MENA: Truck Market 2023

Truck Market Size in MENA

The MENA's truck market dropped slightly to $X in 2022, with a decrease of -2.8% against the previous year. In general, consumption continues to indicate a deep reduction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Truck Production in MENA

In value terms, truck production dropped to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 257%. The level of production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Truck Exports

Exports in MENA

In 2022, the amount of trucks exported in MENA declined to X units, falling by -5.3% on 2021. The total export volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 25% against the previous year. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, truck exports reduced to $X in 2022. The total export value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 28% against the previous year. As a result, the exports reached the peak of $X, and then dropped in the following year.

Exports by Country

Turkey dominates exports structure, reaching X units, which was near 85% of total exports in 2022. It was distantly followed by Oman (X units), comprising a 4.8% share of total exports. The following exporters - Kuwait (X units), Saudi Arabia (X units) and the United Arab Emirates (X units) - together made up 8.8% of total exports.

Turkey was also the fastest-growing in terms of the trucks exports, with a CAGR of +4.1% from 2012 to 2022. At the same time, Kuwait (+4.0%) displayed positive paces of growth. By contrast, Oman (-1.4%), Saudi Arabia (-1.5%) and the United Arab Emirates (-5.6%) illustrated a downward trend over the same period. While the share of Turkey (+8.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (-1.6 p.p.), Oman (-2.6 p.p.) and the United Arab Emirates (-3.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest truck supplier in MENA, comprising 87% of total exports. The second position in the ranking was taken by Oman ($X), with a 4.1% share of total exports. It was followed by Kuwait, with a 3.5% share.

In Turkey, truck exports increased at an average annual rate of +3.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (-3.3% per year) and Kuwait (+3.4% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per unit, falling by -6.1% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 7.4% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2021, and then fell in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Turkey ($X per unit) and Kuwait ($X per unit), while the United Arab Emirates ($X per unit) and Saudi Arabia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (-0.4%), while the other leaders experienced a decline in the export price figures.

Truck Imports

Imports in MENA

Truck imports contracted to X units in 2022, waning by -6.9% compared with 2021. Overall, imports recorded a abrupt descent. The most prominent rate of growth was recorded in 2021 when imports increased by 24% against the previous year. Over the period under review, imports attained the peak figure at X units in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, truck imports fell to $X in 2022. In general, imports continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2021 when imports increased by 30%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The countries with the highest levels of truck imports in 2022 were Saudi Arabia (X units), the United Arab Emirates (X units), Turkey (X units), Iraq (X units), Israel (X units), Algeria (X units), Oman (X units), Yemen (X units), Morocco (X units), Kuwait (X units), Libya (X units) and Jordan (X units), together amounting to 89% of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Yemen (with a CAGR of +10.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Turkey ($X) and Israel ($X) were the countries with the highest levels of imports in 2022, together accounting for 42% of total imports. These countries were followed by Saudi Arabia, Iraq, Algeria, Morocco, Oman, Kuwait, Jordan, Libya and Yemen, which together accounted for a further 45%.

Jordan, with a CAGR of +7.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in MENA stood at $X per unit in 2022, remaining relatively unchanged against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2017 when the import price increased by 13% against the previous year. The level of import peaked at $X per unit in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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 Israel ($X per unit), while Yemen ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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