According to Middle East/North Africa (MENA) commercial vehicle industry analysis, it would reach USD 6.9 billion in 2023. The market stood at USD 6.6 billion in 2022.In 2033, it would surpass USD 11.4 billion. Future Market Insights predicts the market to expand at 5.1% CAGR from 2023 to 2033.
Demand for heavy-duty commercial vehicles would contribute to about 47% of market share in 2023. It is attributed to increasing investments in logistics and construction activities across the MENA region.
Commercial vehicles are gaining high popularity in MENA countries. They are used in industries such as waste management, mining, construction, and petrochemicals.
The Middle East and North Africa (MENA) commercial vehicles market is on a trajectory of substantial growth, driven by extensive infrastructure projects, urbanization, and advancements in vehicle technology. The market, valued at USD 6.9 billion in 2023, is projected to reach USD 11.4 billion by 2033, reflecting a compound annual growth rate (CAGR) of 5.1% over the forecast period.
Get Ahead with Our Report: Request Your Sample Now!
https://www.futuremarketinsights.com/report-sample#5245502d47422d36313036
Key Takeaways:
-
The MENA commercial vehicles market is expected to grow from USD 6.9 billion in 2023 to USD 11.4 billion by 2033, at a CAGR of 5.1%.
-
Infrastructure megaprojects and urbanization are primary drivers of market expansion.
-
Adoption of electric and hybrid commercial vehicles is on the rise, aligning with regional sustainability goals.
Growth Drivers:
-
Infrastructure Development: Large-scale projects, such as Saudi Arabia’s NEOM and the UAE’s Expo City, are increasing the demand for heavy-duty commercial vehicles.
-
Urbanization and E-commerce: Rapid urban growth and the expansion of the e-commerce sector are boosting the need for efficient logistics and transportation solutions, leading to increased sales of light commercial vehicles.
-
Public-Private Partnerships (PPPs): Collaborative projects between governments and private entities are fostering investments in transportation infrastructure, thereby stimulating the commercial vehicles market.
Growth Opportunities:
-
Electric and Hybrid Vehicles: With a focus on sustainability, there is a growing market for electric and hybrid commercial vehicles. Companies like Volvo are supplying electric trucks to major clients, reflecting this trend.
-
Technological Integration: The incorporation of IoT and telematics in commercial vehicles is enhancing fleet management and operational efficiency, presenting opportunities for innovation.
-
Emerging Markets: Countries such as Türkiye and Saudi Arabia are experiencing significant growth in construction and infrastructure, offering new avenues for market expansion.
Key Applications:
-
Construction: Demand for heavy-duty trucks and equipment is rising in response to numerous infrastructure projects across the region.
-
Logistics and Transportation: The surge in e-commerce and urbanization is driving the need for efficient delivery and transportation services.
-
Public Services: Buses and other commercial vehicles are essential for public transportation and municipal services, including waste management.
Detailed Market Study: Full Report and Analysis
https://www.futuremarketinsights.com/reports/mena-commercial-vehicles-market
Key Players:
-
Daimler AG
-
Volvo AB
-
Scania AB
-
Paccar Inc.
-
Navistar International Corp.
-
Hino Motors Ltd.
-
Isuzu Motors Ltd.
-
Dongfeng Motor Corporation
-
FAW Group Corporation
-
Toyota Motor Corporation
-
Ford Motor Company
-
Nissan Motor Company Limited
-
General Motors Company
-
Volkswagen AG
Key Segmentation:
By Product Type:
-
Trucks
-
Buses
-
Vans
-
Trailers
By Class Type:
-
Light Duty
-
Medium Duty
-
Heavy Duty
By Country:
-
United Arab Emirates
-
Türkiye
-
Saudi Arabia
-
Algeria
-
Egypt
-
Morocco
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
