Dublin, Dec. 08, 2023 (GLOBE NEWSWIRE) -- The "Kenya Construction Equipment Market: Market Forecast By Types, By Applications, By Regions and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Kenya Construction Equipment Market size is projected to Grow at a CAGR of 4.5% during 2023-2029.
The Kenya Construction Equipment Market experienced notable growth driven by government investment in infrastructure development. However, due to the global pandemic and its impact on large-scale construction projects and supply chains, the market only grew by a growth rate of 6.6% compared to 10.1% in 2020. Despite these challenges, the construction industry still contributes approximately 5.6% to the country's gross domestic product (GDP). In the past, the industry had witnessed an impressive annual average growth of 13% during its peak a decade ago.
According to this research, the Kenya construction equipment market is expected to observe significant growth in the coming years, primarily attributed to major projects like the LAPSSET Corridor Program and the Lamu-Isiolo Road, among others, planned under Kenya's Vision 2030.
The infrastructure sector in Kenya has witnessed substantial expansion, driven by the Ministry of Transport and Infrastructure's initiatives to enhance transportation networks and promote construction and housing ventures. Notable projects such as Pangani affordable housing projects, Nairobi-Mombasa Highway, Mariguini informal settlement, and Kibera Soweta East zone B exemplify the ongoing development efforts in the country.
Market by Types
On the basis of types, the earthmoving equipment segments is projected to grow in the coming years. By earthmoving, loaders accounted for highest revenue share in 2022 and anticipated to witness the same trend in future on the back of its extensive use in both construction and mining activities.
Market by Applications
The construction sector recorded the highest revenue share in 2021 and is projected to maintain its dominance in the upcoming years in the Construction Equipment Market in Kenya. This is attributed to the upcoming projects in offices spaces, road and bridge construction, hotels, and healthcare facilities, along with the proposed investment of $7.4 billion in road infrastructure through Public-Private Partnerships.
Additionally, the development of the Tanhan River nuclear plant with an investment of $3.8 million is expected to contribute to the growth of the construction equipment market in the future.
Market by Regions
Owing to its significance as a center for the nation's economic growth, the southern region held a significant market revenue share in Kenya's construction equipment market in 2022 owing to major construction activities held in the capital and is anticipated to continue this trend in the coming years.
Key Highlights of the Report
- Kenya Construction Equipment Market Overview
- Kenya Construction Equipment Market Outlook
- Kenya Construction Equipment Market Forecast
- Historical Data and Forecast of Kenya Construction Equipment Market Revenues for the Period 2019-2029F
- Historical Data and Forecast of Kenya Construction Equipment Market Revenues, By Types for the Period 2019-2029F
- Historical Data and Forecast of Kenya Construction Equipment Market Revenues, By Applications for the Period 2019-2029F
- Historical Data and Forecast of Kenya Construction Equipment Market Revenues, By Regions for the Period 2019-2029F
- Market Drivers and Restraints
- Market Trends
- Industry Life Cycle
- Kenya Construction Equipment Market - Porter's Five Forces
- Market Opportunity Assessment
- Company Rankings
- Market Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Company Profiles
- Avic Shantui Construction Pvt. Ltd.
- Caterpillar Inc.
- Komastsu Ltd.
- Hitachi Construction Machinery Co., Ltd
- Hyundai Construction Equipment Co., Ltd.
- Volvo Construction Equipment
- J C Bamford Excavator Limited
- XCMG East Africa
- Sany Heavy Industry Co., Ltd.
- Action Construction Equipment Ltd.
Market Scope and Segmentation
By Types
- Crane
- Bulldozer and Construction Tractor
- Earthmoving Equipment
- Dump Truck
- Material Handling Equipment
- Aerial Work Platform
- Road Construction Equipment
By Applications
- Construction
- Oil & Gas
- Mining
Others (Municipality, Road Construction etc.)
By Regions
- Northern
- Southern
- Eastern
- Western
For more information about this report visit https://www.researchandmarkets.com/r/wgpjmd
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