GCC Light Commercial Vehicle Market to Reach USD11,917 Million by 2028
The increasing infrastructure development activities and
tourism sector has risen the light commercial vehicle sales in the GCC’s
countries. By this GCC Light Commercial Vehicle Market is expected to grow in
the coming year.
According to the TechSci
Research report, " GCC Light Commercial
Vehicle Market -By Country, Competition Forecast & Opportunities,
2018-2028 ",
GCC
Light Commercial Vehicle market stood around USD 7,136.60 million with a CAGR
of 11.86%, through 2022. The countries in GCC region are heavily dependent on
imported vehicles as in countries like Saudi Arabia,
UAE, Kuwait, Oman, etc. don’t have there own manufacturing plant for the
automotive and in these countries, vehicles are imported from the other
countries like China, Japan, India, etc. The vehicles prices are high due to the
import duty on these vehicles. CBU (Completely Built Units), SKD (Semi Knocked
Down), and CKD (Completely Knocked Down) forms are the most common types of
automotive imports into these countries. The CBU is the most popular type of
import in the region, and because it is expensive and widely used, the
governments of various nations in the region are acting by enforcing high taxes
on CBU so that manufacturers can establish their production facilities in their
region. This is expected to eventually lead to drop in the cost of light
commercial vehicles. As a result of this expanding market penetration and the
simplicity with which they can be obtained, light commercial vehicles will see
an increase in overall demand in the coming years.
Browse more than94 market data Figures spread through 127 Pages
and an in-depth TOC on "GCC Light Commercial Vehicle Market"
In
the Vehicle type region pickup truck has the highest market share with 79.57%,
followed by light bus with 15.70% market share in the year 2022. The pickup
truck is expected to have the highest market share with 79.37% in the forecast
year 2028, van has the lowest market share of 5.70% in the GCC light commercial
vehicle market in the forecast year
2028. The pickup trucks have the highest market share because of its use in the
construction activities and increase in demand among the logistics industry has
risen the pickup truck demand in many countries of GCC region. The pickup truck
has highest market share in all the six country such as, in Saudi Arabia pickup
truck has 81.40% market share, in UAE pickup trucks has 77.77% market share,
etc. Due to this overall market share of pickup truck is high in the GCC light
commercial vehicle market.
In the fuel type segment petrol has the
highest market share of 56.52% in the year 2022. And the diesel come at the
second place with the market share of 42.57% in the year 2022. Petrol driven
vehicle is expected to have the highest market share of 58.25% in the forecast
year 2028. The top companies like Toyota Motor Corporation, Ford Motor Company,
Nissan Motors Company Ltd., etc. has sold most of the vehicles that are run on
petrol. Due to this, the petrol has the highest market share in the GCC
commercial vehicle market.
Based on end user, the GCC light
commercial vehicle market is classified into individual and fleet owner. In
GCC, the fleet owners have the highest market share i.e., 86.59% in 2022, as
companies prefer renting and leasing of these vehicle for construction and
transportation activities rather than purchasing new vehicles. Meanwhile, in
the forecast year, the individual segment accounted for the share of 13.41% in
2022.
Based on country, Saudi Arabia holds the
largest market share, followed by United Arab Emirates,
Oman, Kuwait, Qatar and Bahrain. Saudi Arabia has the highest numbers because
of the high population which correspondingly increase the vehicle demand, and
in the forecast years, Saudi Arabia is expected to account for light commercial
vehicle market share of 58.14% in 2028.
It is followed by UAE, Oman, Kuwait, Qatar and Bahrain with shares 23.89%,
6.73%, 5.34%, 4.15%, 1.75%, respectively.
Some of the major players operating in
the GCC light
commercial vehicle market include:
- Tata Motors Limited
- Ford Motor Company
- Nissan Motors
Company Ltd.
- Volkswagen AG
- Isuzu Motors
Limited
- Mercedes-Benz AG
- Toyota
Motor Corporation
- Mitsubishi
Motors Corporation
- Peugeot SA
- Great
Wall Motors Company Limited
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“Many companies are
planning to build their own manufacturing plant for light commercial vehicles
in the GCC countries. And the rising demand of light commercial vehicles in the
construction and logistic sectors in countries like Saudi Arabia, UAE, Oman,
Kuwait, Qatar, and Bahrain is also driving the GCC light commercial vehicle
market. "said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“GCC Light
Commercial Vehicle Market By Vehicle Type (Pickup Truck, Van, Light Bus), By Fuel Type
(Petrol, Diesel, Alternate), By End User (Individual vs Fleet Owner), By
Country (Saudi Arabia, UAE, Oman, Kuwait, Qatar, Bahrain), Competition Forecast
& Opportunities, 2018-2028, Competition has evaluated
the future growth potential of GCC light commercial vehicle market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the GCC light commercial vehicle market.
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