Dublin, Nov. 13, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Commercial Vehicle Market, 2024-2035" report has been added to ResearchAndMarkets.com's offering.
This study examines Vision 2030's emphasis on advanced technologies, including automation, IoT, and data analytics, to enhance logistics efficiency and service quality. It study covers the Vision 2030 targets set by the Saudi Arabian government, its outcomes to date, and future impacts.
This study analyzes how this commitment is expected to accelerate the demand for battery electric vehicles (BEVs) and drive truck electrification, supporting the kingdom's vision of a diversified and sustainable economy.
Saudi Arabia is undergoing significant economic transformation driven by its Vision 2030 initiative, which aims to reduce dependency on oil and diversify revenue sources. Historically reliant on oil exports, the kingdom is enhancing non-oil sectors to foster sustainable growth. As the second-largest contributor to the Middle East economy after the UAE, Saudi Arabia's economy has grown at an approximate annual rate of 27%. Within the Gulf Cooperation Council (GCC), Saudi Arabia is the largest market for new and used vehicles and automotive parts, leading in automotive imports from the United States, with a portion re-exported.
The truck market, which primarily relies on imports, includes major companies such as Daimler, Mitsubishi Fuso, Hino, Isuzu, Scania, and SinoTruk. The Saudi government promotes localization to bolster the economy, with a projected growth rate of 3% for medium-duty trucks (MDTs) and 5% for heavy-duty trucks (HDTs), according to estimates.
The commercial vehicle industry is evolving to meet these demands and focuses on environmental sustainability. Initiatives aimed at developing green logistics solutions and eco-friendly vehicle fleets align with global trends toward reducing carbon footprints. Saudi Arabia is committed to achieving net-zero emissions by 2060, and it is investing more than $180 billion to reduce greenhouse gas emissions.
Major OEMs' Presence and Distributor Network
- Daimler Truck: Product Portfolio and Distributor Network
- Mitsubishi Fuso Truck and Bus Corp: Product Portfolio and Distributor Network
- Hino Motors: Product Portfolio and Distributor Network
- MAN Truck & Bus Company: Product Portfolio and Distributor Network
- UD Trucks: Product Portfolio and Distributor Network
- Hyundai Motor Company: Product Portfolio and Distributor Network
- Scania CV AB: Product Portfolio and Distributor Network
- Isuzu Motors: Product Portfolio and Distributor Network
- China National Heavy Duty Truck Group Co Ltd: Product Portfolio and Distributor Network
Growth Opportunity Universe
- Increasing Telematics Adoption
- Growing Adoption of Low-/Zero-emission Vehicles
- Local Vehicle Manufacturing
Key Topics Covered:
Transformation in the Commercial Trucks Market
- Why is it Increasingly Difficult to Grow?
- The Strategic Imperative
- The Impact of the Top Three Strategic Imperatives on the Commercial Trucks Industry
Saudi Arabia: Economic Overview
- Geographic and Economic Parameters, 2023
- Economic Landscape
- Focus on Economic Diversification
Ecosystem
- Research Scope
- Market Segmentation
Growth Generator
- Growth Metrics
- Growth Drivers
- Growth Restraints
Automotive Business Overview
- Saudi Arabia: Automotive Business Overview
Emission and Fuel Regulations
Major OEMs' Product Specifications
- Key OEMs' Platform Presence
- OEMs' Engine Power Coverage
- OEMs' GVW Coverage
- Key OEMs: Product Coverage Comparison Based on GVW and Power
Growth Generator: MDT and HDT Sales Forecast
- Key Forecast Criteria
- Saudi Arabia: MDT Forecast
- Saudi Arabia: HDT Forecast
- Saudi Arabia: Key OEMs' Market Share
Vision 2030 and its Impact on Automotive OEMs
Takeaways
- Key Takeaways for Automotive OEMs
Appendix & Next Steps
For more information about this report visit https://www.researchandmarkets.com/r/slsxa8
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