Dublin, Nov. 25, 2021 (GLOBE NEWSWIRE) -- The "GCC Light Commercial Vehicle Market, By Vehicle Type (Pickup Truck, Van and Light Bus), By Fuel Type (Petrol, Diesel and Alternate), By End User (Individual Vs Fleet Owner), By Region, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The GCC Light Commercial Vehicle Market stood at USD4,796.69 million in 2020, and it is anticipated to grow at a CAGR of 7.20% in the forecast period, 2022-2026 to reach USD7,676.72 million by 2026.
The high demand from the end-user industries including tourism, infrastructure, transport & logistics are driving the growth of the GCC Light Commercial Vehicle Market.
GCC states are making investments for the development of the tourism and hospitality sector including the airport expansion to handle the capacity of the projected visitor inflow which in turn is expected to fuel the GCC Light Commercial Vehicle Market growth for the next five years.
Relaxation of visa rules by the government in Qatar and UAE and development of Bahrain International Airport is expected to attract a large number of tourists into the region, thereby is expected to boost the economic status of the GCC region.
The rise in the ongoing and upcoming mega projects such as Saudi Vision 2030, the red sea project in Saudi Arabia, the development of smart cities, and rail infrastructure require commercial vehicles for the transportation of goods and materials from one place to another. The economy is dependent on the import of goods and materials and with the growing population, the consumption pattern is expected to increase, which is expected to accelerate the GCC Light Commercial Vehicle Market's growth.
Furthermore, rapid growth in manufacturing, retail, logistics and other sectors owing to favorable government policies has been a game changer for light commercial vehicles' market in the GCC region. Over the past few years, demand for LCVs has grown significantly, backed by growing need for transportation of raw materials as well as finished goods to end-users.
Moreover, fleet owners have started operating for long haulage transportation services, which is further anticipated to fuel the demand for light commercial vehicles across the region. Such vehicles are also being used as moving shops of apparels, vegetables & fruits, etc. Apart from this, nowadays 'food trucks' utilizing light vans are also gaining popularity which is increasing the penetration of the light commercial vehicles in the GCC region.
The GCC Light Commercial Vehicle Market is segmented into vehicle type, fuel type, end-user, country, and company. Based on the vehicle type, the market can be bifurcated into the pickup truck, van and light buses. The pickup truck segment is expected to witness significant growth in the forecast period, 2022-2026.
The rise in the disposable income of consumers is increasing the expenditure capacity of consumers to buy luxury pickup trucks. The growth in the construction activities in the GCC region and the presence of supportive government policies to boost the construction activity is expected to fuel the segment growth.
Major companies are developing advanced technologies and are launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
The major players operating in the GCC Light Commercial Vehicle Market are
Ford Motor Company Middle East
Isuzu Motors Limited
Nissan Motors Co. LTD
Ford Motor Company
Mitsubishi Motors Corporation
Toyota Motor Corporation
Tata Motors Ltd.
Mercedes Benz AG
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
GCC Light Commercial Vehicle Market Share, By Vehicle Type:
GCC Light Commercial Vehicle Market Share, By Fuel Type:
GCC Light Commercial Vehicle Market Share, By End-User:
GCC Light Commercial Vehicle Market Share, By Country:
For more information about this report visit https://www.researchandmarkets.com/r/ofk2t
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