Posted On: 2021-07-16
"Tanzania has experienced exponential growth in the construction sector in recent years, with a growth of new homes, multi-story buildings, highways, and bridges, a development that has resulted in significant demand for Used Construction Equipment." – 6Wresearch
According to the Bank of Tanzania (BoT), the expansion in the construction sector was attributed to growing public investments and ongoing rehabilitation of the meter-gauge railway. In addition, increased financial assistance for infrastructure projects has served as an incentive for continued inflows of capital into the construction industry in almost every financial year.
According to 6Wresearch, Tanzania Used Construction Equipment Market is projected to grow at a CAGR of 5.0% during 2021-2027. The used construction instrumentation market showed intimate steady growth throughout the COVID-19 pandemic due to the severe housing shortage in Tanzania's urban and cosmopolitan areas due to the country's rapid economic development and population growth, which has increased demand for residential and commercial properties.
According to Navneet Aggarwal, Senior Research Analyst, 6WResearch, "By equipment type, earth moving equipment had a significant revenue share in 2020 in the used construction equipment market in Tanzania due to the large-scale construction activities due to the boom in demand for new houses, roads, bridges, highways."
"Tanzania recently has signed a USD 50 million loan with the development finance institution of the Organization of the Petroleum Exporting Countries to finance the 'Fourth Tanzania Poverty Reduction Project.' The project will build rural infrastructure which would propel the demand for used construction equipment in the country," Navneet further added.
According to Kajal, Research Analyst, 6WResearch, "By earth moving equipment type, Motor graders are expected to grow during the forecast period due to their increased demand in the road construction and highway projects, which are in full-swing in Tanzania with the Increased participation of the foreign and private construction firms in Tanzania which are giving rise in the number of construction projects going in the country such as Likong'o–Mchinga LNG Project, Bagamoyo Port, etc."
"Tanzania Used Construction Equipment Market (2017-2027)" report provides an in-depth analysis with 7 figures with 5 tables, covered in __ pages. The report estimates and forecasts the overall market by equipment type. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, and market drivers, which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.