Commercial Vehicles - MENA

MENA

In 2024, the Commercial Vehicles market is projected to reach 555.70k vehicles units in the MENA region.
This market is expected to show an annual growth rate of 2.95% between 2024 and 2029, resulting in a projected market volume of 642.80k vehicles units by 2029.
The production of Commercial Vehicles market is also expected to increase, reaching 743.30k vehicles units by 2029.
These numbers demonstrate the potential for significant growth in the Commercial Vehicles market in the MENA region.
In terms of international sales, the in the United States is expected to lead the way with 11,630.00k vehicles units sold in 2024.
MENA's commercial vehicle market is experiencing a surge in demand due to increased infrastructure development projects in the region.

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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Market

Region

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Analyst Opinion

The Commercial Vehicles market in the Middle East and North Africa (MENA) region has witnessed significant growth in recent years. Customer preferences, market trends, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this market.

Customer preferences in the MENA region have been shifting towards larger and more versatile commercial vehicles. This can be attributed to the region's growing economy and increasing demand for logistics and transportation services. Customers are now looking for vehicles that offer better fuel efficiency, durability, and cargo capacity.

Additionally, there is a growing demand for vehicles that can navigate the region's challenging terrains and extreme weather conditions. One of the key trends in the MENA Commercial Vehicles market is the increasing adoption of electric and hybrid vehicles. This trend is driven by the region's commitment to reducing carbon emissions and promoting sustainable transportation solutions.

Governments in several MENA countries have introduced incentives and subsidies to encourage the adoption of electric vehicles, which has further fueled the demand for electric and hybrid commercial vehicles. Another trend in the market is the integration of advanced technologies in commercial vehicles. This includes features such as telematics, GPS tracking, and driver assistance systems.

These technologies enhance the safety, efficiency, and productivity of commercial vehicles, making them more attractive to customers. Additionally, there is a growing demand for vehicles with connectivity features that enable seamless integration with other systems and devices. In the MENA region, there are also some local special circumstances that have influenced the development of the Commercial Vehicles market.

For example, the region's vast desert landscapes and extreme weather conditions require vehicles with specific features and capabilities. This has led to the emergence of specialized commercial vehicles designed for off-road applications and to withstand harsh environments. Underlying macroeconomic factors have also played a role in the growth of the Commercial Vehicles market in the MENA region.

The region's expanding economies, increasing urbanization, and population growth have resulted in higher demand for transportation and logistics services. This, in turn, has driven the demand for commercial vehicles. Additionally, governments in the region have been investing in infrastructure development projects, which has further fueled the demand for commercial vehicles.

In conclusion, the Commercial Vehicles market in the MENA region is developing due to shifting customer preferences, the adoption of advanced technologies, local special circumstances, and underlying macroeconomic factors. The market is expected to continue growing as the region's economies expand and the demand for transportation and logistics services increases.

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.