UAE Commercial Vehicle Market to Grow 7 Percent by 2021
Research and Markets has released its latest report “UAE Commercial Vehicles Market Forecast and Opportunities, 2021.” The report revealed the market for commercial vehicles in the United Arab Emirates (UAE) is forecast to grow at a compound annual growth rate of more than 7% during 2016-2021.
The report also showed that more than 70% of market revenues were generated by Dubai, Abu Dhabi, and Sharjah regions on the back of economic development and large scale construction activities.
The UAE commercial vehicle market is one of the largest commercial vehicle markets in the Arab States of the Gulf, according to the report. Demand for commercial vehicles in the country is most produced from construction, infrastructure, logistics, tourism, and public transport sectors.
As a result of slowdown in construction and logistics sectors, the demand for all the three variants of trucks — pickup and light-duty trucks, medium-duty trucks, and heavy-duty trucks declined in 2015, according to the researchers.
Anticipated stabilization in crude oil prices by 2017 will likely support the construction, infrastructure, and logistics industries of the country, according to the report.