Saudi Arabia OTR Vehicle Market
Saudi Arabia OTR Vehicle Market to Expand at Steady 6.7% CAGR during 2022–2028
Published | 09 November 2022
Saudi Arabia OTR (off-the-road) vehicle market is flourishing because of high adoption of off-highway vehicles, surging demand for durable and compact equipment, and an increasing popularity of e-commerce platforms.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Saudi Arabia OTR (off-the-road) Vehicle Market size to grow at a steady CAGR of 6.7% during the forecast period between 2022 and 2028. The expansion of Saudi Arabia OTR vehicle market is driven by growing e-commerce platforms, rising demand for compact and efficient equipment, and increased emphasis on off-road sports. Furthermore, rising off-highway vehicle application due to lower maintenance and insurance costs, as well as better fuel efficiency, is expected to drive the demand for OTR vehicles in Saudi Arabia. Its utilization in various industries, such as construction, agriculture, and mining, as well as in exploration operations in areas without paved roads, all contribute to market growth. Finally, the expansion of the automotive sector, combined with rising demand for off-road and difficult terrain vehicles, is expected to boost market growth during the period in analysis. However, expensive research and development activities along with alternative cost-effective tires availability from unorganized markets, is anticipated to limit the growth of Saudi Arabia OTR vehicle market.
Saudi Arabia OTR Vehicle Market - Overview
Rising demand for agricultural tractors and construction and mining equipment as Saudi Arabia invests more in the development of its infrastructure. The heavy use of machines has boosted the need for OTR vehicles, which is expected to increase the demand for them. Similarly, the increase in government funds on several agricultural equipment and tools, resulting in increased popularity for OTR vehicles around the country, is another driver expected to thrive in the development of the OTR vehicle market. Furthermore, the popularity of off-road vehicles in Saudi Arabia, as well as the expansion of development activities globally, are expected to aid the growth of the OTR vehicle market in Saudi Arabia during the period in analysis.
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Saudi Arabia OTR Vehicle Market – By Application
Based on application, Saudi Arabia OTR vehicle market has Construction & Mining, Agriculture, and Industrial segments. The construction and mining segment is expected to dominate the market, due to the country's numerous ongoing building and infrastructure development projects. The government is transforming the country and has a variety of construction initiatives, including the Riyadh Metro, the Ministry of Housing's Sakani program, Neom, the Red Sea Project, Qiddiya entertainment city, Makkah Grand Mosque - Third Expansion, Jeddah Tower, Amaala, and Jean Nouvel's. Furthermore, the key players in the OTR vehicle industry are focused to enhance integrated technologies to meet the changing requirements of their customers, particularly those in the mining industry.
Impact of COVID-19 on Saudi Arabia OTR Vehicle Market
COVID-19 adversely affected Saudi Arabia OTR (off-the-road) vehicle market. Construction had come to a halt in the initial half of 2020 due to the pandemic and resultant lockdowns. Industry closure, reverse labor migration in the Middle East, and inadequate logistics support for construction equipment made a significant negative impact on the entire construction industry in Saudi Arabia. Furthermore, volatile crude oil prices and supply during the same period restricted the construction activities in several Middle Eastern and African economies, adversely affecting the new orders for OTR vehicles in Saudi Arabia. This, in turn, hampered the growth of Saudi Arabia OTR vehicle market.
Saudi Arabia OTR Vehicle Market is fiercely competitive. Major companies in the market include Caterpillar Inc., Epiroc Middle East FZE, Sany Heavy Industry Co., Ltd., Abdul Latif Jameel IPR Company Limited, Hyundai Construction Equipment Co., Hitachi Ltd., Komatsu Ltd., Volvo Construction Equipment Corporation, Manitowoc Company Inc., and Liebherr. To further enhance their market share, these players are primarily focused on the development of innovative and efficient products, new product releases, market initiatives, mergers and acquisitions, and other collaborative activities.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Saudi Arabia OTR Vehicle Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia OTR Vehicle Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Saudi Arabia OTR Vehicle Market, By Tire Type (Radial, Bias, Solid), By Application (Construction & Mining, Agriculture, Industrial), By Rim Size (<25”, 29-41”, 51-63”), By Sales Channel (OEM, Aftermarket), Trend Analysis, Competitive Landscape & Forecast, 2022–2028
Publish Date: November 2022
Increasing popularity of e-commerce platforms, high adoption of off-highway vehicle, and surging demand for durable and compact equipment are expected to propel the expansion of Saudi Arabia OTR Vehicle Market at a steady growth rate during forecast period 2022 and 2028.
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