Commercial Vehicles - GCC

The Commercial Vehicles market in the GCC is projected to reach a unit sales of 209.40k vehicles by 2024.
It is anticipated that the market will experience a compound annual rate (CAGR 2024-2030) of 1.75%, resulting in a projected market volume of 232.40k vehicles by 2030.
This indicates the potential for growth in the Commercial Vehicles market.
By 2030, the production of Commercial Vehicles market is expected to reach 0.00, highlighting the market's capacity for expansion.
When considering the international market, it is evident that the in the United States will account for the majority of sales with 13,750.00k vehicles units in 2024.
In the GCC, the demand for electric commercial vehicles is steadily increasing, driven by the region's strong commitment to sustainability and reducing carbon emissions.

Definition

A commercial vehicle is a motor vehicle that is used for business or commercial purposes rather than personal use. These vehicles are designed and used for transporting goods and passengers or providing services in exchange for compensation. The specific definition of a commercial vehicle can vary from one jurisdiction to another, and it may encompass a wide range of vehicles, depending on their size, purpose, and usage.

Structure

The Commercial Vehicles market is structured into three markets:

Light Commercial Vehicles (LCVs): This market focuses on vehicles designed for the transportation of goods or provision of services on a relatively small scale. LCVs typically include vans, mini trucks, and small cargo vehicles used by businesses and individuals for local deliveries, trade, and various commercial applications. Light commercial vehicles are defined as vehicles meant for carrying goods or passengers with a gross vehicle weight rating (GVWR) of up to 3.5 tons with some variation based on specific vehicle models, designs, and regional regulations.
Buses: Buses are motor vehicles designed for the transportation of passengers, varying in size and capacity and ranging from small minibuses to large coaches. This market considers medium and heavy buses and coaches (MHBCs). The gross vehicle weight rating (GVWR) of MHBCs typically exceeds 3.5 tons.
Trucks: The Trucks market is dedicated to heavy-duty vehicles used for the transportation of goods over long distances. Trucks are motor vehicles designed to transport cargo, ranging from small delivery trucks to heavy-duty freight carriers. Only heavy commercial vehicles (HCVs) are considered in this market. HCVs are typically defined as vehicles with a GVWR of 16 tons or more.

Additional Information

The market includes the production and sales of commercial vehicles within a specific region, regardless of the brand or model. Private vehicles, recreational vehicles, construction, and agricultural vehicles, as well as specialty vehicles such as ambulances and fire engines, are not included in the Commercial Vehicles market.

Notable key players in the Commercial Vehicles market include industry giants such as Daimler AG, Volvo Group, and PACCAR Inc., as well as various regional manufacturers and specialized vehicle manufacturers. These companies play a pivotal role in shaping the market landscape and driving innovation within the industry.

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Analyst Opinion

The Commercial Vehicles market in GCC has been experiencing significant growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the GCC region have played a crucial role in shaping the growth of the Commercial Vehicles market.

The demand for commercial vehicles has been driven by the need for transportation and logistics services, particularly in the construction, oil and gas, and retail sectors. Customers in the GCC region prefer commercial vehicles that are reliable, durable, and fuel-efficient, as these factors contribute to the overall cost-effectiveness of their operations. Trends in the market have also contributed to the growth of the Commercial Vehicles market in the GCC.

One notable trend is the increasing adoption of electric and hybrid commercial vehicles. This trend is driven by the growing focus on sustainability and environmental regulations in the region. Additionally, there is a growing demand for technologically advanced commercial vehicles that are equipped with features such as telematics, advanced safety systems, and connectivity solutions.

Local special circumstances in the GCC region have also played a role in the development of the Commercial Vehicles market. The region's harsh climate and challenging terrain require commercial vehicles that are specifically designed to operate in such conditions. As a result, there is a demand for commercial vehicles that are robust, have high ground clearance, and are equipped with features such as all-wheel drive and heavy-duty suspension systems.

Underlying macroeconomic factors have also contributed to the growth of the Commercial Vehicles market in the GCC. The region's strong economic growth, driven by sectors such as construction, oil and gas, and tourism, has created a demand for commercial vehicles to support these industries. Additionally, favorable government policies and investments in infrastructure development have further boosted the demand for commercial vehicles.

In conclusion, the Commercial Vehicles market in the GCC is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for reliable and fuel-efficient commercial vehicles, the adoption of electric and hybrid vehicles, the need for vehicles suitable for the region's challenging conditions, and the region's strong economic growth are all contributing to the development of the market.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of commercial vehicles.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.