Dec 23, 2019 (MARKITWIRED via COMTEX) -- A new report published by Future Market Insights titled 'CommercialVehicles (Trucks) Market:Middle East & North Africa (MENA) IndustryAnalysis 2012 - 2016 and Opportunity Assessment 2017-2027' studiesthe performance of MENA commercial vehicles (trucks) market over a 10 yearassessment period from 2017 to 2027. The report presents the value and volumeforecasts of the MENAcommercial vehicles (trucks) market and provides key insights intothe factors driving market growth as well as the factors restricting the marketgrowth. The estimates point to a revenue growth from nearly US$ 5,250 Mn in2017 to nearly US$ 8,500 Mn by 2027 end, resulting in a CAGR of 5.0% during theperiod of assessment. In terms of volume, the MENA commercial vehicles (trucks)market was pegged at 152,191 units in the year 2017 and is poised to reach afigure of 212,232 units in 2027, and display a CAGR of 3.4% in the forecastperiod.
Rapid development and growth of oil and gas industry in the rest ofMiddle East region to boost market revenue growth
Commercial vehicles are commonly used as a medium of transport for differenttypes of end use industries and they are helping in tasks such as unloading,loading and transportation of goods. The construction industry is exhibiting afast growth due to the vast number of projects in the pipeline in each countryof the Middle East and this also has connection with the plans of the countriesin the Middle Eastern region to diversify their economies. These developmentsare also related to the large scale international events that are going to beheld in this region such as World Expo 2020 to be held in Dubai and the FIFAWorld Cup 2022 to be held in Qatar.
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The construction industry in Iran was estimated to be valued at US$ 154.4billion in 2016 from US$ 88 billion in the year 2013 and due to this upwardgrowth, the market for heavy trucks is likely to boost in this country. Also,due to the rising urbanization, the construction industry is experiencing rapidgrowth in rest of the countries in the Middle East which is further expected toboost the demand for commercial vehicles in building and constructionactivities in the region. Iran is also one of the biggest markets for trucks inthe MENA region, and with the economic sanctions lifted up from Iran, it isexperiencing a huge growth in its economy and is likely to be one of theprominent markets for heavy duty commercial vehicles. On the other hand, othercountries in the region like UAE and Oman are also becoming attractive marketsfor commercial vehicles due to their vast use in end-use industries such as thepetrochemical industries, and this is expected to boost the overall demand fortrucks in the Middle East region.
MENA Commercial Vehicles (Trucks) Market: Segmentation and Forecast
The MENA commercial vehicles (trucks) market is segmented on the basis of class type and region. On the basis of class type, the market is segmented into light duty, medium duty and heavy duty. On regional basis, the market is segmented into Middle East (Saudi Arabia, Turkey, Rest of Middle East) and North Africa.
Preview Analysis of Commercial Vehicles (Trucks) Market: Heavy Duty Class Type to Lead in Terms of Market Share During the Forecast Period: MENA Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027): https://www.futuremarketinsights.com/reports/mena-commercial-vehicles-market
The heavy duty segment was estimated to be valued at nearly US$ 3,200 Mn in 2017 and is likely to reach a valuation of nearly US$ 5,300 Mn in 2027 and in the process exhibit a CAGR of 5.1%.
The medium duty segment was estimated to be valued at nearly US$ 1,850 Mn in 2017 and is anticipated to reach a valuation of nearly US$ 3,000 Mn in 2027 and exhibit a CAGR of 4.8%.
MENA Commercial Vehicles (Trucks) Market: Regional Forecast
The commercial vehicles (trucks) market in Saudi Arabia was estimated to be valued at nearly US$ 560 Mn in 2017 and is likely to reach a valuation of nearly US$ 900 Mn in the year 2027 and exhibit a CAGR of 4.6% during the assessment period.
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The commercial vehicles (trucks) market in Turkey was estimated to be valued at nearly US$ 1,350 Mn in 2017 and is anticipated to reach a valuation of nearly US$ 2,150 Mn in 2027 and exhibit a CAGR of 5% during the period of forecast.
MENA Commercial Vehicles (Trucks) Market: Vendor Insights
This report includes some of the key players functioning in the MENA commercial vehicles (trucks) market such as Daimler AG, AB Volvo, Scania AB, Paccar Inc., MAN SE, Navistar International Corp., Hino Motors, Ltd., Isuzu Motors Ltd., Dongfeng Motor Corporation, FAW Group Corporation, Toyota Motor Corporation, Ford Motor Company, Nissan Motor Company Limited, General Motor Company and Volkswagen AG. Manufacturers are using advanced telematics systems and financing options to lure customers.
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