Qatar CV Market to Increase 13 Percent Through 2020
Qatar, an oil-based economy, is one of the richest countries with GDP per capita being the highest in the world, according to researchers at Reportlinker. With a population of only about 2.17 million, out of which almost 80 percent comprises expatriates, Qatar has the highest human development index amongst the Arab countries. With considerable demand for commercial vehicles emanating from oil as well as non-oil sectors, the commercial vehicle sales in the country have been witnessing growth over the last five years.
The Government of Qatar is also increasing its focus on boosting the country's tourism industry, which is catapulting demand for commercial buses in the country. According to the Qatar National Vision-2030, the Government of Qatar is aiming at transforming Qatar into a leading urban settlement by 2030, which would result in continuing growth in construction activities in the country, thereby propelling demand for commercial vehicles over the next decade, according to the researchers.
According to "Qatar Commercial Vehicles Market Forecast & Opportunities, 2020," which was produced by Reportlinker, the market for commercial vehicles in Qatar is forecast to increase at a CAGR of over 13 percent during 2015-20. 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. This is expected to positively influence the sales of MHCVs as well as buses in coming years, according to Reportlinker.