The construction equipment market in Iran could more than double over the next five years, according to a new study by Off-Highway Research.
The specialist consultant said construction equipment sales in Iran exceeded 3,500 units last year, and in the recent past it has been as high as 5,000 machines per year. Off-Highway Research said market will exceed this recent high in the coming five years as sanctions are lifted and the country’s enormous mineral, gas and oil wealth is tapped.
“The dominant factor in the recent development of the Iranian market for construction machinery has, of course, been the imposition of nuclear-related sanctions. By the time the current President Hassan Rouhani came to power in 2013, the market had fallen to fewer than 3,000 new machines. A slight rebound since then related to the change in government should not detract from the fact that the market is currently at a very low ebb,” said the report.
However, with UN sanctions now lifted and the Iranian government investing in oil, gas and mineral infrastructure, prospects have brightened for the construction equipment industry. This stands to benefit both the domestic industry – around half the construction equipment sold in Iran is domestically manufactured – and international suppliers.
The 160 page report, The Construction Equipment Industry in Iran, includes a detailed analysis of the market for 14 individual types of construction equipment. As well as this sales analysis, the report looks in depth at the production of construction equipment in Iran, data by machine type and manufacturer, along with manufacturer profiles. Further sections include distributor profiles and pertinent background information on the Iranian economy.