major market share in 2018, accounting for more than 95% of the total market, and is estimated to maintain its lion's share throughout the forecast period. Moreover, it is estimated to register the fastest CAGR of 5.7% from 2019 to 2026. It offers lucrative opportunities, owing to rise in GDP and growth of the construction sector. The report offers a detailed analysis of the Djibouti market.
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Torchbearers of the industry
Leading industry players analyzed in the research include AB Volvo, Deere & Company, Caterpillar Inc., Hitachi, Ltd., Doosan Infracore, Kobelco Construction Machinery Co., Ltd., J C Bamford Excavators Ltd., SANY Group, Komatsu Ltd., and Xuzhou Construction Machinery Group Co., Ltd. (XCMG).
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