GCC Heavy Commercial Vehicle Market By Vehicle Type (Heavy Truck and Heavy Buses), By Class Type (Class 7 and Class 8), By Propulsion Type (Diesel, CNG, and Alternate Fuel), By End User (individual and Fleet Owner), By Application (Wholesale & Retail, Transport, Construction, Mining, and Others), By Country, Competition, Forecast and Opportunities 2028

  • Industry : Automotive
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Summary

Report Description

 

Forecast Period

2024-2028

Market Size (2022)

31.16 Thousand Units

CAGR (2023-2028)

10.19%

Fastest Growing Segment

Class 8

Largest Market

Saudi Arabia

 

Gulf Cooperation Council (GCC), a political and economic alliance of six middle east countries, namely, Saudi Arabia, Qatar, Bahrain, Oman, Kuwait, and United Arab Emirates has a huge demand for heavy commercial vehicles because of their direct involvement with the oil and gas industries and the economy of these GCC countries hugely depends upon these oil and gas reserves. Further, these countries are now getting involved in the diversification of revenues which is resulting in the development of other heavy industries (mining and marine).

GCC Heavy Commercial Vehicle Market Overview

The GCC heavy commercial vehicle market is expected to grow at a faster rate in the forecasted period. The market is significantly driven by the rise of construction projects, transportation, infrastructural development, and manufacturing. The heavy commercial vehicles encompass a range of vehicles, such as buses, trailers, and specialized heavy trucks.

The heavy commercial vehicles market in GCC has been consistently rising for the past few years because these countries have rich reserves of oil and gas whose operations are further linked with many other industries. The GCC countries don’t have fertile soil therefore they heavily depend upon the imports of goods. These countries are known for their aggressive projects, such as building huge skyscrapers, airports, and stadiums. So, these kinds of projects require the use of heavy commercial vehicles which help in transporting raw materials like cement, equipment, and machinery. The heavy-duty vehicles are mostly driven by diesel. Some of them also use CNG but because of the environmental concerns, other types of fuels are also being explored although they are in developing stage as of now.  

GCC Heavy Commercial Vehicle Market Drivers

The construction sector in the Gulf Cooperation Council (GCC) is projected to experience a period of robust growth in the near to mid-term. This positive outlook is attributed to the increased availability of project finance resulting from record-high export earnings and the continuation of the implementation of long-range and non-renewable energy sector development strategies across the GCC. The construction industry has a vast pipeline of projects with several contracts still to be awarded across a variety of sectors, including power, water, transport, commercial, residential, and industrial projects.

The logistics market in the GCC is expected to see a lot of growth in the next few years, thanks to the growing need for warehousing facilities and the influx of government and private investment to make the region a strong logistics hub with good regulations. Dubai is becoming more and more important in global trade, and the economy is expected to do well in the coming years. Bahrain has some of the cheapest set-up and operating costs in the GCC, which has made it a great place to start a business and get access to the GCC and Arab world.

GCC countries have known for a long time that manufacturing growth is key to diversifying the domestic economy, creating more productive jobs, and increasing non-oil exports. From a tax point of view, it's essential to replace government revenue that's mainly based on hydrocarbon exports with more non-oil sector revenue. So, GCC countries have put in place a lot of plans and initiatives to grow and consolidate their domestic manufacturing base.


GCC Heavy Commercial Vehicle Market Trends

The GCC region is increasingly embracing electric commercial vehicles due to their cost-effectiveness and reduced carbon footprint. Several governments are launching a range of initiatives and programs to promote green mobility throughout the region. As oil prices have increased, the demand for electric commercial vehicles has also increased. Governments in the GCC region are providing tax breaks and incentives to encourage the uptake of electric commercial vehicles. Furthermore, the charging infrastructure for electric vehicles is rapidly expanding in many GCC nations, making charging more efficient and reducing range anxiety among consumers.

In the Arabian Shield region, the mining industry has the potential to produce a wide range of minerals, from lithium and copper to gold and other untapped minerals. Furthermore, the region's low energy costs, robust infrastructure, and proximity to international markets makes it an ideal location for mining. The electric car industry is expected to experience a surge in demand soon, making copper supplies essential for the generation of electricity for the world's economy. The mining industry is a key component of the global shift towards a more environmentally friendly future, and the emergence of new mining areas is essential for safeguarding the security and variety of mineral resources.

