Middle East demand for trucks to increase by 8.9%
KSA and UAE helped the Middle East record rapid growth from 2006
Demand for construction trucks in the Middle East will increase by 8.9% in the next four years.
Market analysts ICD predicts that global construction trucks consumption will also rise by 9.83%.
In its new report, Construction Trucks - Market Opportunities and Business Environment, Analyses and Forecasts to 2015, ICD reports that Saudi Arabia and the UAE provided a safe haven for the truck segment despite a decline in global demand of 2% in 2010.
Between 2006 and 2010 the Middle East market took a share of 5.5% of global volumes and, while the region remains the smallest in world terms, ICD forecasts that sale volumes will push global market share close to double digits leading up to 2015.
With Turkey still the sole producer of construction trucks in the region, Saudi Arabia and the UAE will remain completely dependent on imports to meet their growing domestic demands.
“This growth was largely due to increased transport infrastructure investment to improve transport links in Saudi Arabia and the UAE, and investment to make the Middle East a favorable business environment in order to attract increased foreign investment,” the report remarks.
“The combination of rapid economic growth and population growth is driving the need for infrastructure upgrades in the region and this is expected to drive the consumption value of construction trucks at a CAGR of 8.90% over the forecast period.”