MENA Commercial Vehicles (Trucks) Market is projected to expand at 5.2% CAGR, in terms of volume between 2022 and 2027: Future Market Insights
The report presents the value and volume forecasts of the MENA commercial vehicles (trucks) market and provides key insights into the factors driving market growth as well as the factors restricting the market growth.
The estimates point to revenue growth from nearly US$ 5,250 Mn in 2021 to nearly US$ 8.55 Bn by 2027 end, resulting in a CAGR of 5.2% during the period of assessment. In terms of volume, the MENA commercial vehicles (trucks) market was pegged at 152,191 units in the year 2021 and is poised to reach a figure of 212,232 units in 2027, and display a CAGR of 3.4% in the forecast period.
· MENA Commercial Vehicles Market Base Year Value (2021A): US$ 6.26 Bn
· MENA Commercial Vehicles Market Estimated Year Value (2022E): US$ 6.57 Bn
· MENA Commercial Vehicles Market Projected Year Value (2027F): US$ 8.55 Bn
· Value CAGR (2022-2027): 5.2%
· Collective Value Share - Top 2 Countries (2022E): 35.8%
Rapid development and growth of oil and gas industry in the rest of Middle East region to boost market revenue growth
Commercial vehicles are commonly used as a medium of transport for different types of end use industries and they are helping in tasks such as unloading, loading and transportation of goods. The construction industry is exhibiting fast growth due to the vast number of projects in the pipeline in each country of the Middle East and this also has a connection with the plans of the countries in the Middle Eastern region to diversify their economies.
These developments are also related to the large scale international events that are going to be held in this region such as World Expo 2020 being held in Dubai and the FIFA World Cup 2022 to be held in Qatar.
The construction industry in Iran was estimated to be valued at US$ 154.4 billion in 2016 from US$ 88 billion in the year 2013 and due to this upward growth, the market for heavy trucks is likely to boost in this country. Also, due to the rising urbanization, the construction industry is experiencing rapid growth in the rest of the countries in the Middle East which is further expected to boost the demand for commercial vehicles in building and construction activities in the region.
Iran is also one of the biggest markets for trucks in the MENA region, and with the economic sanctions lifted up from Iran, it is experiencing huge growth in its economy and is likely to be one of the prominent markets for heavy duty commercial vehicles.
On the other hand, other countries in the region like UAE and Oman are also becoming attractive markets for commercial vehicles due to their vast use in end-use industries such as the petrochemical industries, and this is expected to boost the overall demand for trucks in the Middle East region.
MENA Commercial Vehicles (Trucks) Market: Segmentation and Forecast
The MENA commercial vehicles (trucks) market is segmented on the basis of class type and region. On the basis of class type, the market is segmented into light duty, medium duty and heavy duty. On a regional basis, the market is segmented into the Middle East (Saudi Arabia, Turkey, the Rest of the Middle East) and North Africa.
· The heavy duty segment was estimated to be valued at nearly US$ 3,200 Mn in 2021 and is likely to reach a valuation of nearly US$ 5,300 Mn in 2027 and in the process exhibit a CAGR of 5.1%.
· The medium duty segment was estimated to be valued at nearly US$ 1,850 Mn in 2021 and is anticipated to reach a valuation of nearly US$ 3,000 Mn in 2027 and exhibit a CAGR of 4.8%.
MENA Commercial Vehicles (Trucks) Market: Regional Forecast
· The commercial vehicles (trucks) market in Saudi Arabia was estimated to be valued at nearly US$ 560 Mn in 2021 and is likely to reach a valuation of nearly US$ 900 Mn in the year 2027 and exhibit a CAGR of 4.6% during the assessment period.
· The commercial vehicles (trucks) market in Turkey was estimated to be valued at nearly US$ 1,350 Mn in 2021 and is anticipated to reach a valuation of nearly US$ 2,150 Mn in 2027 and exhibit a CAGR of 5% during the period of forecast.
MENA Commercial Vehicles (Trucks) Market: Vendor Insights
This report includes some of the key players functioning in the MENA commercial vehicles (trucks) market such as Daimler AG, AB Volvo, Scania AB, Paccar Inc., MAN SE, Navistar International Corp., Hino Motors, Ltd., Isuzu Motors Ltd., Dongfeng Motor Corporation, FAW Group Corporation, Toyota Motor Corporation, Ford Motor Company, Nissan Motor Company Limited, General Motor Company and Volkswagen AG. Manufacturers are using advanced telematics systems and financing options to lure customers.
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