GCC Heavy Commercial Vehicle Market Challenges

The effects of Russia's military intervention in Ukraine, the tightening of global monetary policy, and the economic downturn in China are all having a significant impact on the international economy and are creating a significant challenge for the GCC's major trading and investing partners. Some major markets expected to experience a significant decrease in economic growth or to enter recession; the most prominent examples of this are a marked decrease in economic activity in the United States and contraction in the European Union and the United Kingdom. These developments are already leading to a degree of uncertainty and prudence in the GCC construction sector and among its customers, who may be hesitant to make key expenditure and investment decisions.

Recent Developments

  • In June 2023, FAMCO, which deals in diverse range of industries and commercial business across, transportation, manufacturing, and oil and gas launched the first heavy duty electric truck range in Middle East.
  • In 2023, Renault Trucks has launched 100% electric heavy truck under the dealership of Al Masaood, for collecting household waste.

Market Opportunities

The governments of the GCC have set ambitious objectives to reduce greenhouse gas emissions and promote environmentally friendly modes of transportation. As a result, there has been a surge in interest and investment in the development and deployment of electric and alternative fuel vehicles, such as heavy commercial vehicles (HV). Manufacturers can investigate the potential of developing and introducing electric trucks and buses as well as providing charging infrastructure and energy-efficient solutions for reaching a wider customer base.

The GCC region has witnessed a surge in e-commerce activity, which has led to an increase in the demand for effective logistics and transportation solutions. Heavy commercial vehicles need to be equipped with sophisticated tracking and monitoring capabilities. Companies can take advantage of these opportunities by providing creative logistics solutions and customized vehicles for various industries.

Market Segmentation

The heavy commercial vehicle market in GCC plays a vital role in the development of its economies. The heavy commercial vehicles are large vehicles intended for the transportation of heavy loads and passengers.  The market is segmented based on vehicle type, class type, propulsion type, end user, application, and region. Based on vehicle type, heavy commercial vehicles are categorized into heavy trucks and heavy buses. Trucks are basically involved in the transportation of goods whereas heavy buses are involved in the transportation of passengers. Further, the heavy commercial vehicles are divided based on the gross vehicle weight categories. Two classes are taken into segmentation which are class 7 and class 8. Class 7 commercial vehicles are heavy-duty commercial vehicles having gross vehicle weight ranging from 26001 lbs. to 33000 lbs and class 8 commercial vehicles have gross vehicle weight of 33001lbs and above. Based on the propulsion type that these vehicles use, the market is divided into diesel, CNG, and alternate fuels. These commercial vehicles can be operated by anyone in the country and so, the market for heavy commercial vehicles is further divided based on the end user i.e., individual and fleet owner. These commercial vehicles serve several industries in a country in many ways. Therefore, the heavy commercial vehicle market is divided based on the application as, wholesale & retail, transport, construction, mining, and others.

Company Profiles

Toyota Motors Corporation, Mitsubishi Fuso Truck and Bus Corporation, ISUZU Motors Middle East FZE, Hyundai Motor Company, MAN Truck and Bus Middle East FZE, Volvo Group Middle East FZE, Mercedes-Benz KSA, Tata Motors Limited, and Ford Motor Company are some of the major players in the GCC heavy commercial vehicle market.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Value in USD Million, Volume in Thousand Units, CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Vehicle Type

Class Type

Propulsion Type

End-User Type

Application

Country

Country Scope

Saudi Arabia, United Arab Emirates, Kuwait, Oman, Qatar, and Bahrain.

Key Companies Profiled

Toyota Motors Corporation, Mitsubishi Fuso Truck and Bus Corporation, ISUZU Motors Middle East FZE, Hyundai Motor Company, MAN Truck and Bus Middle East FZE, Volvo Group Middle East FZE, Mercedes-Benz KSA, Tata Motors Limited, Ford Motor Company

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Report Scope:

In this report, GCC heavy commercial vehicle market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • GCC Heavy Commercial Vehicle Market, By Vehicle Type:
    • Heavy Truck
    • Heavy Buses
  • GCC Heavy Commercial Vehicle Market, By Class Type:
    • Class 7
    • Class 8
  • GCC Heavy Commercial Vehicle Market, By Propulsion Type:
    • Diesel
    • CNG
    • Alternate Fuel
  • GCC Heavy Commercial Vehicle Market, By End User:
    • Individual
    • Fleet Owner
  • GCC Heavy Commercial Vehicle Market, By Application Type:
    • Wholesale & Retail
    • Transport
    • Mining
    • Construction
  • GCC Heavy Commercial Vehicle Market, By Region Type:
    • Saudi Arabia
    • Qatar
    • Bahrain
    • Oman
    • Kuwait
    • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in GCC heavy commercial vehicle market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

