Qatar Commercial Vehicle Market to Grow 13 Percent by 2020
The commercial vehicle market in Qatar is forecast to grow at a CAGR of more than 13 percent from 2015 to 2020, according to a recently released TechSci Research report, "Qatar Commercial Vehicles Market Forecast & Opportunities, 2020."
Predominant reasons for this brisk growth are increasing construction activities coupled with increasing number of expatriates and growing tourism in the country. Light commercial vehicle segment is the most dominant segment amongst all the commercial vehicle segments in Qatar, followed by medium-heavy commercial vehicles and buses.
The rising number of development projects coupled with growing building and construction activities is anticipated to drive the demand for medium and heavy commercial vehicles over the next few years. Moreover, hosting of FIFA World Cup-2022 by Qatar is also expected to fuel the need for sustainable infrastructure for accommodating large number of incoming tourists and sports enthusiasts in the country, according to researchers.
Toyota is the leading commercial vehicle seller in the country with majority of its sales comprising light commercial vehicles. Other prominent commercial vehicle manufacturers include Nissan, Mitsubishi Fuso Truck & Bus Corporation, Mercedes Benz, MAN and Hyundai. Doha, the capital of the country as well as economic, commercial and cultural center of Qatar, accounts for the highest share of commercial vehicle sales in the country.
"Light commercial vehicle segment is forecast to continue its dominance in the market in the coming years. However, the sales of medium-heavy commercial vehicles are anticipated to exhibit the highest growth rate amongst all the segments of commercial vehicles," said Karan Chechi, Research Director with TechSci Research.