The Middle East/North Africa (MENA) commercial vehicles market is projected to grow at a CAGR of 5.1% from 2023 to 2033, with a valuation of USD 6.9 billion in 2023, expected to exceed USD 11.4 billion by 2033.
This growth is primarily driven by an increase in public-private partnership (PPP) projects and a surge in construction activities across the region. Amendments to laws regarding construction and infrastructure are also anticipated to create favorable conditions for market expansion.
The waste management sector is experiencing significant growth, particularly in Saudi Arabia, where the market is expected to surpass USD 450 million by 2024. This growth is fueled by rising population and construction activities in the region.
Türkiye presents numerous opportunities for market growth, with research indicating that its construction market is projected to grow at a CAGR of 5%. The Turkish government’s plan to build 2,000 km of high-speed rail lines from Northeast to Western Türkiye is likely to boost commercial vehicle sales in the MENA region.
In the petroleum sector, the UAE remains a key player, producing an average of 3.2 million barrels of petroleum and liquids per day. The mining activities associated with petroleum extraction rely heavily on trucks and commercial vehicles.
Furthermore, the development of electric trucks is expected to offer significant market opportunities. As demand for non-renewable energy sources remains high, electric trucks—primarily powered by solar energy or hydrogen fuels—align with sustainability goals and are likely to see increased adoption.
Insights from FMI researchers indicate that the growth of PPP projects, rising construction and infrastructure activities, and other factors will drive the expansion of the MENA commercial vehicles market during the forecast period.
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Key Takeaways:
- The market is expected to grow at 5.2% during the forecast period.
- The estimation is expected to be USD 6.9 billion in 2023.
- By 2033, the valuation is expected to go past USD 11.4 billion.
- As per country-wise analysis, the UAE market is expected to hold the dominant market share.
- Saudi Arabia’s market is projected to advance at a CAGR of 5%.
- Türkiye’s market is expected to surge at 5.5%.
- On the basis of class type, the heavy-duty segment is expected to hold a significant market share and is projected to advance at a CAGR of 5.5%.
Competitive Landscape
The key players operating in the market are making tactical moves that include a surge in marketing activities. The manufacturers are also involved in a lot of strategic collaborations in order to make use of the technology possessed by their business partners. Moreover, massive investments are being made in the process of mergers and acquisitions in order to expand the footprints. There are also investments done in Research and Development activities specifically to improve the mileage and improve load-bearing capacity.
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.
Crucial developments in the market are:
- In December 2022, Scania and Girteka collaborated to scale up sustainable transportation.
- In October 2022, Volvo announced that it would be supplying 20 heavy duty electric-trucks to Amazon.
Middle East/North Africa (MENA) Commercial Vehicles Market Segmentation
By Product Type:
- Trucks
- Buses
- Vans
- Trailers
By Class Type:
- Light Duty
- Medium Duty
- Heavy Duty
By Country:
- United Arab Emirates
- Türkiye
- Saudi Arabia
- Algeria
- Egypt
- Morocco
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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