UAE Truck Market Sales Set to Grow at 8% CAGR till 2021
According to recently published report “UAE
Commercial Vehicles Market Forecast & Opportunities, 2021” UAE truck market, which includes pickup
& light duty trucks, medium and heavy duty trucks (M&HCV), is the
dominating segment of the UAE commercial vehicle market. In comparison with
other Middle East countries, which derive a large chunk of their revenue from
the oil and gas sector, the UAE has diversified into non-oil sectors
such as manufacturing, construction, power, wholesale, retail and
transportation which has reduced its dependence on oil and gas sector.
Browse 8 market
data Tables and 19 Figures spread through 116 Pages and an in-depth TOC on "UAE
Commercial Vehicles Market"
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Despite of such a positive
contrast, the country’s truck market witnessed negative growth during 2011-2015
due to slowdown in construction projects across the country and tight liquidity
situation. However, in 2014, $100 billion investment was allocated for the
housing and transport sector in Abu Dhabi, which was in line with country’s
economic vision 2030. In addition, Abu Dhabi’s Executive Council announced
investment of $89 billion, road development and other infrastructure projects
in the housing sector in 2013. Further, around USD 2 billion are estimated to
be invested in developing state-of-the-art housing establishments in the
country. Various road construction project such as 62 km highway connecting
Dubai and Abu Dhabi are also scheduled for completion by 2017.
According to TechSci analysis, the
country is expected to witness investment in energy, infrastructure,
residential and commercial projects over the next five years. Moreover, the
country would be hosting the “World Expo 2020”. Consequently, the country is
poised to witness large scale infrastructure development. Moreover, the UAE
government is focusing on diversification of economy in the non-oil sector over
the next decade, as per the government’s plan to trim down the share of revenue
derived from the oil sector to around 20% by 2030.
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Few of the prominent
projects, which are likely to raise the demand for trucks in the UAE are, Abu
Dhabi Metro construction, Dubai Metro rail line construction, Emirates Roads
Master Plan, Etihad railway Network, Airport expansion project, Abu Dhabi
Airport expansion projects, etc.
The average selling price (ASP) of
trucks in the UAE is anticipated to increase at a low pace over next five
years. Garnering support from the expected growth in the volume sales coupled
with anticipated price rise, market for trucks in the UAE is projected to grow
by 2021, thereby exhibiting revenue growth at a CAGR of around 8.65% during
2016-2021.
The UAE truck market is dominated by
Mitsubishi. The company emerged as a leader in pickup & light truck
category backed by its wide product portfolio. The market share of Mitsubishi
is estimated to further grow by 2021 backed by anticipated increase in its
market share in medium and heavy duty truck markets.
On the other hand, second and third
largest market shares in the UAE truck market were held by Nissan and Toyota
respectively,
in 2015. Nissan with its presence in the pickup & light duty truck segment
and medium duty truck segment has been playing on volume sales. However,
Toyota, along with its subsidiary “Hino” accounted for third largest market
share in the pickup & light duty truck category in the same year. Hino was
the largest player for medium duty trucks in the UAE in 2015. The market share
of Toyota (along with its subsidiary Hino) is further forecast to increase by
2021 according to TechSci Research report.
“UAE
Commercial Vehicles Market Forecast & Opportunities, 2021” has evaluated the future growth
potential of commercial vehicle market in the UAE and provides statistics and
information on market side, structure and trends. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes emerging trends
along with essential drivers, challenges and opportunities available in the UAE
commercial vehicles market.
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