Middle East: Truck Market 2024

Truck Market Size in the Middle East

In 2022, the Middle Eastern truck market increased by X% to $X, rising for the second consecutive year after five years of decline. Overall, consumption, however, continues to indicate a noticeable downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Truck Production in the Middle East

In value terms, truck production contracted to $X in 2022 estimated in export price. In general, production, however, showed a slight descent. The pace of growth was the most pronounced in 2021 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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Truck Exports

Exports in the Middle East

In 2022, shipments abroad of trucks increased by X% to X units, rising for the second year in a row after three years of decline. Total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, truck exports soared to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

In 2022, Turkey (X units) represented the key exporter of trucks, creating X% of total exports. The United Arab Emirates (X units) ranks second in terms of the total exports with a X% share, followed by Kuwait (X%). The following exporters - Oman (X units) and Saudi Arabia (X units) - each reached a X% share of total exports.

Exports from Turkey increased at an average annual rate of X% from 2012 to 2022. At the same time, the United Arab Emirates (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of X% from 2012-2022. By contrast, Saudi Arabia (X%) and Oman (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.) and Kuwait (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (X p.p.), Oman (X p.p.) and Turkey (X p.p.) displayed negative dynamics.

In value terms, Turkey ($X) remains the largest truck supplier in the Middle East, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Kuwait, with a X% share.

In Turkey, truck exports increased at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Kuwait (X% per year).

Export Prices by Country

The export price in the Middle East stood at $X per unit in 2022, with a decrease of X% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the export price increased by X%. The level of export peaked at $X per unit in 2021, and then contracted in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per unit), while Oman ($X per unit) was amongst the lowest.

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

Truck Imports

Imports in the Middle East

In 2022, the amount of trucks imported in the Middle East skyrocketed to X units, picking up by X% compared with the previous year. Over the period under review, imports, however, recorded a perceptible decline. The volume of import peaked at X units in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, truck imports soared to $X in 2022. In general, imports, however, continue to indicate a pronounced contraction. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X units), Kuwait (X units), Saudi Arabia (X units), Turkey (X units), Iraq (X units), Israel (X units), Oman (X units), Yemen (X units) and Jordan (X units) was the major importer of trucks in the Middle East, constituting X% of total import.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest truck importing markets in the Middle East were the United Arab Emirates ($X), Kuwait ($X) and Turkey ($X), with a combined X% share of total imports.

Kuwait, with a CAGR of X%, recorded the highest growth rate of the value of imports, among 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

In 2022, the import price in the Middle East amounted to $X per unit, which is down by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2017 when the import price increased by X% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2021, and then dropped slightly 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 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 Jordan (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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