LONDON, Nov. 3, 2016 /PRNewswire/ -- Saudi Arabia possesses 18% of the world's proven petroleum reserves and ranks as the largest exporter of petroleum. Oil & Gas sector accounts for about 50% of gross domestic product, and about 85% of export earnings. Global oil crises repressed the growth of the country's construction and infrastructure sectors, which, in turn, impacted the demand for commercial vehicles, as they are majorly deployed in these sectors. However, the country's government unveiled the Kingdom's Vision 2030, an ambitious plan to steer the economy away from its oil dependence. The Government of Saudi Arabia plans to increase its share of non-oil exports in non-oil GDP from 16% to 50% by 2030. Moreover, the government plans to become one of the largest construction and infrastructure markets in the world. This move is expected to induce a positive impact on the commercial vehicles market in the country over the next five years. Moreover, under the Saudi Vision 2030, the Government of Saudi Arabia has made long term plans for the infrastructural development of roads, metro, rail, ports, etc. These developments are anticipated to positively influence the Saudi Arabia commercial vehicles market over the next five years.
According to "Saudi Arabia Commercial Vehicles Market Forecast & Opportunities, 2021", the market of commercial vehicles in Saudi Arabia is projected to grow at a CAGR of over 9% during 2016 –2021. Initiatives and subsidies provided by the Government of Saudi Arabia to promote the adoption of alternate fuels such as natural gas and electric power coupled with rapid infrastructure development are expected to positively influence the commercial vehicles market in the country during 2016 – 2021. In 2015, Light Commercial Vehicle (LCV) segment dominated the country's commercial vehicle market, followed by the bus and Medium Commercial Vehicle (MCV) segments. LCV segment is forecast to continue its dominance in Saudi Arabia commercial vehicles market on account of its extensive use in logistics industry. Some of the major companies operating in the country's commercial vehicles market are Toyota, Mitsubishi and Isuzu, among others. "Saudi Arabia Commercial Vehicles Market Forecast & Opportunities, 2021" discusses the following aspects of Saudi Arabia commercial vehicles market:
- Saudi Arabia Commercial Vehicles Market Size, Share & Forecast
- Segmental Analysis – By Vehicle Type (LCV, Bus, MCV and HCV), By Region
- Policy & Regulatory Landscape
- Changing Market Trends & Emerging Opportunities
- Competitive Landscape & Strategic Recommendations
Why You Should Buy This Report?
- To gain an in-depth understanding of Saudi Arabia commercial vehicles market
- To identify the on-going trends and anticipated growth in the next five years
- To help commercial vehicles manufactures, distributors and providers, and other industry consultants align their market-centric strategies
- To obtain research based business decisions and add weight to presentations and marketing material
- To gain competitive knowledge of leading market players
- To avail 10% customization in the report without any extra charges and get research data or trends added in the report as per the buyer's specific needs
The information contained in this report is based upon both primary and secondary research. Primary research included surveys with the OEM's, Distributors, Dealers and industry experts. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
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