According to the Markets and Data, Research report, “Saudi Arabia Commercial Vehicle Market Assessment, By Region, Opportunities and Forecast, 2016–2030F”, Saudi Arabia commercial vehicle market was estimated at USD 16.76 billion in 2022, anticipated to reach USD 30.93 billion by 2030, growing at a CAGR of 7.96% during the forecast period. Saudi Arabia’s commercial vehicle market showcases robust growth, reflecting reduced dependence on oil and diversifying government focus on other economic sources.
Saudi Arabia commercial vehicle market is a thriving sector that plays a crucial role in the country’s economy. It includes the purchasing and operating of commercial vehicles for use in a variety of industrial, logistical, and transportation applications, including trucks, buses, and vans.
Over the years, the market has significantly grown due to several important variables. Saudi Arabia commercial vehicle market is primarily propelled by the nation’s burgeoning construction and infrastructure development initiatives. The conveyance of labor, supplies, and machinery needed for these massive projects has increased demand for commercial vehicles. Additionally, the government’s emphasis on diversifying the economy through programs like Vision 2030 has raised investments in sectors like manufacturing, logistics, and mining, raising demand for communication services.
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Significant shifts have occurred in Saudi Arabia commercial vehicle market in recent years. The adoption of electric and hybrid commercial vehicles has increased due to the focus on environmental sustainability. To encourage the utilization of cleaner and more efficient automobiles and transportation alternatives, the government has introduced incentives and initiatives. Technological developments have brought the addition of cutting-edge safety measures, fleet management systems, and telematics to commercial vehicles. These advancements increase fuel efficiency, boost overall vehicle performance, and improve operational efficiency.
The market for commercial vehicles is experiencing growth as an outcome of Saudi Arabia’s smart city development. Saudi Arabia is heavily investing in converting its cities into smart and sustainable urban centers as part of the Vision 2030 project. To improve productivity, connectedness, and mobility, this involves integrating cutting-edge technologies like sensors, Internet of Things (IoT) devices, and networking solutions. Commercial vehicles, which offer public services, logistics, and transportation, are vital to the success of these smart city projects. There is an increasing need for commercial cars with smart features like telematics, GPS tracking, and autonomous driving. These automobiles can enhance fleet management, optimize routes, and add to the general sustainability and efficiency of the infrastructure supporting smart cities.
Spread through 89 pages, the “Saudi Arabia Commercial Vehicle Market” report includes an in-depth TOC, over 12 market data figures, latest market developments, key drivers, and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.
Key Takeaways:
- The prosperous businesses have fuelled the demand for advanced logistic operations. Hence, the demand for efficient, durable, and reliable vehicles is projected to increase.
- The advent of electric, fuel cell, and hybrid commercial vehicles comprising light, medium, and heavy commercial vehicles is likely to replace fossil fuel-based commercial trucks and loaders. It is due to the higher affordability, lower emissions, and government subsidies.
- Government building infrastructural hubs with allocation of trucks and commercial vehicles are expected to promote industrial growth along with the sales of commercial vehicles in Saudi Arabia.
- Saudi Arabia has witnessed a significant rise in retail and e-commerce activities, contributing to the growth of commercial vehicle market. With the increasing popularity of online shopping and the expansion of retail chains, there is a growing demand for efficient transportation and last-mile delivery services.
Saudi Arabia commercial vehicle market is segmented in the following categories:
By Vehicle Type: Light Commercial Vehicle, Medium Commercial Vehicle, and Heavy Commercial Vehicle
By Type: Trucks (Semi-Trucks, Box-Trucks, Pickup-Trucks, Fire Trucks, Crane Trucks, Others), Vans (Step Vans, Cargo Vans, Passenger Vans), Cars (Rental Cars, Taxi, Delivery Vehicles), Special (Passenger Trolleys, RV-Style Mobile Services), and Others
By Fuel Type: Petrol, Diesel, Electrically- Chargeable (ECV), Hybrid Electric (HEV), and Others
By End-user: Logistics, Construction, Mining, Agriculture, Others
By Region: Central, Western, Northern, Eastern, and Southern
Based on battery type, most Saudi businesses simply reach the main highway systems using trucks as road transportation is so convenient. Since not every business can use planes, railroads, or ships for logistic purposes, truck transportation becomes a more accessible option. When it comes to big or hazardous material shipments, trucking can impose fewer restrictions than other forms of transportation, especially air travel.
Furthermore, the advent of hybrid, fuel cell, and electric trucks is making the logistics, construction, and agricultural operations easy and affordable. Customers can satisfy a variety of needs and save money on transportation by choosing from a greater range of flexible options that trucking can offer. Nonetheless, navigation equipment is typically included in vehicles to offer precise and trustworthy positional data.
Major Companies Operating in Saudi Arabia’s Commercial Vehicle Market Include:
· Daimler AG
· Scania AB
· IVECO GROUP
· AB Volvo
· Toyota Motor Corporation
· Hyundai Motor Company
· Man Truck and Bus Middle East
· Tata Motors Limited
· Ford Middle East
· Hino Motors Limited
· Mitsubishi Fuso Truck and Bus Corporation
Companies in Saudi Arabia’s commercial vehicle market focus on diversifying their vehicle portfolio with the addition of light commercial vehicles and the integration of advanced navigation technologies. Companies focus on undertaking government tenders while taking part in collaboration, acquisition, and mergers.
In October 2023, Daimler AG (Mercedes-Benz Trucks) launched its highly anticipated eActros 300 L 4x2 which is the first battery-electric truck from Mercedez-Benz Trucks. It’s quiet, innovative, sustainable, and forward-thinking: Mercedes-Benz Trucks’ first all-electric vehicle. With its unwavering dedication to sustainability, innovation, and a cleaner future, the eActros is a significant advancement in the transportation industry.
“Saudi Arabia Commercial Vehicle Market Assessment, 2016–2030F”, evaluates the future growth potential of Saudi Arabia commercial vehicle market and provides statistics and information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers to make investment decisions for their organizations more strategically. Moreover, the report identifies and examines the emerging trends along with key drivers, challenges, and opportunities in Saudi Arabia commercial vehicle market.
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