GCC: Truck Market 2023

Truck Exports

Exports in GCC

In 2022, after two years of growth, there was significant decline in overseas shipments of trucks, when their volume decreased by -13.4% to X units. Overall, exports recorded a slight slump. The pace of growth was the most pronounced in 2020 when exports increased by 95%. The volume of export peaked at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, truck exports dropped modestly to $X in 2022. In general, exports recorded a pronounced setback. The most prominent rate of growth was recorded in 2020 when exports increased by 80% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Oman (X units), Kuwait (X units), Saudi Arabia (X units) and the United Arab Emirates (X units) represented roughly 96% of total exports in 2022. Bahrain (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +4.0%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Oman ($X), Kuwait ($X) and Saudi Arabia ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 80% of total exports.

In terms of the main exporting countries, Kuwait, with a CAGR of +3.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, surging by 11% against the previous year. Overall, the export price, however, recorded a slight shrinkage. The growth pace was the most rapid in 2019 an increase of 22% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Bahrain ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+2.5%), while the other leaders experienced a decline in the export price figures.

Truck Imports

Imports in GCC

In 2022, the amount of trucks imported in GCC reduced to X units, with a decrease of -6.7% compared with the previous year. Overall, imports saw a abrupt decrease. The most prominent rate of growth was recorded in 2019 with an increase of 20%. The volume of import peaked at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, truck imports declined to $X in 2022. In general, imports continue to indicate a abrupt shrinkage. The growth pace was the most rapid in 2021 with an increase of 26% against the previous year. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Saudi Arabia (X units) and the United Arab Emirates (X units) were the key importers of trucks in 2022, recording near 37% and 32% of total imports, respectively. It was distantly followed by Oman (X units) and Kuwait (X units), together making up a 24% share of total imports. Qatar (X units) and Bahrain (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Kuwait (with a CAGR of -4.9%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest truck importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X), with a combined 81% share of total imports. These countries were followed by Kuwait, Qatar and Bahrain, which together accounted for a further 19%.

In terms of the main importing countries, Kuwait, with a CAGR of -4.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, which is down by -3.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2017 an increase of 24% against the previous year. The level of import peaked at $X per unit in 2021, and then dropped in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Bahrain ($X per unit), while Saudi Arabia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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