PMV Live report predicts boom in heavy truck sales
Experts forecast rise in GCC truck sales over course of next 18 months
Sales of heavy trucks in the GCC are set to rise significantly over the course of the next 18 months, according to a report from PMV Live and Ventures Onsite.
The paper estimates that the global construction equipment market will hit $145.5bn by 2015.
The report’s authors predict that increasing demand from the construction sector will drive heavy truck sales across the region.
“The recovery of the project sector – and the growing scale of the projects across the GCC – is creating significant new demand for heavy-duty equipment in the region,” commented Holger Amann, director of Liebherr Middle East.
“Construction for projects such as the Expo 2020 in the United Arab Emirates, and the 2022 FIFA World Cup in Qatar are part of the story, but ongoing investment in healthcare, education, and housing projects has also supported healthy growth across the industry,” he added.
The report notes that despite the worldwide economic crisis of 2008/09, the earthmoving equipment market exhibited a 1.67% compound annual growth rate (CAGR) between 2008 and 2012.
Total construction projects in the GCC are forecast to reach $195.67bn during 2014; a rise of 22.4% compared to 2013.
“The region’s increase in the number of large-scale infrastructure projects, either announced or already underway, are driving companies to seek a wider range of innovative, international solutions for their heavy construction needs,” said Nathan Waugh, event director for PMV Live and Middle East Concrete.
“We’ve seen this reflected through the immense year-on-year increase in exhibitors, participants, and floor space since the inception of the combined niche construction shows three years ago,” he added.
The report predicts that in turn, demand for heavy-duty commercial vehicles in the Middle East is likely to rise significantly during the coming 18 months.
“The future outlook for heavy machinery equipment in the GCC shows promising signs of riding on the success of the construction and infrastructure projects in the region,” the report concludes.
PMV Live, which is collocated with The Big 5 and Middle East Concrete, will take place from 17-20 November 2014 at Dubai World Trade Centre, UAE.