The GCC heavy commercial vehicle market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.   Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Impact of COVID-19 on GCC Heavy Commercial Vehicles Market

4.    Executive Summary

4.1.  Market Overview

4.2.  Market Forecast

4.3.  Key Countries

4.4.  Key Segments

5.    Voice of Customers Analysis

5.1.   Factors Influencing Purchase Decision

5.2.  Brand Awareness

5.3.  Brand Satisfaction Level

6.    GCC Heavy Commercial Vehicles Market Outlook, 2018-2028F

6.1.  Market Size & Forecast

6.1.1.        By Value & Volume

6.2.  Market Share & Forecast

6.2.1.        By Vehicle Type Market Share Analysis (Heavy Truck and Heavy Buses)

6.2.2.        By Class Type Market Share Analysis (Class 7 and Class 8)

6.2.3.        By Propulsion Type Market Share Analysis (Diesel, CNG and Alternate Fuel)

6.2.4.        By End User Market Share Analysis (Individual and Fleet Owner)

6.2.5.        By Application Market Share Analysis (Wholesale & Retail, Transport, Construction, Mining and Others)

6.2.6.        By Country Market Share Analysis

6.2.6.1. Bahrain Market Share Analysis

6.2.6.2. Kuwait Market Share Analysis

6.2.6.3. Oman Market Share Analysis

6.2.6.4. Qatar Market Share Analysis

6.2.6.5. Saudi Arabia Market Share Analysis

6.2.6.6. UAE Market Share Analysis

6.2.7.        By Company Market Share Analysis (Top 5 Companies, Others – By Value, 2022)

6.3.  GCC Heavy Commercial Vehicles Market Mapping & Opportunity Assessment

6.3.1.        By Vehicle Type Market Mapping & Opportunity Assessment

6.3.2.        By Class Type Market Mapping & Opportunity Assessment

6.3.3.        By Fuel Type Market Mapping & Opportunity Assessment

6.3.4.        By End User Market Mapping & Opportunity Assessment

6.3.5.        By Application Market Mapping & Opportunity Assessment

6.3.6.        By Country Market Mapping & Opportunity Assessment

7.    Bahrain Heavy Commercial Vehicles Market Outlook, 2018-2028F

7.1.  Market Size & Forecast

7.1.1.        By Value & Volume

7.2.  Market Share & Forecast

7.2.1.        By Vehicle Type Market Share Analysis

7.2.2.        By Class Type Market Share Analysis

7.2.3.        By Fuel Type Market Share Analysis

7.2.4.        By End User Market Share Analysis

7.2.5.        By Application Market Share Analysis

8.    Kuwait Heavy Commercial Vehicles Market Outlook, 2018-2028F

8.1.  Market Size & Forecast

8.1.1.        By Value & Volume

8.2.  Market Share & Forecast

8.2.1.        By Vehicle Type Market Share Analysis

8.2.2.        By Class Type Market Share Analysis

8.2.3.        By Propulsion Type Market Share Analysis

8.2.4.        By End User Market Share Analysis

8.2.5.        By Application Market Share Analysis

9.    Oman Heavy Commercial Vehicles Market Outlook, 2018-2028F

9.1.  Market Size & Forecast

9.1.1.        By Value & Volume

9.2.  Market Share & Forecast

9.2.1.        By Vehicle Type Market Share Analysis

9.2.2.        By Class Type Market Share Analysis

9.2.3.        By Propulsion Type Market Share Analysis

9.2.4.        By End User Market Share Analysis

9.2.5.        By Application Market Share Analysis

10.  Qatar Heavy Commercial Vehicles Market Outlook, 2018-2028F

10.1.              Market Size & Forecast

10.1.1.      By Value & Volume

10.2.              Market Share & Forecast

10.2.1.      By Vehicle Type Market Share Analysis

10.2.2.      By Class Type Market Share Analysis

10.2.3.      By Propulsion Type Market Share Analysis

10.2.4.      By End User Market Share Analysis

10.2.5.      By Application Market Share Analysis

11.  Saudi Arabia Heavy Commercial Vehicles Market Outlook, 2018-2028F

11.1.              Market Size & Forecast

11.1.1.      By Value & Volume

11.2.              Market Share & Forecast

11.2.1.      By Vehicle Type Market Share Analysis

11.2.2.      By Class Type Market Share Analysis

11.2.3.      By Propulsion Type Market Share Analysis

11.2.4.      By End User Market Share Analysis

11.2.5.      By Application Market Share Analysis

12.  UAE Heavy Commercial Vehicles Market Outlook, 2018-2028F

12.1.              Market Size & Forecast

12.1.1.      By Value & Volume

12.2.              Market Share & Forecast

12.2.1.      By Vehicle Type Market Share Analysis

12.2.2.      By Class Type Market Share Analysis

