Saudi Arabia Commercial Vehicle Market is anticipated to register a CAGR of 5% During the Forecast Period
Rapid increase in
development projects and increasing trend toward adoption of electric vehicles is
expected to drive the growth of Saudi Arabia commercial vehicle market during the
forecast period, 2024-2028.
According to TechSci Research report, “Saudi Arabia Commercial Vehicle
Market- Saudi Arabia Industry Size, Share, Trends, Competition, Forecast and Opportunities
, 2018-2028F”, The Saudi Arabia Commercial
Vehicle Market is experiencing significant expansion as demand has increased in
recent years. The automobile sector is one of the main driving
forces behind Saudi Arabia's economic development. Saudi Arabia contributes
about half of the vehicles sold in the GCC region. Moreover, over 52% of the
automobiles sold in the GCC and 35% in the MENA area were sold in Saudi Arabia
in 2020. The growth of the logistics industry and the number of ongoing
development projects have a significant impact on the Saudi Arabian commercial
vehicle market.
In post-pandemic Saudi Arabia, the General
Authority of Statistics announced that the country imported 2.9% more cars in
2021 than in 2020. Moreover, the market is expected to expand over the course
of the forecast period with the introduction of electric commercial vehicles.
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The import of vehicles from countries such as the
United States, Japan, China, etc. is the primary source for Saudi Arabia's
automotive industry. Digital change and e-commerce platforms have also
significantly assisted the expansion of the logistics and transportation
sectors. According to a 2022 article from the Saudi financial news outlet
Argaam, Saudi Arabia intends to create 59 logistics zones as part of its
expansion strategy for air, sea, and land transportation. Moreover, Saudi
Arabia coordinated with major OEMs to manufacture more than 300,000 vehicles
between 2020 and 2030. The development of multiple ports along the east and
west coastlines has also facilitated importation and linked the nation's
transportation system to other gulf countries. This results in rising demand
for commercial vehicles in the country. Commercial vehicles are primarily
manufactured in Saudi Arabia by four commercial truck manufacturers. Isuzu
Motors along with MAN SE, Mercedes, and Volvo manufacture heavy-duty commercial
vehicles in the western region.
Moreover, addition of new vehicles and increasing development projects are
expected to drive the demand of Saudi Arabia commercial vehicle market.
On the basis of vehicle type, the light commercial vehicle segment is leading
the market owing to addition of electric vehicles in the segments and wide
applications in the industry. Based on propulsion, ICE vehicle segment
dominates the current Saudi Arabia commercial market.
The Saudi Arabia Commercial
Vehicle Market can be segmented on the basis of vehicle type, propulsion, and
by region. On the basis of vehicle type, the market is segmented into light
commercial vehicle, medium commercial vehicle, and heavy commercial vehicle.
Furthermore, light commercial vehicle market is segmented on the basis of vehicle
segment (pickup truck & van, light duty truck), application (logistics,
transportation & tourism, construction), and propulsion (ice vehicle,
electric vehicle). Medium commercial vehicle market is segmented by vehicle
segment (GVW 10-16 ton, GVW 16-20 ton), by application (construction, logistics
and others), by propulsion (ICE vehicle, electric vehicle). Heavy commercial
vehicle market is segmented on the basis of vehicle segment (GVW 20-30 Ton, GVW
30-40 Ton, GVW >40 Ton), application (construction, logistics and others), and
propulsion (ICE vehicle, electric vehicle). Bus market is segmented by vehicle
segment (< 33 Seats, > 33 Seats), by application (staff transportation,
school & university transportation, tourism/pilgrimage services), by
propulsion (ICE vehicle, electric vehicle). On
the basis of region, the market is divided among Northern & Central,
Southern, Eastern, and Western.
Some of the major companies operating in the Saudi Arabia
Commercial Vehicle Market include:
- Toyota Motors Corporation
- Isuzu Motors Saudi Arabia
Company Limited
- Mitsubishi Fuso Truck and Bus
Corporation
- Hino Motors Limited
- Ford Motor Company
- Hyundai Motor Company
- MAN Truck and Bus Middle East
- Volvo Trucks Corporation and
Volvo Bus
- Mercedes-Benz KSA Commercial
Vehicles
- Ashok Leyland
- Tata Motors Limited
These are the key players developing advanced technologies and launching new
products to stay competitive in the market. Other competitive strategies
include mergers with tech firms, new product developments, and marketing
activities to increase customer outreach.
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“The market for commercial vehicles in Saudi Arabia is largely being propelled
by development in several regions throughout the country. Further, it is
anticipated that the Saudi Arabian commercial vehicle industry will experience
further growth in demand due to the increasing adoption of electric vehicles.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Saudi Arabia Commercial Vehicles Market By Vehicle
Type (Light Commercial Vehicle, Medium Commercial Vehicle, Heavy Commercial
Vehicle), By Propulsion (ICE Vehicle, Electric Vehicle), By Region,
Competition, Forecast & Opportunities, 2018 – 2028” has evaluated
the future growth potential of Saudi Arabia 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 Saudi Arabia automotive battery management
system market.
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