Saudi Arabia Off-Highway Trucks Market (2024-2030) | Size, Revenue, Analysis, COVID-19 IMPACT, Share, Industry, Value, Trends, Forecast, Growth, Companies & Outlook

Saudi Arabia Off-Highway Truck Market Highlights

Report Name	Saudi Arabia Off-Highway Truck Market
Forecast period	2024-2030
CAGR	5%
Growing Sector	Construction

Topics Covered in the Saudi Arabia Off-Highway Truck Market Report

The Saudi Arabia Off-Highway Truck Market report thoroughly covers the market by Product Types and End-User Applications. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Saudi Arabia Off-Highway Truck Market Synopsis

The Saudi Arabia Off-Highway Truck Market has shown growth in the past years and will continue to grow in the coming years. This growth is attributed to the growth in industries such as construction and mining, the government's focus on infrastructural development, and efficiency of these trucks to work on rough terrain.

According to 6Wresearch, the Saudi Arabia Off-Highway Truck Market size is expected to grow at a significant CAGR of 5% during 2024-2030. One of the major drivers of the off-highway truck market in Saudi Arabia is the growth in the construction and mining industries. The government's focus on developing infrastructure, such as roads, bridges, airports, and ports, has led to a high demand for off-highway trucks for hauling materials at construction sites. Additionally, with the strong presence of mineral resources, the mining sector is growing in the country. Moreover, Off-highway trucks are designed to operate in tough conditions and carry heavy loads, making them highly efficient and productive machines. With the increase in prices of fuel, the demand for these trucks has risen.

The volatility of oil prices affects the economy of Saudi Arabia. This impacts their investments in infrastructure projects and acts as a challenge for the market. The high costs of these trucks and the limited availability of skilled labour are another challenge for the market.

Saudi Arabia Off-Highway Truck Industry: Leading Players

The major players operating in the Saudi Arabian off-highway truck market include Caterpillar Inc., Komatsu Ltd., Volvo Construction Equipment, Hitachi Construction Machinery Co., Ltd., Liebherr Group, Sany Group Co. Ltd., Deere & Company, Doosan Infracore Co. Ltd., Terex Corporation, and XCMG Group.

Saudi Arabia Off-Highway Truck Market: Government Regulations

One initiative is the 2030 Vision Plan, which aims to reduce dependence on oil revenues and promote non-oil industries. As a result, investments have been made in infrastructure projects, creating the demand for off-highway trucks. Moreover, the government has also launched initiatives such as the National Industrial Development and Logistics Program (NIDLP) and the Made in Saudi program to boost local manufacturing and increase domestic production. In addition, the government has also invested in research and development initiatives to improve the quality, efficiency, and safety of off-highway trucks. Furthermore, Saudi Arabia is also focusing on increasing its mining activities, particularly in non-oil sectors such as gold and phosphate.

Future Insights of the Market

The off-highway truck market in Saudi Arabia is expected to have growth in the future.. The growing construction and mining industries, along with government initiatives promoting sustainability and local manufacturing, are expected to drive the demand for off-highway trucks in the country. In addition, advancements in technology such as autonomous driving and electric-powered trucks are also likely to shape the future of this market. These innovations offer increased efficiency, safety, and reduced emissions, making them attractive options for customers.

Market Segmentation by Product Types

According to Ravi Bhandari, Research Head, 6Wresearch, the rigid frame segment has shown a significantly higher growth rate in the market. This can be attributed to the increasing use of these trucks in heavy-duty mining operations.

Market Segmentation by End-User Applications

On the basis of end-user applications, the construction segment is witnessing rapid growth due to the ongoing infrastructure development projects, there is a high demand for off-highway trucks in the construction sector.

Key Attractiveness of the Report

• 10 Years of Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Saudi Arabia Off-highway trucks Market Overview
• Saudi Arabia Off-highway trucks Market Outlook
• Saudi Arabia Off-highway trucks Market Forecast
• Saudi Arabia Off-highway trucks Market Size
• Historical Data of Saudi Arabia Off-highway trucks Market Revenues, for the Period 2020-2030
• Saudi Arabia Off-highway trucks Market Forecast of Revenues, Until 2030
• Historical Data of Saudi Arabia Off-highway trucks Market Revenues, by Product Types, for the Period 2020-2030
• Market Size & Forecast of Saudi Arabia Off-highway trucks Market Revenues, by Product Types, until 2030
• Historical Data of Saudi Arabia Off-highway trucks Market Revenues, by End-User Applications, for the Period 2020-2030
• Market Size & Forecast of Saudi Arabia Off-highway trucks Market Revenues, by End-User Applications, until 2030
• Market Drivers and Restraints
• Saudi Arabia Off-highway trucks Market Trends
• Market Opportunity Assessment
• Saudi Arabia Off-highway trucks Market Share, By Players
• Saudi Arabia Off-highway trucks Market Share, By Regions
• Saudi Arabia Off-highway trucks Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Markets Covered

Saudi Arabia Off-highway trucks Market report provides a detailed analysis of the following market segments:

By Product Types

• Rigid Frame
• Articulating Frame

By End-User Applications

• Mining
• Construction
• Others