Heavy Equipment Market in Ethiopia and Djibouti to Reach $496.1 Million, by 2026: New Study by Allied Market Research

According to a new report published by Allied Market Research, titled,Ethiopia and Djibouti Heavy Equipment Market: Opportunity Analysis and Industry Forecast, 2019-2026,”the Ethiopia and Djibouti heavy equipment market size was $323.9 million in 2018, and is projected to reach $496.1 million in 2026, growing at a CAGR of 5.6%.

The original equipment segment accounted for over fourth-fifths of the Ethiopia and Djibouti heavy equipment market share in 2018 and is expected to witness significant growth during the forecast period.

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The various features of heavy equipment such as robustness, technological advancements, and high-quality fuel the growth of the Ethiopia and Djibouti heavy equipment market.

In addition, there has been a rise in the construction and infrastructure industry in Ethiopia and Djibouti, which further drive the demand for high-performance heavy equipment, thereby fueling the growth of the Ethiopia and Djibouti heavy equipment market. Moreover, technological advancements by manufacturers such as Volvo CE, Caterpillar, and John Deere, have increased the demand for heavy equipment products.

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Heavy equipment are machines used for activities involved in earthwork such as excavation, heavy lifting, tunneling, and material handling.

The market is mainly driven by residential & commercial growth, and rise in economy. However, higher carbon emission and increase in oil prices are some factors that limit the growth of the Ethiopia and Djibouti heavy equipment market.

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Key Findings of The Ethiopia And Djibouti Heavy Equipment Market:

  • On the basis of machinery type, the earth-moving machinery held the largest market share in 2018.
  • Based on function, the excavating segment was the largest revenue-generating segment in 2018.
  • By end-user industry, the construction segment generated the highest revenue in 2018, and is projected to grow at a significant CAGR from 2019 to 2026.
  • By business type, the aftermarket segment is projected to grow at a significant CAGR during the Ethiopia and Djibouti heavy equipment market forecast period.
  • Ethiopia accounted for over four-fifths share of the Ethiopia and Djibouti heavy equipment market in 2018 in terms of revenue.

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