Growing demand for electrical vehicles and surge in the number of infrastructural projects is expected to drive the demand for GCC light commercial vehicle market during the forecast period.
According to TechSci Research report, “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, 2026”, GCC light commercial vehicle market was valued at USD4,796.69 million in 2020, and it is anticipated to reach USD7,676.72 million, growing at a CAGR of 7.20% in the forecast period, 2022-2026. Growth in the service sector, logistic sector, and e-commerce sector is propelling the demand for light commercial vehicles across the GCC region. Owing to the high growth of the e-commerce business sector, a strong demand for an efficient supply chain network has been generated. To efficiently drive the logistics activity of the efficient supply chain management for the e-commerce business sector, the demand for light commercial vehicles is being generated across the GCC region and this trend is expected to continue in the near future as well. Also, several initiatives taken by the government of gulf countries to promote several business sectors other than oil sector to decrease the dependency on oil economy is boosting the demand for light commercial vehicle. Such business activities require frequent transportation of raw material in a phased manner which is mostly done through light commercial vehicles, thereby driving the demand for the GCC light commercial vehicle market.
All the GCC countries are mainly import driven. In 2020, due to the outbreak of the COVID-19 pandemic, the government of several countries across the globe imposed partial and strict lockdown, which further impacted the production and trading activities of the exporting countries. Moreover, due to the impact in trading activities, import of light commercial vehicles in the GCC countries got decreased. The sales of light commercial vehicles have decreased as well owing to the crunch in supply, and implementation of lockdown in several GCC countries to stop the spread of the pandemic outbreak, which leads to halt in operations of various sectors. It is expected that the sales will start rebounding in 2021 because of increasing dependency on e-commerce sites and easy financing schemes offered by several financing institutions. Major companies operating across the region are increasing their LCV product portfolio by introducing more performance-oriented light commercial vehicles to better suit the driving conditions in the GCC countries according to their road infrastructure and climatic conditions. Also, companies are increasing their dealer, distributor network and taking initiatives for tying up with major distributors with active promotional strategies to increase their footprint across the region, which is further anticipated to augment the level of competition in the GCC light commercial vehicle market in the coming years.
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GCC light commercial vehicle market is segmented into vehicle type, fuel type, end user, regional distribution, and company. Based on the fuel type, the market is divided into petrol, diesel, and alternate. The diesel segment is expected to account for major market share for the forecast period, 2022-2026. Petrol-driven light commercial vehicles have higher efficiency and load-carrying capacity than diesel and alternate vehicles. The implementation of environmental policies in the region by the leading authorities along with the increased availability of crude petrol is accelerating the demand for petrol-driven light commercial vehicles.
Ford Motor Company Middle East, Al-Futtaim Motors, ISUZU MOTORS LIMITED, Nissan Motors Co. LTD, Volkswagen AG, Hyundai Motor Company, Ford Motor Company, Mitsubishi Motors Corporation, Toyota Motor Corporation, Tata Motors Ltd., Mercedes Benz AG, Hino Motors, and IVECO S.p.A are the leading players operating in the GCC light commercial vehicle market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several light commercial vehicle manufacturers are coming up with their technologically advanced offerings.
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“The rise in the internet penetration and the proliferation of the smart devices in the region is contributing to the growth of the e-commerce market. Market players are making huge investments for the development of user-friendly websites and applications to attract more customers to visit their online stores. Availability of easy dispatch and return facility and the need to carry goods and products from one place in a short period is accelerating the demand for the GCC light commercial vehicles market. E-commerce utilizes the third-party logistics service for the proper management of the supply chain which uses the light commercial vehicles to ensure fast delivery which is expected to propel the GCC light commercial vehicle market’s growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“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, 2026” has evaluated the future growth potential of the GCC light commercial vehicle market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the GCC light commercial vehicle market.
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