Saudi Arabia Commercial Vehicles Market Forecast & Opportunities

06 Oct 2016, Navi Mumbai, India: Marketreportsonsaudiarabia.com presents a new report on “Saudi Arabia Commercial Vehicles Market Forecast & Opportunities” Some of the major companies operating in the country’s commercial vehicles market are Toyota, Mitsubishi and Isuzu, among others.

Saudi Arabia possesses 18% of the world’s proven petroleum reserves and ranks as the largest exporter of petroleum. Oil & Gas sector accounts for about 50% of gross domestic product, and about 85% of export earnings. Global oil crises repressed the growth of the country’s construction and infrastructure sectors, which, in turn, impacted the demand for commercial vehicles, as they are majorly deployed in these sectors. However, the country’s government unveiled the Kingdom’s Vision 2030, an ambitious plan to steer the economy away from its oil dependence. The Government of Saudi Arabia plans to increase its share of non-oil exports in non-oil GDP from 16% to 50% by 2030. Moreover, the government plans to become one of the largest construction and infrastructure markets in the world. This move is expected to induce a positive impact on the commercial vehicles market in the country over the next five years. Moreover, under the Saudi Vision 2030, the Government of Saudi Arabia has made long term plans for the infrastructural development of roads, metro, rail, ports, etc. These developments are anticipated to positively influence the Saudi Arabia commercial vehicles market over the next five years.

http://www.marketreportsonsaudiarabia.com/industry-mfg-market-research-reports-2695/saudi-arabia-commercial-vehicles-forecast-opportunities1.html

According to “Saudi Arabia Commercial Vehicles Market Forecast & Opportunities, 2021”, the market of commercial vehicles in Saudi Arabia is projected to grow at a CAGR of over 9% during 2016 –2021. Initiatives and subsidies provided by the Government of Saudi Arabia to promote the adoption of alternate fuels such as natural gas and electric...