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.