Saudi Arabia Passenger Car Market to Grow at 6.25% CAGR By 2026 | Techsci Research
Continuously growing demand for passenger cars due to increasing
women riders, and rising per capita spending are driving the Saudi Arabia passenger
car market through 2026.
According
to TechSci Research report, “Saudi Arabia Passenger Car Market By Vehicle Type
(Hatchback, Sedan, MPV, Pickup & SUV), By Fuel Type (Petrol, Diesel &
Others), By Transmission Type (Manual Transmission & Automatic
Transmission), Competition Forecast & Opportunities, 2016-2026”, Saudi
Arabia passenger car market is estimated to reach USD16.70 billion 2026 in terms of value. Growth in the passenger car market
is driven by expanding road infrastructure and increasing per capita spending
of the people in the country. In 2017, the ban on women driving was uplifted in
the Kingdom of Saudi Arabia and since then there is an increase in women
drivers, hence the demand is expected to increase from this segment and is
susceptible to propel the market in the forecast period as well. The Saudi
Arabia passenger car market is majorly dominated by the sedan and SUV car
segment owing to better per capita earnings of the consumers in the country.
Browse more than 47 market data Figures and 2 data tables spread through 110 Pages and an in-depth TOC on "Saudi Arabia Passenger Car Market"
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Saudi
Arabia passenger car market can be segmented based on vehicle type, fuel type,
transmission type, engine capacity and country. In terms of vehicle type, the sedan
car segment accounts for the largest share but due to increasing traffic
congestion and shortage of parking space by daily commuters, this segment is anticipated
to lose market share. Whereas the SUV segment is expected to grow at an
impressive rate in the forecast period owing to the growing demand for cars
with higher engine capacity and off-roading capabilities. Based on fuel type
the market is majorly contributed by gasoline driven passenger cars due to
comparatively low gasoline prices and this trend is susceptible to withstand in
the forecast period as well. In the sedan car segment, cars with engine
capacity up to 2000cc are anticipated to hold majority shares, but due to
increasing demand for cars with higher engine capacities, cars with engine
capacity below 2000cc are anticipated to register a slothful growth. Companies
across the region are also introducing safer, technologically advanced, and
fuel-efficient passenger cars. Cars with automatic transmission account for the
majority share in the Saudi Arabia passenger car market on account of ease of
driving with stringent traffic rules across the region.
In
the year 2020, to prevent the spread of COVID-19, the government implemented
lockdown which impacted international trade as well as domestic sales.
According to TechSci Research’s estimates, the market suffered a decline of
13.88% in terms of volume. According to the Saudi Arabia’s General Authority of
Statistics, the imports declined by 11.9% in Q1 2020 as compared to Q1 2019 and
a further decline of 24.2% was witnessed in Q2 2020 as compared to Q2 2019.
This decline left a remarkable depreciation in the market, but the market is
currently reviving and is set to overcome the descent in 2021-2022 period owing
to the government’s stimulus for economic revival and unlocking international
trades and investments.
Toyota Motor Corporation, Nissan Motor Company, Ltd., Hyundai Motor
Company, Mitsubishi Motors Corporation, Kia Corporation, etc., are among some of the
leading players operating in the Saudi Arabia passenger car market. Apart from
these companies, other passenger car manufacturers are also increasing their
marketing activities and enriching product portfolio in the region to increase
their customer outreach. Major companies in the Saudi Arabia passenger car market
industry are also focusing on increasing their dealer and distributor network
to grab a larger share in the region’s passenger car market.
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“In 2020, sedan cars accounted for the largest share i.e., 56.00% in Saudi
Arabia passenger car market. The vehicle type is expected to maintain its
dominance over the next five years as well. However, hatchback cars are
observed to grow rapidly owing to an increase in the service sector and daily
commutation purposes. Increase in partnerships with local dealers and distributors
and expanding per capita income in the country is boosting demand for passenger
cars in Saudi Arabia.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based Indian management consulting firm.
“Saudi Arabia Passenger Car Market By Vehicle Type
(Hatchback, Sedan, MPV, Pickup & SUV), By Fuel Type (Petrol, Diesel &
Others), By Transmission Type (Manual Transmission & Automatic
Transmission), Competition Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of Saudi
Arabia passenger car market and provides statistics and information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Saudi Arabia passenger
car market.
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