Ethiopia and Djibouti Heavy Equipment Market Recent Trends by Forecast to 2026 | Upsurge at CAGR of 8.5%

The market is experiencing growth propelled by increased construction and infrastructure activities, economic expansion, and a heightened focus on public-private partnerships. Technological investments are poised to introduce fresh opportunities into the market.

As per the report, the Ethiopia and Djibouti heavy equipment market attained $323.9 million in 2018 and is forecasted to achieve $496.1 million by 2026, showcasing a Compound Annual Growth Rate (CAGR) of 5.6% from 2019 to 2026.

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The earth moving machinery segment is anticipated to uphold its dominant stance, representing approximately two-thirds of the total market in 2018 and maintaining this position throughout the projection period, owing to increased utilization in the construction sector. Conversely, the material handling machinery segment is projected to observe the highest market share expansion with a CAGR of 7.8% from 2019 to 2026, fueled by heightened emphasis on workplace safety, heightened adoption in the manufacturing sector, and burgeoning mining activities.

The excavating segment is expected to retain its lead in revenue share, accounting for nearly half of the total share in 2018 and continuing its dominance through 2026. This is attributed to the availability of enhanced solutions aimed at reducing operational costs and enhancing productivity. Conversely, the drilling segment is forecasted to register the swiftest CAGR of 8.5% from 2019 to 2026, driven by the availability of highly efficient and reliable drilling machinery.

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The construction segment is set to reign supreme throughout the forecast period, contributing the highest revenue share with more than two-fifths of the total market in 2018. Meanwhile, the energy segment is expected to witness the fastest growth rate with a CAGR of 7.7% during the forecast period, buoyed by supportive government initiatives in the energy sector.

Ethiopia claimed the major market share in 2018, representing over 95% of the total market, and is anticipated to maintain this lion's share throughout the forecast period, with an estimated fastest CAGR of 5.7% from 2019 to 2026. The nation presents lucrative opportunities driven by GDP growth and burgeoning construction sector. The report provides a comprehensive analysis of the Djibouti market as well.

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Top Players:

Key players in the industry 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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