Kingdom forecast to see recovery in demand for commercial vehicles

SourceArab News
SectorTransport
CountryGulf

RIYADH: The Kingdom's ongoing giga-projects, along with the Vision 2030 goal of moving away from an oil-based economy, has spurred increased demand for commercial vehicles, according to the latest data. A report from TechSci Research, an Indian management consultancy firm, said that demand for commercial vehicles in Saudi Arabia was anticipated to grow by 2. 75 percent per year until 2026. Commercial vehicles are defined as those used for transporting goods or more than eight passengers, including the driver.

These types of vehicles can be further classified into light commercial vehicles, trucks, and buses. While they are mostly used for oil transportation and other logistical purposes in the Kingdom, there is increased demand among growing sectors, such as construction and mining. The Saudi government is taking initiatives to empower the service and construction sectors, together with investments toward strengthening the tourism and construction sectors. With over 5, 300 active construction projects in Saudi Arabia, such as Amaala with a...read more...