LCV Segment to Lead Saudi Arabia Commercial Vehicles Market till 2024 | TechSci Research
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.
Browse 3 Tables and 25 Figures spread through 90 Pages and an in-depth TOC on "Saudi Arabia Commercial Vehicles Market"
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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