NEW YORK, September 29, 2016 /PRNewswire/ --
Anticipated stabilization of crude oil prices, implementation of favourable government initiatives, growing infrastructure construction and logistics industry to drive sales of trucks, buses & vans in the Kingdom
According to "Saudi Arabia Commercial Vehicles Market Forecast & Opportunities, 2021", the market for commercial vehicles in Saudi Arabia is projected to grow at a CAGR of over 9% during 2016 - 2021, on account of robust infrastructural developments coupled with growing logistics requirements arising from construction and MSME sectors. Moreover, increasing number of smart city projects and growing population coupled with growing government's focus on promoting energy efficiency are some of the other major factors anticipated to positively influence the Saudi Arabia commercial vehicles market over the next five years.
Browse 7 market data Tables and 33 Figures spread through 145 Pages and an in-depth TOC on "Saudi Arabia Commercial Vehicles Market"
On the basis of vehicle type, the market of commercial vehicles in Saudi Arabia has been segmented into four categories, namely, Buses, Light Commercial Vehicle (LCV), Medium Commercial Vehicle (MCV) and Heavy Commercial Vehicle (HCV). Among these categories, LCV segment dominated the country's commercial vehicles market in 2015, and the same trend is anticipated to continue over the next five years as well. However, in terms of growth, the bus segment is forecast to outpace LCV segment during 2016-2021.
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Tourism industry in Saudi Arabia is cyclical and is largely restricted to religious pilgrimage. In August 2015, for over 200,000 pilgrims arrived in Jeddah and Medina, and approximately 17,700 buses were deployed for these pilgrims. In order to address increasing transportation needs to accommodate the huge number of pilgrims during Hajj, the Saudi Arabian government is importing new buses with advanced technology that can be operated even in harsh climatic conditions, consequently aiding the country's commercial vehicles market.
"In order to accommodate growing vehicle fleet demand of the Kingdom, Saudi Arabia General Investment Authority (SAGIA) plans to increase investments towards strengthening and expanding the country's road infrastructure. As per the 9th Five Year Plan, which was introduced in 2010, the Ministry of Economy and Planning announced an overall spending of about USD27.06 billion for improving and expanding the country's road infrastructure. These developments are anticipated to drive sales of commercial vehicles market during next five years.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Saudi Arabia Commercial Vehicles Market Forecast & Opportunities, 2021" has evaluated the future growth potential of Saudi Arabia commercial vehicles market and provides statistics and information on market size, share, trends & forecasts for commercial vehicles in Saudi Arabia. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in Saudi Arabia commercial vehicles market.
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