GCC Passenger Car Market to Grow at 6.68% CAGR By 2026
Continuously growing demand for passenger cars due to expanding
road infrastructure, increasing service sector and rising disposable income is
going to drive the GCC passenger car market through 2026.
According
to TechSci Research report, “GCC Passenger Car Market By Vehicle Type (Hatchback,
Sedan, MPV, and SUV), By Fuel Type (Petrol/Gasoline, Diesel and Others), By
Transmission Type (Automatic Transmission and Manual Transmission), By End User
(Individual Owners and Fleet Owners), By Country, Competition, Forecast &
Opportunities, 2026”, GCC passenger
car market was valued USD 26.23 Billion in 2020 and is projected to grow at
CAGR of 8.73% in the next five years to reach USD 46.12 Billion until 2026.
Growing disposable income, expanding road infrastructure coupled with lower
cost of the fuel are the primary factors for the growth of the passenger car
market in GCC.
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 and hence the
demand is witnessed to increase from this segment and is susceptible to propel
the market in the forecast period as well. The GCC passenger car market is
majorly dominated by the United Arab Emirates and the Kingdom of Saudi Arabia
owing to better per capita earnings of the consumers in the region.
Browse more than 44 market data Figures spread through 80 Pages and an in-depth TOC on GCC Passenger Car Market"
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Gulf
Cooperation Council (GCC) is a political and economic union of Arab states
bordering the Gulf. It was established in 1981 and its six members are the
United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. Almost
every economy in GCC is majorly dependent on oil & petroleum product
trades, but this trend has been rapidly changing as the government is taking
initiatives to help non-oil sectors like services, construction, tourism and
others grow, this changing landscape is predicted to positively influence the
passenger car market of the country. GCC passenger car market can be segmented
based on vehicle type, fuel type, transmission type, end user and country. In
terms of vehicle type, the sedan car segment accounts for the largest share but
due to an increase in the service sector, demand for personal transportation is
increasing and hence giving rise to the hatchback car segment. Off-roading events
are getting popularity among people and hence the demand for vehicles with
higher engine capacity is growing in the gulf countries, which is expected to
drive the sports utility segment at an impressive rate in the forecast period. Based
on fuel type the market is segmented across petrol, diesel and other
alternative fuels or electrically powered vehicles. The prices of gasoline or
petrol are very low as compared to other fuels and therefore ownership and
running costs of petrol driven vehicles are comparatively less. Hence, among
these, petrol or gasoline powered vehicles are more popular among people
belonging to GCC and this trend is susceptible to endure in the forecast
period. On the basis of passenger car sales by end user, individual owners are
much more contributing as compared to fleet owners currently. However, the past
few years have witnessed a substantial increase in the usage of taxi services
like Uber and Careem, moreover police & government are also increasing
their workforce and hence contributing to region’s passenger car sales. Therefore,
the trend of passenger car sales by end user is witnessed to be increasing in
case of contribution by fleet owners, which is susceptible to be observed in
the upcoming years as well. Companies across the region are also introducing safer,
technologically advanced, and fuel-efficient passenger cars. Cars with
automatic transmission account for the majority of share in the GCC passenger car
market on account of ease of driving with stringent traffic rules across the region.
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 GCC passenger car market. Apart from these
companies, other passenger car manufacturers are also increasing their brand
awareness, price schemes and elevating product portfolio in the region to
increase their customer base. Major companies in the GCC 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, the Kingdom of Saudi Arabia accounted for the largest share
i.e., 54.27% in the GCC passenger car market. The country is expected to
maintain its dominance over the next five years as well, but the United Arab
Emirates is giving neck to neck competition. Increase in partnerships with
local dealers and distributors and expanding per capita income in the region is
boosting demand for passenger cars in the United Arab Emirates.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“GCC Passenger Car Market By Vehicle Type
(Hatchback, Sedan, MPV, and SUV), By Fuel Type (Petrol/Gasoline, Diesel and
Others), By Transmission Type (Automatic Transmission and Manual Transmission),
By End User (Individual Owners and Fleet Owners), By Country, Competition,
Forecast & Opportunities, 2026” has evaluated the future growth potential of the GCC 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 the GCC passenger car
market.
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