MENA Commercial Vehicles Market to Reach US$ 11.4 Billion by 2033 with 5.1% CAGR

The Middle East/North Africa (MENA) Commercial Vehicles market is projected to advance at a CAGR of 5.1% during the period 2023 to 2033. The market is expected to reach a valuation of US$ 6.9 billion in 2023. By 2033, the estimation is projected to cross US$ 11.4 billion.

The commercial vehicles market refers to the segment of the automotive industry focused on vehicles designed for commercial use, such as transportation of goods, passengers, or specialized services. Here’s an overview of key aspects of this market:

1. Definition and Scope: Commercial vehicles encompass a wide range of vehicles, including trucks, buses, vans, and other specialized vehicles used for commercial purposes. They serve various industries such as logistics, construction, public transportation, and utilities.
2. Market Segmentation: The commercial vehicles market can be segmented based on vehicle type (light commercial vehicles, medium-duty trucks, heavy-duty trucks, buses), application (transportation and logistics, construction, public transportation, utilities), and geography (regions or countries with varying levels of commercial activity and infrastructure).
3. Key Players: Major players in the commercial vehicles market include automotive manufacturers such as Daimler AG, Volvo Group, Volkswagen Group (including MAN and Scania brands), PACCAR Inc. (including Kenworth and Peterbilt brands), and Tata Motors Limited. These companies offer a wide range of commercial vehicles tailored to different market segments and customer requirements.
4. Product Portfolio: Commercial vehicle manufacturers offer a diverse range of products, including pickup trucks, vans, delivery trucks, tractor-trailers, buses, and specialty vehicles for specific applications such as construction, mining, and emergency services. These vehicles are available in various configurations, sizes, and powertrains to meet the needs of different industries and end-users.
5. Technological Trends: Technological advancements in commercial vehicles focus on improving fuel efficiency, reducing emissions, enhancing safety features, and integrating connectivity and automation technologies. Key trends include the development of electric and hybrid powertrains, advanced driver assistance systems (ADAS), telematics solutions for fleet management, and autonomous driving features for improved efficiency and safety.

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Key Takeaways:

• The market is expected to grow at 5.2% during the forecast period.
• The estimation is expected to be US$ 6.9 billion in 2023.
• By 2033, the valuation is expected to go past US$ 11.4 billion.
• As per country-wise analysis, the UAE market is expected to hold the dominant market share.
• Saudi Arabia’s market is projected to advance at a CAGR of 5%.
• Türkiye’s market is expected to surge at 5.5%.
• On the basis of class type, the heavy-duty segment is expected to hold a significant market share and is projected to advance at a CAGR of 5.5%.

Competitive Landscape

The key players operating in the market are making tactical moves that include a surge in marketing activities. The manufacturers are also involved in a lot of strategic collaborations in order to make use of the technology possessed by their business partners. Moreover, massive investments are being made in the process of mergers and acquisitions in order to expand the footprints. There are also investments done in Research and Development activities specifically to improve the mileage and improve load-bearing capacity.

Daimler AG, AB Volvo, Scania AB, Paccar Inc., MAN SE, 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 and Volkswagen AG. Manufacturers are using advanced telematics systems and financing options to lure customers.

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Crucial developments in the market are:

• In December 2022, Scania and Girteka collaborated to scale up sustainable transportation.
• In October 2022, Volvo announced that it would be supplying 20 heavy duty electric-trucks to Amazon.

Middle East/North Africa (MENA) Commercial Vehicles Market 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

Author

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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