Saudi Arabia Commercial Vehicles Market to Grow at 9% till 2021
Anticipated stabilization of
crude oil prices, implementation of favourable government initiatives, growing
infrastructure construction and logistics industry to drive sales of
trucks, buses & vans in the Kingdom
According to “Saudi Arabia Commercial Vehicles Market Forecast & Opportunities, 2021”, the market for commercial vehicles in Saudi Arabia is
projected to grow at a CAGR of over 9% during 2016 – 2021, on account of robust infrastructural developments coupled with growing logistics requirements
arising from construction and MSME sectors. Moreover, increasing number of
smart city projects and growing population coupled with growing government’s
focus on promoting energy efficiency are some of the other major factors
anticipated to positively influence the Saudi Arabia commercial vehicles market over the next five years.
On the basis of vehicle type, the market
of commercial vehicles in Saudi Arabia has been segmented into four categories,
namely, Buses, Light Commercial Vehicle (LCV), Medium Commercial Vehicle (MCV)
and Heavy Commercial Vehicle (HCV). Among these categories, LCV segment
dominated the country’s commercial vehicles market in 2015, and the same trend
is anticipated to continue over the next five years as well. However, in terms
of growth, the bus segment is forecast to outpace LCV segment during 2016-2021.
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Tourism industry in Saudi Arabia is cyclical and is
largely restricted to religious pilgrimage. In August 2015, for over 200,000
pilgrims arrived in Jeddah and Medina, and approximately 17,700 buses were
deployed for these pilgrims. In order to address increasing transportation
needs to accommodate the huge number of pilgrims during Hajj, the Saudi Arabian
government is importing new buses with advanced technology that can be operated
even in harsh climatic conditions, consequently
aiding the country’s commercial vehicles
market.
“In order to accommodate growing vehicle fleet demand of the Kingdom, Saudi
Arabia General Investment Authority (SAGIA) plans to increase investments
towards strengthening and expanding the country’s road infrastructure. As per
the 9th Five Year Plan, which was introduced in 2010, the Ministry of Economy
and Planning announced an overall spending of about USD27.06 billion for
improving and expanding the country’s road infrastructure. These developments
are anticipated to drive sales of commercial vehicles market during next five
years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Saudi
Arabia Commercial Vehicles Market Forecast & Opportunities, 2021” has evaluated the future
growth potential of Saudi Arabia commercial vehicles market and provides
statistics and information on market size, share, trends & forecasts for commercial
vehicles in Saudi Arabia. The report is intended 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 Saudi Arabia
commercial vehicles market.
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