High Demand For Material Handling Equipment Will Drive Middle East/North Africa (MENA) Commercial Vehicles Market To US$ 11.4 Billion By 2033

NEWARK, Del: According to projections, the market for Middle East/North Africa (MENA) Commercial Vehicles Market will generate a revenue of US$ 11.4 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 5.1% from 2023 to 2033. Valued at US$ 6.6 billion in 2022, the market is set to reach US$ 6.9 billion in 2023.

A surge in demand for material handling and carrying equipment such as commercial trucks and trailers, rising preference for heavy-duty commercial vehicles, and increasing investments in logistics and construction activities are certain factors that drive the growth of the Middle East/North Africa (MENA) commercial vehicles market.

Historically, the market witnessed a CAGR of 4.6% from 2018 to 2022. FMI predicts robust growth for the market owing to the use of commercial vehicles being widespread across various industries for transportation purposes, including the loading, unloading, and transportation of goods. In the Middle East, the construction sector is rapidly expanding due to a large number of upcoming projects and the countries' efforts to diversify their economies. This growth has also led to increased urbanization, which is driving construction activity in other countries in the region. As a result, there is a growing demand for commercial vehicles to support building and construction activities in the Middle East.

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The rapid expansion of the construction sector and increasing urbanization in this region will aid the expansion of the Middle East/North Africa (MENA) commercial vehicles market. Increasing adoption of steel and aluminum alloys in the manufacturing of the chassis and car bodies ensures the endurance of commercial vehicles in harsh load situations and in difficult terrains. The use of such materials thus strengthens the prospects for the Middle East/North Africa (MENA) commercial vehicles market. Favorable government policies and initiatives like the Dubai Expo and the Football Worldcup also open new streams of revenue for the Middle East/North Africa (MENA) commercial vehicles market. However, the implementation of stringent regulations regarding emission control may restrict the growth of the commercial vehicles market in the MENA region.

Commercial Vehicles Market

Key Takeaways:

Increasing infrastructure developments will push the commercial vehicles market forward in Saudi Arabia.
A surge in investments in material transportation equipment will drive the commercial market growth in Turkiye.
Based on type, the commercial trucks segment will account for 70% to 75% of the market share by the end of 2023.
By class type, the heavy-duty category will dominate the global marketplace with a share of 47%.

Competitive Landscape

Daimler AG, Volvo AB, Scania AB, Paccar Inc., Hino Motors Ltd., FAW Group Corporation, Toyota Motor Corporation, Dongfeng Motor Corporation, and Volkswagen AG, among others, are some of the eminent players in the Middle East/North Africa (MENA) commercial vehicles market profiled in the full version of the report.

In a competitive environment, leading market players are focusing on increasing investments in public transportation, product innovation, and launches. These businesses also employ strategic acquisitions and joint ventures to gain a competitive advantage. For example, in December 2022, Admiral Mobility announced that it would bring 5000 electric commercial vehicles.

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More Insights Into the Middle East/North Africa (MENA) Commercial Vehicles Market

FMI's most recent report presents an impartial assessment of the worldwide Middle East/North Africa (MENA) commercial vehicles market, incorporating historical data from 2018 to 2022 and projected figures from 2023 to 2033. The report provides a comprehensive analysis of the market's sales forecast for the next ten years, as well as an overview of market drivers, restraints, trends, and opportunities. The report divides the market into several segments based on product type, class type, and country, in order to comprehend the global market potential, growth, and scope.

According to FMI estimations, based on segmentation, the heavy-duty class type will lead the market. This segment will own a share of 47%. The easy mounting and demounting of attachment that the heavy-duty vehicles offer promotes the growth of the segment. In terms of type, commercial trucks are expected to gain traction during the assessment period. Based on the country, the commercial vehicles market in the United Arab Emirates will present significant growth. The target market in this country will be driven by the rapid growth of the construction sector and the expansion of the oil and gas industry. Turkiye and Saudi Arabia are two other nations that will show notable growth in the commercial vehicle market. In conclusion, the expansion of construction and oil and gas industries and contributions from UAE, Turkiye, and Saudi Arabia aid the growth of the Middle East/North Africa (MENA) commercial vehicles market.

Middle East/North Africa (MENA) Commercial Vehicles Market Outlook by Category

By Product Type:

Trucks
Buses
Vans
Trailers

By Class Type:

Light Duty
Medium Duty
Heavy Duty

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Table of Content

Executive Summary | Middle East/North Africa (MENA) Commercial Vehicles Market

1.1. MENA Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Technology Roadmap

1.5. Analysis and Recommendations

Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

Key Market Trends

3.1. Key Trends Impacting the Market

3.2. Product Innovation / Development Trends

Key Success Factors

4.1. Product Adoption / Usage Analysis

4.2. Product USPs / Features

4.3. Strategic Promotional Strategies

Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033

5.1. Historical Market Volume (Units) Analysis, 2018 to 2022

5.2. Current and Future Market Volume (Units) Projections, 2023 to 2033

5.3. Y-o-Y Growth Trend Analysis

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