12.2.3.      By Propulsion Type Market Share Analysis

12.2.4.      By End User Market Share Analysis

12.2.5.      By Application Market Share Analysis

13.  Market Dynamics

13.1.              Drivers

13.2.              Challenges

14.  Market Trends & Developments

15.  Porter’s Five Forces Model

15.1.              Competition Rivalry

15.2.              Bargaining Powers of Suppliers

15.3.              Bargaining Powers of Buyers

15.4.              Threat of New Entrants

15.5.              Threat of Substitutes

16.  SWOT Analysis

16.1.              Strength

16.2.              Weakness

16.3.              Opportunities

16.4.              Threats

17.  Company Profiles

17.1.              Company Profiles (Up to 10 Major Companies)

17.1.1.      Toyota Motors Corporation

17.1.1.1.              Company Details

17.1.1.2.              Key Product Offered

17.1.1.3.              Recent Developments

17.1.1.4.              Key Management Personnel

17.1.2.      Mitsubishi Fuso Truck and Bus Corporation

17.1.2.1.              Company Details

17.1.2.2.              Key Product Offered

17.1.2.3.              Recent Developments

17.1.2.4.              Key Management Personnel

17.1.3.      Isuzu Motors Middle East FZE

17.1.3.1.              Company Details

17.1.3.2.              Key Product Offered

17.1.3.3.              Recent Developments

17.1.3.4.              Key Management Personnel

17.1.4.      Hyundai Motor Company

17.1.4.1.              Company Details

17.1.4.2.              Key Product Offered

17.1.4.3.              Recent Developments

17.1.4.4.              Key Management Personnel

17.1.5.      MAN Truck and Bus Middle East FZE

17.1.5.1.              Company Details

17.1.5.2.              Key Product Offered

17.1.5.3.              Recent Developments

17.1.5.4.              Key Management Personnel

17.1.6.      Volvo Group Middle East FZE

17.1.6.1.              Company Details

17.1.6.2.              Key Product Offered

17.1.6.3.              Recent Developments

17.1.6.4.              Key Management Personnel

17.1.7.      Mercedes-Benz KSA Commercial Vehicles

17.1.7.1.              Company Details

17.1.7.2.              Key Product Offered

17.1.7.3.              Recent Developments

17.1.7.4.              Key Management Personnel

17.1.8.      Tata Motors Limited

17.1.8.1.              Company Details

17.1.8.2.              Key Product Offered

17.1.8.3.              Recent Developments

17.1.8.4.              Key Management Personnel

17.1.9.      Ford Motor Company

17.1.9.1.              Company Details

17.1.9.2.              Key Product Offered

17.1.9.3.              Recent Developments

17.1.9.4.              Key Management Personnel

18.  Strategic Recommendations

18.1.              Key Focus Areas

18.1.1.      Target Countries

18.1.2.      Target Vehicle Type

18.1.3.      Target Propulsion Type

19. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The key factors driving the GCC heavy commercial vehicle market are the rising construction sector, infrastructural development of transportation networks, increase in manufacturing activities, and government initiatives regarding decarbonization.

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With the technological advancements, the popularity of heavy commercial vehicle based on electric batteries or alternate fuels are getting popular. Moreover, there are several heavy industries (mining and manufacturing) that are gaining attention in GCC countries. Governments are tapping on these opportunities as well instead of only focusing on oil and gas industries.

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The challenges which are going to hinder the growth of heavy commercial vehicle are fluctuating oil and gas prices, poor charging infrastructure for electric commercial vehicles, and uncertainty in imports and investments due to economic slowdown and geopolitical differences around the world.

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The key players in the GCC heavy commercial vehicle market are Toyota Motors Corporation, Mitsubishi Fuso Truck and Bus Corporation, ISUZU Motors Middle East FZE, Hyundai Motor Company, MAN Truck and Bus Middle East FZE, Volvo Group Middle East FZE, Mercedes-Benz KSA, Tata Motors Limited, and Ford Motor Company.

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