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Future of Middle East/North Africa (MENA) Commercial Vehicles Market: USD 11.4 Billion Forecast by 2033 | Future Market Insights, Inc.

The Middle East/North Africa (MENA) commercial vehicles market shows varying growth across different regions. GCC countries, led by Saudi Arabia and the UAE, are experiencing strong demand due to large infrastructure and logistics projects. In North Africa, especially Egypt, urbanization and transport infrastructure improvements are fueling market growth. The Levant faces challenges from political instability, but reconstruction efforts are driving moderate demand. In other parts of the Middle East like Iraq and Iran, political issues hinder growth, yet the energy sector supports demand. Maghreb countries, particularly Morocco, see steady growth due to economic expansion and logistics development.

NEWARK, DE / ACCESSWIRE / September 30, 2024 / The Middle East/North Africa (MENA) commercial vehicle market is set to grow significantly, with its value expected to reach USD 6.9 billion in 2023, up from USD 6.6 billion in 2022. According to Future Market Insights, the market is projected to expand at a CAGR of 5.1% from 2023 to 2033, surpassing USD 11.4 billion by the end of the forecast period.

A key factor driving this growth is the rising demand for heavy-duty commercial vehicles, which are predicted to account for 47% of the market share in 2023. This demand is largely fueled by increasing investments in the logistics and construction sectors across the MENA region.

Commercial vehicles are becoming increasingly popular in MENA countries, particularly in industries such as waste management, mining, construction, and petrochemicals. The Middle East and Africa continue to be strategic regions for the expansion of the petrochemical industry, with a strong focus on upstream gas production. Companies in the region are also shifting their oil production away from fuel and toward chemicals, further boosting the demand for commercial vehicles.

As a result, the demand for material handling and transport equipment, including commercial trucks and trailers, is expected to grow substantially. Sales are likely to be driven by the approval of large-scale projects by domestic governments and significant capital investments in mega infrastructure developments across the region.

Understanding the Middle East/North Africa (MENA) Commercial Vehicles Market

The Middle East/North Africa (MENA) commercial vehicles market is poised for steady growth, driven by increasing demand across industries such as logistics, construction, waste management, and petrochemicals. Heavy-duty commercial vehicles are gaining prominence in the region due to rising investments in large-scale infrastructure projects and the expansion of the logistics sector. The MENA region's growing focus on petrochemical production, particularly through the use of upstream gas and shifting oil production toward chemicals, is also contributing to the market's expansion. As domestic governments approve mega infrastructure projects and invest heavily in these sectors, the demand for commercial vehicles, including trucks and trailers, is expected to rise significantly over the coming years.

Market Value of Middle East/North Africa (MENA) Commercial Vehicles

Countries

Middle East/North Africa (MENA) Commercial Vehicles Market CAGR (2033)

Saudi Arabia

15.0%

United Arab Emirates

5.3%

Türkiye

27.7%

Egypt

8.1%

Morocco

2.1%

Prominent Drivers of the Middle East/North Africa (MENA) Commercial Vehicles Market:

  • Infrastructure Development: Increasing investments in large-scale construction projects and infrastructure development are driving demand for heavy-duty commercial vehicles across the region.

  • Logistics Sector Expansion: The growing logistics and transportation sector, driven by e-commerce and trade activities, is boosting the need for commercial trucks and trailers.

  • Petrochemical Industry Growth: The expansion of the petrochemical industry, with a shift toward upstream gas production and chemicals, is creating higher demand for material-handling vehicles and equipment.

  • Government Investments in Mega Projects: Significant capital investments and approvals for mega infrastructure projects by MENA governments are fueling the need for commercial vehicles.

  • Urbanization and Industrialization: Rapid urbanization and the industrialization of emerging economies in the region are leading to increased use of commercial vehicles in construction, mining, and waste management.

  • Rising Demand for Heavy-Duty Vehicles: The increased demand for heavy-duty vehicles, particularly in sectors like mining and construction, is contributing to the market's growth.

"The Middle East/North Africa (MENA) commercial vehicles market is poised for significant growth, driven by infrastructure development, logistics expansion, and increasing demand in key industries like petrochemicals and construction." - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Challenges Faced by the Middle East/North Africa (MENA) Commercial Vehicles Market:

  • Economic Volatility: Fluctuations in oil prices and economic instability in some MENA countries can hinder investment in commercial vehicle fleets and infrastructure projects.

  • High Maintenance Costs: The harsh climatic conditions in the region, such as extreme heat and dust, lead to increased wear and tear on vehicles, resulting in higher maintenance and operational costs.

  • Regulatory Barriers: Complex and varying regulations across different countries in the MENA region, including import restrictions and emissions standards, can create challenges for market entry and expansion.

  • Political Instability: Ongoing political tensions and conflicts in parts of the MENA region can disrupt supply chains, limit market growth, and reduce demand for commercial vehicles in affected areas.

  • Infrastructure Gaps: In some countries, inadequate infrastructure, such as poorly developed road networks, limits the efficient use of commercial vehicles, affecting market potential.

  • Slow Adoption of Advanced Technologies: The adoption of modern technologies such as electric vehicles and telematics in the commercial vehicle sector is slower in the MENA region compared to other parts of the world, limiting innovation.

Old Source:
https://www.globenewswire.com/en/news-release/2022/01/19/2368969/0/en/MENA-Commercial-Vehicles-Trucks-Market-to-reach-US-8-55-Bn-by-2027-Comprehensive-Research-Report-by-FMI.html

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 Motor Company;

  • Volkswagen AG

Regional Analysis for Middle East/North Africa (MENA) Commercial Vehicles Market:

  • GCC Countries (Saudi Arabia, UAE, etc.): Strong investments in infrastructure, logistics, and construction, coupled with ongoing mega projects like NEOM and Expo 2020, are driving significant demand for commercial vehicles in the GCC region.

  • North Africa (Egypt, Algeria, etc.): Growing urbanization and industrialization, along with government initiatives to improve transport infrastructure, are boosting the commercial vehicle market, particularly in Egypt.

  • Levant (Jordan, Lebanon, etc.): Political and economic instability in parts of the Levant may slow market growth, but ongoing reconstruction efforts and infrastructure projects are expected to create moderate demand.

  • Rest of the Middle East (Iraq, Iran, etc.): Political instability and sanctions in some countries pose challenges; however, reconstruction efforts and energy sector developments continue to support commercial vehicle demand in select areas.

  • Maghreb (Morocco, Tunisia, etc.): Economic growth and the development of trade routes and logistics infrastructure are driving steady demand for commercial vehicles, particularly in Morocco.

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

By Country:

  • United Arab Emirates

  • Türkiye

  • Saudi Arabia

  • Algeria

  • Egypt

  • Morocco

Authored By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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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.

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SOURCE: Future Market Insights, Inc.



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