BURNABY, Canada, July 7, 2015 /PRNewswire/ --
Growing demand for light commercial vehicles as well as heavy duty trucks, increasing tourism and rising investments to drive commercial vehicle sales through 2020 in Morocco
Morocco is an emerging automobile market in North Africa. Though the country lacks domestic production, almost all the major auto-makers have set up their vehicle assembly plants in Morocco. Most of the automobile manufacturers are opting for CKD imports in order to reap tax exemptions. According to a recently released TechSci Research report, "Morocco Commercial Vehicles Market Forecast & Opportunities, 2020", the commercial vehicles market in Morocco is projected to grow at a CAGR of around 5% during 2015-20. The country's commercial vehicle market is classified into three different segments -Trucks, Buses and Commercial Vans. The key factors driving the market include a rising demand for heavy duty trucks from mining and construction sectors, rising tourism leading to a surge in demand for intercity buses, and continuing improvements in transport infrastructure with the development of roads and bridges.
Favorable government initiatives such as 5-year corporate tax exemption for automotive companies setting up their distribution/retail network in the country and financial aid of up to 10% of the total investment for setting up automotive facilities are among the other major factors expected to benefit Morocco's commercial vehicles market in the coming years. The light commercial vehicle segment including light trucks and vans is anticipated to maintainits dominance in the country's commercial vehicles market over the forecast period.Few of the major players operating in the country's commercial vehicle market include Scania, Mitsubishi, Volvo, Hyundai, Isuzu Motors, Iveco and Hino.
"Increasing rate of urbanization and rising disposable income coupled with rising tourism and booming construction sector are contributing significantly towards Morocco's commercial vehicle market. Over the last couple of years, the automotive industry in Morocco has witnessed considerable increase in demand for heavy trucks from the country's mining sector. This growth is expected to be supported by the rising investments by automotive companies in Morocco through CKD import route.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Morocco Commercial Vehicles Market Forecast & Opportunities, 2020" has evaluated the future growth potential of Morocco commercial vehicle market, and provides statistics and information on market structure, industry behavior and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. The report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in the commercial vehicle market in Morocco.
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