Positive growth prospects in various end use industries such as construction, mining, petrochemicals and waste management are likely to boost the growth of MENA commercial vehicles market
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Due to the rapid growth in the various end use industries such as construction, mining, petrochemicals and waste management, the MENA commercial vehicles market is likely to witness a rapid growth. Commercial vehicles are increasing being preferred over other transportation vehicles due to their high productivity and they can be used for many kinds of pick and drop operations. Moreover, there is a high importance of supply of raw materials and other minerals to the market in order for the economy to function well. Since the demand for natural resources and minerals is rising each passing day, the mining market in the MENA region is experiencing growth. This is expected to create significant opportunities for the commercial vehicles market and also fuel the production and sales of such transportation vehicles. Looking from another perspective, the waste management industry is experiencing growth and this in turn will affect the MENA commercial vehicles market positively. Huge amounts of waste is being generated from households, commercial, industries and from the construction sector. To handle this huge amount of waste, commercial vehicles are ideal and economical. This factor is also likely to boost the MENA commercial vehicles market.
The MENA commercial vehicles market was estimated to be valued at nearly US$ 5,250 Mn in the year 2017 and is likely to reach a valuation of nearly US$ 8,500 Mn at the end of the assessment period in the year 2027. The MENA commercial vehicles market is likely to exhibit a CAGR of 5.0% by value during 2017-2027. By volume, the MENA commercial vehicles market was pegged at 152,191 units in the year 2017 and is poised to touch a value of 212,232 units in the year 2027, and in the process exhibit a CAGR of 3.4% during 2017-2027.
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Product innovation to play a vital role in the MENA commercial vehicles market
In the developed economies, the buyers of commercial vehicles are opting for vehicles that are equipped with advanced diagnosis and automation. Manufacturers of commercial vehicles have thus adapted to this demand by employing process R&D and product innovation in advanced telematics systems. This trend is also likely to gain a foothold in the MENA market and create significant opportunities in the coming years and boost market growth. In addition, there is an introduction of new and advanced components in the driver cabin of commercial vehicles that make the job of the driver easy in all types of weather conditions. This is especially true in the severely hot countries of the MENA region, or even during heavy rain or snow and very cold conditions. In addition, due to the introduction of new high strength steel and truck bodies that can withstand the high temperatures in the MENA region, the market is poised to attain a growth trajectory. With the introduction of rugged axles and the machine superstructure manufactured with the advanced machines that can bear high load conditions are also adding to the attraction of commercial trucks market in the MENA region.
MENA Commercial Vehicles (Trucks) Market Analysis 2012–2016 and Forecast 2017–2027, By Class Type
The light duty segment in the class type category was estimated to be valued at nearly US$ 160 Mn at the end of the year 2017 and is estimated to touch a valuation of nearly US$ 250 Mn at the end of the assessment period in 2027. The medium duty segment was estimated to be valued at nearly US$ 1,850 Mn in 2017 and is likely to touch a valuation of nearly US$ 3,000 Mn in the year 2027. The heavy duty segment in the class type category of the MENA commercial trucks market was estimated to be valued at nearly US$ 3,200 Mn in 2017 and is anticipated to reach a valuation of nearly US$ 5,300 Mn in the year 2027.
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This post was originally published on Space Market Research