The "Commercial Vehicle (CV) Market, Gulf Cooperation Council, 2024-2028" report has been added to ResearchAndMarkets.com's offering.
GCC nations are actively reducing their reliance on oil-driven economies, recognizing the need for diversification as populations grow and oil resources alone cannot sustain future development. From 2011 to 2021, fossil fuel dependency saw a decline, with the UAE leading the shift by reducing oil's share to less than 30% of its GDP by 2023. Economic growth is forecasted at 2.4% in 2024 and 4.7% in 2025, fueled by oil output recovery and diversification initiatives.
Key sectors driving this growth include real estate, tourism, manufacturing, and transportation. The region's strategic location and infrastructure enhancements in ports and logistics position it as a global transshipment hub. Rising middle-class wealth and changing consumer preferences further open avenues for sustainable development.
In recent years, the GCC commercial vehicle (CV) industry has shown consistent growth, driven by rising demand for light commercial vehicles (LCVs) and the need for medium and heavy vehicles in infrastructure projects and freight transport. The region's dependence on vehicle imports highlights the opportunity for local manufacturing, which could reduce reliance on imports and promote exports, capitalizing on the GCC's strategic location and logistics capabilities. The truck market, primarily reliant on imports, includes major players such as Daimler, Mitsubishi Fuso, Hino, Isuzu, Scania, and SinoTruk. Saudi Arabia dominates the GCC market in automotive sales, parts imports, and re-exports. Additionally, Chinese and Indian automakers have gained significant traction due to competitive pricing and improved quality.
The GCC's shift towards economic diversification is fostering growth in sectors like construction, infrastructure, and industrialization. In Saudi Arabia, for example, tourism saw a 56% increase in international arrivals in 2023 compared to 2019, and the UAE's tourism sector is expected to grow by 4.9% annually until 2027.
Simultaneously, large infrastructure projects like the Neom Project, Jeddah Central, and the GCC Railway are propelling the demand for commercial vehicles. With ongoing investments in road, rail, and public transport systems, the commercial vehicle market in the region is projected to grow significantly in the coming years.
Key Topics Covered:
Transformation in the Commercial Vehicle Market
- Why Is It Increasingly Difficult to Grow?
- The Strategic Imperative
- The Impact of the Top Three Strategic Imperatives on the Commercial Vehicle Industry
Ecosystem: Growth Environment
- Scope of Analysis
- Research Methodology
- Key Questions This Study Will Answer
Regional Segmentation
- GCC: Economic Overview
- GCC: Economic Outlook Assumptions
- GCC: Automotive Overview
- GCC: CV Snapshot
- GCC: Trends Affecting the Automotive Sector
Competitive Environment
- Growth Generator
- Growth Metrics
- Growth Drivers
- Growth Restraints
- Key Forecast Criteria
- Revenue Forecast
- Sales Forecast
- Sales by Country
- Sales by Vehicle Type
- VIO Forecast
Growth Opportunity Analysis by Country: Saudi Arabia
- Growth Metrics
- Saudi Arabian CV Market Trends
- Saudi Arabian CV OEM Development
- Saudi Arabian CV Regulations
- Key Forecast Criteria
- Sales Forecast
- Sales by Vehicle Type
- VIO Forecast
Growth Opportunity Analysis by Country: UAE
- Growth Metrics
- UAE CV Market Trends
- UAE CV OEM Development
- UAE CV Regulations
- Key Forecast Criteria
- Sales Forecast
- Sales by Vehicle Type
- VIO Forecast
Growth Opportunity Analysis by Country: Oman
- Growth Metrics
- Omani CV Market Trends
- Omani CV OEM Development
- Omani CV Regulations
- Key Forecast Criteria
- Sales Forecast
- Sales by Vehicle Type
- VIO Forecast
Growth Opportunity Analysis by Country: Kuwait
- Growth Metrics
- Kuwaiti CV Market Trends
- Kuwaiti CV OEM Development
- Kuwaiti CV Regulations
- Key Forecast Criteria
- Sales Forecast
- Sales by Vehicle Type
- VIO Forecast
Growth Opportunity Universe
- Growth Opportunity 1: Increasing Telematics Adoption
- Growth Opportunity 2: Adopting Low-/Zero-emission Vehicles
- Growth Opportunity 3: Local Vehicle Manufacturing
Appendix
- Company Profiles: Saudi Arabia
- Company Profiles: UAE
- Company Profiles: Oman
- Company Profiles: Kuwait
Next Steps
- Benefits and Impacts of Growth Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/bsagc3
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