BURNABY, Canada, October 27, 2014 /PRNewswire/ --
Continuing growth in infrastructure, growing religious tourism and increasing government focus on non-oil sectors to drive commercial vehicles market in Saudi Arabia through 2019
Saudi Arabia is poised to witness continuing demand for commercial vehicles due to robust growth in the country's infrastructure projects coupled with import of buses by the country to address the growing transportation requirements for Hajj and Umrah pilgrims. Saudi Arabia commercial vehicles market is also expected to witness commercial vehicle manufacturing garnering support from various government initiatives. According to a recently published report by TechSci Research "Saudi Arabia Commercial Vehicles Market Forecast & Opportunities, 2019", the country's commercial vehicles market is forecast to grow at a CAGR of around 15% during 2014-19. Commercial vehicle market in the country is predominantly an import driven market, with most of the vehicles being shipped as CBUs (Completely Built Units) or SKDs (Semi Knocked Down).
In terms of commercial vehicle sales, North/Central and Western regions are currently the most dominant regions and the trend is expected to continue as most of the infrastructure projects are scheduled to come up in these regions over the next five years. Most of the commercial vehicles in the country are imported from Thailand, Japan, Germany, China and the US. Being a major commercial vehicle export destination in the MENA region, various players operating in Saudi Arabia are also involved in re-exporting commercial vehicles to other GCC and Arab league countries. Presently, Toyota is the market leader in LCV market, with Mercedes Benz dominating the MHCV market in Saudi Arabia. The low-end and high-end Bus segments are dominated by Ashok Leyland and Mercedes Benz, respectively.
Presently, Light Commercial Vehicle segment is the most dominating commercial vehicle segment, accounting for majority of the overall commercial vehicles sold in Saudi Arabia, followed by Medium Heavy Commercial Vehicles (MHCVs) and Buses. With increasing government focus on diversification into non-oil based sectors, the demand for Medium Heavy Commercial Vehicles is also witnessing a continuing increase. On the other hand, growing logistics sector is propelling the demand for Light Commercial Vehicles as well. However, the Bus segment is anticipated to grow at the fastest pace among all the commercial vehicle segments in Saudi Arabia during 2014-19.
"Saudi Arabia Commercial Vehicles Market Forecast & Opportunities, 2019" has evaluated the future growth potential of Saudi Arabia commercial vehicles market and provides statistics and information on market structure, exports and future growth of the market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides all this, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in the Saudi Arabia commercial vehicle market.
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