Market Insights Mobility Commercial Vehicles

Trucks - GCC

In 2024, the Trucks market in the GCC is projected to reach a total of 19.45k vehicles unit sales.
It is anticipated that this market will experience a compound annual rate of 1.60% from 2024 to 2030 (CAGR 2024-2030), resulting in a projected market volume of 21.39k vehicles units by 2030.
Interestingly, the production of Trucks market in the GCC is expected to reach 0.00 units by 2030, which illustrates the potential for significant growth in the market.
From an international perspective, it is noteworthy that the majority of sales, specifically 3,741.00k vehicles units, are expected to occur in China in 2024.
The demand for heavy-duty trucks is rapidly growing in the GCC as the region continues to invest in infrastructure development and transportation projects.

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Analyst Opinion

The Trucks market in GCC has been experiencing steady growth in recent years, driven by customer preferences for durable and reliable vehicles that can withstand the demanding conditions of the region.

Customer preferences: Customers in the GCC region prioritize trucks that are capable of handling heavy loads and rough terrain. They value durability and reliability, as well as the ability to navigate through extreme weather conditions. Additionally, there is a growing demand for trucks that are fuel-efficient and environmentally friendly, as sustainability becomes an increasingly important consideration for customers in the region.

Trends in the market: One of the key trends in the Trucks market in GCC is the increasing adoption of advanced technologies. Truck manufacturers are incorporating features such as telematics, GPS tracking, and driver assistance systems to enhance safety and efficiency. Additionally, there is a growing demand for electric and hybrid trucks, as governments in the region are implementing stricter emissions regulations and promoting sustainable transportation solutions. Another trend in the market is the rise of online truck sales platforms. Customers in the GCC region are increasingly turning to online platforms to research and purchase trucks. These platforms provide a convenient way for customers to compare different models, read reviews, and make informed decisions. This trend is expected to continue as more customers embrace digital channels for their truck buying needs.

Local special circumstances: The GCC region is known for its harsh desert climate, which poses unique challenges for truck manufacturers. Trucks need to be able to withstand extreme temperatures, sandstorms, and rough terrain. As a result, manufacturers have developed specialized trucks with features such as reinforced chassis, improved cooling systems, and dust filters to cater to the specific needs of customers in the region.

Underlying macroeconomic factors: The growth of the Trucks market in GCC is closely linked to the overall economic development of the region. The GCC countries have been investing heavily in infrastructure projects, such as the construction of roads, ports, and airports. These projects require a large fleet of trucks for transportation of materials and equipment, driving the demand for trucks in the region. Additionally, the GCC countries have a thriving logistics industry, which further boosts the demand for trucks for transportation and distribution purposes. In conclusion, the Trucks market in GCC is experiencing steady growth due to customer preferences for durable and reliable vehicles, the adoption of advanced technologies, the rise of online sales platforms, the unique challenges of the local environment, and the underlying macroeconomic factors such as infrastructure development and a thriving logistics industry.

Methodology

Data coverage:

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

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.