NEWARK, Del, Jan. 08, 2024 (GLOBE NEWSWIRE) -- The MENASA commercial vehicle market value is forecast to increase from US$ 314.4 billion in 2023 to US$ 647.0 billion by 2033. Overall demand for commercial vehicles in the region is set to surge at a CAGR of 7.5% during the assessment period.
The bulk freight segment currently dominates the MENASA industry, and the trend is expected to continue through 2033. It will likely hold a volume share of 26.5% in 2023. On the other hand, the parcel and package delivery segment is set to witness a higher CAGR of 12.1% through 2033.
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Key factors driving the commercial vehicle industry's growth are urbanization, increasing industrial activity, low loan rates, and growing infrastructural development. Similarly, robust infrastructural development and the growing popularity of electric and hybrid commercial vehicles are expected to boost the target industry.
Commercial vehicle market demand, particularly for medium-duty trucks, has enormously increased across South Asia, the Middle East, and North Africa (MENA) regions. This increase is strongly related to the growing logistics industry, especially in Middle Eastern countries.
Commercial vehicles are widely used in several industries for transporting goods and passengers. Their superiority over alternative modes of transportation can be ascribed to their effectiveness and flexibility for a variety of regional pick-up and drop-off activities.
Developing nations like India are witnessing increasing industrial and construction activities. This, in turn, necessitates efficient transportation of materials and products, thereby creating demand for commercial vehicles.
Key companies are focusing on integrating novel technologies like ADAS in commercial vehicles. This is expected to benefit the target industry and boost revenue during the assessment period. Another key factor expected to boost the growth of the commercial vehicles industry is rising trade activities.
Key Takeaways from the Report
- The MENASA commercial vehicle revenue is projected to grow at 7.5% CAGR through 2033.
- By class type, medium duty segment is expected to total US$ 301.0 million by 2033.
- By application, the bulk freight segment is set to hold a value share of 26.5% in 2023.
- India is expected to account for a significant share of about 31.4% in 2033.
- Demand for commercial vehicles in Turkiye is poised to grow at 9.7% CAGR through 2033.
“Escalating demand for medium-duty trucks and expanding industrial sectors are expected to present lucrative growth generation opportunities for commercial vehicle manufacturers in MENASA through 2033.” Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape
Key commercial vehicle companies are constantly upgrading their portfolios by launching new products. They also employ strategies like acquisitions, collaborations, partnerships, and facility expansions to strengthen their regional presence.
The top manufacturers and suppliers of commercial vehicles listed in the report:
- Daimler AG (Mercedes-Benz Group AG)
- Volvo AB
- Scania AB
- Paccar Inc.
- MAN SE
- Hino Motors Ltd.
- Isuzu Motors Ltd.
- Dongfeng Motor Corporation
- Toyota Motor Corporation
- Ford Motor Company
- General Motor Company
- Tata Motors
- Ashok Leyland
- Iveco S.p.A.
- Kenworth
- Peterbilt Motors Company
- Mahindra & Mahindra
- JAC Motors
- Sinotruk
- Eicher Motors Limited
- UD Trucks Corporation
Recent Developments:
- In August 2020, Volvo Bus India was acquired by Volvo Eicher Commercial Vehicles Ltd (VECV).
MENASA Commercial Vehicle Industry Research Scope
| Attribute | Details | |
| Estimated Value (2023) | US$ 314.4 billion | |
| Projected Value (2033) | US$ 647.0 billion | |
| Anticipated Growth Rate (2023 to 2033) | 7.5% | |
| Historical Data | 2018 to 2022 | |
| Forecast Period | 2023 to 2033 | |
| Quantitative Units | Value (US$ billion) and Volume (Th. units) | |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis | |
| Key Countries Covered |
| |
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MENASA Commercial Vehicle Industry Segmentation
By Class Type:
- Light Duty
- Up to 2.5 Tons
- 2.5 T to 4.5 T
- 4.5 T to 6.5 T
- Medium Duty
- 6.5 T to 7.5 T
- 7.5 T to 9 T
- 9 T to 12 T
- Heavy Duty
- 12 T to 15 T
- 15 T & Above
By Vehicle Type:
- Light Commercial Vehicles
- Medium & Heavy Commercial Vehicles
- Buses & Coaches
- Specialty Vehicles
By Fuel Type:
- Diesel
- Gasoline
- Natural Gas (CNG/LNG)
- Electric (Battery Electric Vehicles - BEVs)
- Hybrid Electric Vehicles (HEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
- Hydrogen Fuel Cell Vehicles (HFCVs)
- Others (e.g., Biofuels)
By Application:
- Bulk Freight
- Refrigerated Freight
- Hazardous Materials (Hazmat) Freight
- Automotive Freight
- Retail and E-commerce Freight
- Construction and Heavy Equipment Freight
- Parcel and Package Delivery
- Passenger
By Region:
- GCC Countries
- Northern Africa
- Turkiye
- India
- ASEAN
- Other MENASA
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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