LCV Segment to Lead Saudi Arabia Commercial Vehicles Market till 2024
Growing investments
in construction and road infrastructure projects coupled with favorable
government policies to fuel Saudi Arabia commercial vehicles market through
2024
According to TechSci Research report, “Saudi Arabia Commercial Vehicles Market By Vehicle Type, Competition, Forecast & Opportunities, 2024”, commercial vehicles market in Saudi Arabia is projected
to cross $ 4 billion by 2024. The market is expected to be driven by increasing
investments in construction activities and road infrastructure projects coupled
with government policies such as subsidized loans and waivers for housing
development and Saudi Vision 2030. Shift in focus of Saudi government towards increasing
revenue from non-oil activities and boosting local manufacturing are further anticipated
to positively influence the country’s commercial vehicles market during the
forecast period.
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In 2018, light commercial
vehicles segment dominated Saudi Arabia commercial vehicles market, followed by
medium commercial vehicles, heavy commercial vehicles and buses. Growing number
of Small and Medium-sized Enterprises (SMEs) and rising preference towards
pickup trucks and vans for private and commercial use are anticipated to boost
demand for light commercial vehicles in the country in coming years. Among various
companies, Toyota Motor Corporation dominated Saudi Arabia commercial vehicles
market in 2018, followed by Isuzu Motors Saudi Arabia Company Limited and Mitsubishi
Fuso Truck & Bus Corporation. Saudi Arabia is an import driven market and
there is an absence of major commercial vehicle manufacturers in the country
except for Isuzu. Owing to which, all major OEMs cater to the domestic demand
through an exclusive dealer & distributor network.
Western and Northern & Central regions
dominated the country’s commercial vehicles market in 2018 and the trend is
expected to continue over the course of next five years, backed by the presence
of large population base coupled with increasing construction and building
activities in these regions such as project ‘NEOM’. Moreover, major pilgrimage and
tourism destinations such as Makkah and Madinah located in these regions are
boosting demand for commercial vehicles such as vans and buses. Additionally,
commercial vehicles market in these regions are likely to be driven by major
upcoming road projects such as King Hamad Causeway.
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“Major construction
projects such as the planned city of ‘NEOM’, Riyadh Metro and The Red Sea
Projects in line with Saudi Vision 2030 would drive the demand for commercial
vehicles in Saudi Arabia. Investments in automobile manufacturing clusters and
upcoming road projects coupled with growing logistics infrastructure would fuel
the demand for commercial vehicles in the country in ensuing years.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Saudi Arabia
Commercial Vehicles Market
By Vehicle Type, Competition, Forecast & Opportunities, 2024” has analyzed the potential of Saudi Arabia commercial
vehicles market, and provides statistics and information on market size, shares
and trends. The report will suffice in providing the intending clients with
cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by Saudi Arabia
commercial vehicles market.
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