Gulf Cooperation Council (GCC) Commercial Vehicle Markets Report 2024-2025 & 2028 - Saudi Arabia Dominates in Automotive Sales, Parts Imports, and Re-exports
DUBLIN--(BUSINESS WIRE)--May 30, 2025--
The 'Commercial Vehicle (CV) Market, Gulf Cooperation Council, 2024-2028" report has been added to ResearchAndMarkets.com's offering.
GCC nations are actively reducing their reliance on oil-driven economies, recognizing the need for diversification as populations grow and oil resources alone cannot sustain future development. From 2011 to 2021, fossil fuel dependency saw a decline, with the UAE leading the shift by reducing oil's share to less than 30% of its GDP by 2023. Economic growth is forecasted at 2.4% in 2024 and 4.7% in 2025, fueled by oil output recovery and diversification initiatives.
Key sectors driving this growth include real estate, tourism, manufacturing, and transportation. The region's strategic location and infrastructure enhancements in ports and logistics position it as a global transshipment hub. Rising middle-class wealth and changing consumer preferences further open avenues for sustainable development.
In recent years, the GCC commercial vehicle (CV) industry has shown consistent growth, driven by rising demand for light commercial vehicles (LCVs) and the need for medium and heavy vehicles in infrastructure projects and freight transport. The region's dependence on vehicle imports highlights the opportunity for local manufacturing, which could reduce reliance on imports and promote exports, capitalizing on the GCC's strategic location and logistics capabilities. The truck market, primarily reliant on imports, includes major players such as Daimler, Mitsubishi Fuso, Hino, Isuzu, Scania, and SinoTruk. Saudi Arabia dominates the GCC market in automotive sales, parts imports, and re-exports. Additionally, Chinese and Indian automakers have gained significant traction due to competitive pricing and improved quality.
The GCC's shift towards economic diversification is fostering growth in sectors like construction, infrastructure, and industrialization. In Saudi Arabia, for example, tourism saw a 56% increase in international arrivals in 2023 compared to 2019, and the UAE's tourism sector is expected to grow by 4.9% annually until 2027.
Simultaneously, large infrastructure projects like the Neom Project, Jeddah Central, and the GCC Railway are propelling the demand for commercial vehicles. With ongoing investments in road, rail, and public transport systems, the commercial vehicle market in the region is projected to grow significantly in the coming years.
Key Topics Covered:
Transformation in the Commercial Vehicle Market
Ecosystem: Growth Environment
Regional Segmentation
Competitive Environment
Growth Opportunity Analysis by Country: Saudi Arabia
Growth Opportunity Analysis by Country: UAE
Growth Opportunity Analysis by Country: Oman
Growth Opportunity Analysis by Country: Kuwait
Growth Opportunity Universe
Appendix
Next Steps
For more information about this report visit https://www.researchandmarkets.com/r/bsagc3
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KEYWORD: MIDDLE EAST
INDUSTRY KEYWORD: FLEET MANAGEMENT EV/ELECTRIC VEHICLES ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE TRUCKING AUTOMOTIVE MANUFACTURING TRANSPORT MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2025.
PUB: 05/30/2025 09:42 AM/DISC: 05/30/2025 09:41 AM
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