Middle East Commercial Vehicle Market, Led by Buses, to Surpass $ 8 Billion by 2023
Growing logistics and
tourism sectors coupled with increasing construction and infrastructure activities
to propel Middle East commercial vehicle market through 2023
According
to TechSci Research report, “Middle East Commercial
Vehicle Market By Country, By Vehicle Type, Competition
Forecast & Opportunities, 2013 – 2023”, the region’s commercial vehicle market is
projected to cross $ 8 billion by 2023 on account of growing construction
activities across various Middle East countries and rising demand for
commercial vehicles from various applications such as mining field, logistics,
school and staff transportation. Moreover, governments of various countries are
focusing on promoting tourism, which is likely to propel demand for luxury
buses and other commercial vehicles as well, in the coming years. Furthermore,
e-commerce sector is witnessing a rapid growth across the Middle East region,
which would subsequently push demand for trucks for logistics purpose, thereby
driving Middle East commercial vehicle market.
Browse 66 market data Tables and 179 Figures
spread through 262 Pages and an in-depth TOC on "Middle East Commercial
Vehicle Market"
https://www.techsciresearch.com/report/middle-east-commercial-vehicle-market/3463.html
Some of
the major players operating in the Middle East commercial vehicle market
include Toyota Motors Corporation, Mitsubishi Fuso Truck and Bus Corporation, Isuzu
Motors Middle East FZE, etc. On the basis of vehicle type, Middle East
commercial vehicle market is segmented into bus, heavy commercial vehicle and
medium commercial vehicle. In 2017, bus segment dominated the market, followed
by medium commercial vehicle and heavy commercial vehicle segments. The bus segment
is likely to maintain its dominance during forecast period as well owing to
rising demand for buses for school and staff transportation.
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Saudi
Arabia accounts for the largest share in the Middle East commercial vehicle
market, followed by the UAE. Major factors driving demand for commercial
vehicles in Saudi Arabia are rising construction projects, increasing tourism
and presence of major pilgrimage destinations in the country. “Increasing
demand for buses for public transport is positively influencing Middle East
commercial vehicle market. Moreover, increasing focus of various governments of
Middle East region on infrastructure development is further likely to push
demand for commercial vehicles across the region in the coming years. Rising
inclination towards electric buses is also expected to steer growth in Middle
East commercial vehicle market during the forecast period.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Middle East Commercial
Vehicle Market By Country, By Vehicle Type, Competition
Forecast & Opportunities, 2013 – 2023” has analyzed the potential of commercial vehicle market in Middle
East, and provides statistics and information on market size, shares and
trends. The report will suffice in providing the intending clients with
cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by the Middle East commercial
vehicle market.
About TechSci Research
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