Middle East & North Africa Commercial Vehicle Market to Register a CAGR of 8.67% by 2028
The rapid increase in
urbanization, increasing investment in logistics of e-commerce industry and
infrastructure developments is driving the growth of Middle East & North
Africa Commercial Vehicle market.
According
to the TechSci Research report, “Middle East and North Africa Commercial
Vehicle Market- By Country, Competition, Forecast and Opportunities, 2018-2028F”,
Middle East and North Africa Market was valued at USD 25250.52
million in 2022 and the market value is anticipated to grow, registering a CAGR of 8.67% during the forecast period.
Commercial
vehicles are often employed as a mode of transport for various types of end use
industries and they aid in tasks such as unloading, loading, and transportation
of goods. The construction industry is rapidly expanding as a result of the
large number of projects in the pipeline in each Middle Eastern country, and
this also helps in realizing the goals of the various countries in the Middle
East to diversify their economies.
The
Middle Eastern commercial vehicle market is changing owing to several factors,
including a greater emphasis on sustainability, the implementation of new laws
by regional governments, and an increased need for digital solutions. Trucks
with improved fuel efficiency, uptime, and lower total cost of ownership are in
high demand. Many businesses are looking for more environment-friendly trucks
that can help them lower their carbon footprint in response to sustainability
concerns. New government-enforced measures are being implemented throughout the
region to limit emissions and improve traffic safety.
Commercial
vehicles are also becoming increasingly popular in the MENA region. They are
used in industries such as waste management, mining, construction, and
petrochemicals. Commercial vehicles demand would skyrocket across the MENA region.
The demand for material handling and transporting equipment, such as commercial
trucks and trailers, would rise. Prominent industry partners are collaborating
to develop robust, long-lasting commercial vehicle. They also want to create
chassis that can be loaded effectively. The use of newly developed materials
such as steel and aluminium alloys would skyrocket. These materials make the
chassis and automobile bodies strong and long-lasting under high-stress
situations.
Browse more than73 market data Figures spread
through 146 Pages
and an in-depth TOC on "Middle East and North Africa Commercial Vehicle Market"
The Middle East and North Africa market
can be segmented based on by vehicle type, by Propulsion, by application and by
country. On the basis of vehicle type, the market is further divided into light
commercial vehicles, medium commercial vehicles and heavy commercial vehicles. The
light commercial vehicle segment dominates the vehicle type market with around
79% share due to the increasing growth of the e-Commerce and logistics industry
who are using light commercial vehicle for the supply chain and distribution
purpose. On the basis of propulsion, the market is further segmented into ICE
and electric. The ICE segment has a market share of around 98% in propulsion category.
Electric cars are gaining adoption in propulsion because to lower emissions and
lower costs, and they are expected to grow at a CAGR of roughly 22% during the
projection period. On the basis of application, the market is further segmented
into logistics, construction, mining, oil & gas, and others. The logistics
segment holds the highest share with around 51% share, owing to the rapid
urbanization and emerging economies investing in the logistics sector to improve
their distribution network.
Some of the major
players operating in the Middle East and North Africa Commercial Vehicle Market
include:
- TATA
Motors Ltd.
- MAN
Truck & Bus Middle East FZE
- Ashok
Leyland (U.A.E) L.L.C
- Mercedes-Benz
Group AG
- Scania
AB
- Toyota
Motor Corporation
- Ab
Volvo
- Isuzu
Motors International FZE
- Zhengzhou
Yutong Bus Co., Ltd.
- General
Motors Corporation
- Ford
Middle East
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“Many companies
are investing in advanced technology and mechanism for the development of the
new commercial vehicles’ products. The electrification of the vehicle has
provided an opportunity for the manufactures to move toward electric commercial
vehicle which boosts up the Middle East and North Africa commercial vehicle
market. Furthermore, the government infrastructure developments plans, and
growing e-commerce industry are increasing the commercial vehicle sales for
their operations,"said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Middle
East & North Africa Commercial Vehicle Market By Vehicle Type (Light
Commercial Vehicles (LCV), Medium Commercial Vehicles (MCV) and Heavy Commercial
Vehicles (HCV)), By Propulsion (ICE, Electric), By Application (Construction,
Logistics, Mining, Oil & Gas and Others) By Region Competition Forecast
& Opportunities, 2018- 2028F, has evaluated the future growth
potential of Middle East and North Africa 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 Middle East and North Africa Commercial
Vehicle market.
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