Countries of the GCC are becoming increasingly attractive markets for the automobile industry, thanks to sustained eco-nomic growth rates and continued government-driven investment on transport and logistics infrastructure.
Dubai, Dubai, United Arab Emirates., March 16, 2014 - (PressReleasePoint) -
Countries of the GCC are becoming increasingly attractive markets for the automobile industry, thanks to sustained economic growth rates and continued government-driven investment on transport and logistics infrastructure.
According to analysts Frost & Sullivan, vehicle sales in the GCC countries are set on a high growth path. Sales of cars and pickups are estimated to record a CAGR of 5.9% in the period 2012-2017 to reach 1.66 million units. Trucks and buses sales are set to rise at 8.7% annually over the same period to reach 155 thousand units.*
Saudi Arabia and the UAE are the largest markets in the GCC in terms of vehicles on the road. According to Frost & Sullivan, the total number of registered cars and pickups in the GCC is expected to record a CAGR of 6.3% in 2012-2017 to total 16.36 million units in 2017. Over the same period the number of trucks and buses on the road is expected to reach 1.42 million in 2017 recording a CAGR of 6.9% in 2012-2017.
As more and more personal and commercial vehicles in the region and a large amount are re-exported to other countries, this increase will also positively impact the automotive aftermarket, driving up demand for auto components and services.
Automechanika Dubai 2014, the largest international trade and networking event for the automotive aftermarket serving the wider Middle East, will reflect this increasing interest in the region, with organiser Epoc Messe Frankfurt, expecting a record turnout from international exhibitors at this year’s edition . -ENDS-
* Frost & Sullivan Industry White Paper
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