Growing fleet size of four wheelers across the country and increasing penetration of electric vehicles to drive the Saudi Arabia four wheeler battery market through 2027.
According to TechSci Research report, “Saudi Arabia Four Wheeler Battery Market By Region, Competition Forecast & Opportunities, 2027”, the Saudi Arabia four wheeler battery market is expected to grow with a CAGR of 10.72% in the forecast period to reach a value of USD723.37 million by 2027. Ongoing advancements and the introduction of advanced attractive features in the automobiles such as automatic emergency braking using batteries as a power source are expected to accelerate the market growth.
The high sales of used cars in the country due to the imposition of high import duties on vehicles are expected to influence the market growth as they need to replace batteries in cars frequently. With increased internet penetration and the proliferation of connected devices, the market for ridesharing and taxing services is expected to grow at a significant rate. The automobiles used in these services make the use of batteries to start the vehicle. The high demand for ride-sharing services is expected to hold massive growth potential for the Saudi Arabia four wheeler battery market.
However, the lack of manufacturing plants in the country and high dependence on the import of batteries may restrain the growth of Saudi Arabia’s four wheeler battery market in the forecast period.
Browse over 26 market data Figures and 3 market Tables spread through 85 Pages and an in-depth TOC on “Saudi Arabia Four Wheeler Battery Market”
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The Saudi Arabia four wheeler battery market is segmented based on type, vehicle type, battery type, battery capacity, region, and company.
On the basis of vehicle type, the market is segmented into passenger cars and light commercial vehicles. Passenger cars are holding the largest market share with a market share of 73.39% in 2021 and are expected to maintain their dominance throughout the forecast period. An increase in demand for luxury cars for recreational activities and the launch of cars having higher performance, fuel capacity, and innovative features are driving the sales of passenger cars in the country.
Based on the battery type, the market is further segmented into lead acid, lithium ion, others. Lead-acid battery type led the market in 2020 with a market share of 89.49% and is expected to remain the largest segment in the forecast period. Most of the starter batteries in automobiles are lead-acid batteries. They are easily rechargeable, affordable, produce a high output, and take less time to recharge.
Based on the battery capacity, the market is segmented into Less than 50 Ah, 51-75 Ah, above 75 Ah. Above 75 Ah is expected to dominate the market in the forecast period due to the large number of automobiles having a battery capacity in this range.
On the basis of regional analysis, the Central region holds the largest market share with a market share of 36% in 2020. The central region encompasses cities like Riyadh, Jeddah, Makkah, and Medina, attracting large crowds every year. Rapid urbanization and the growing disposable income of consumers are enabling them to afford four wheeler vehicles.
Major market players operating in Saudi Arabia four wheeler battery market are:
- Middle East Battery Company
- Exide Industries Ltd
- Hankook & Company Co., Ltd.
- PT. Nipress, Tbk
- Varta AG Group
- CSB Energy Technology Co., Ltd.
- Leoch International Technology Limited Inc
- GS Yuasa International Ltd.
- Robert Bosch Gmbh
- Amara Raja Batteries Limited
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“Stringent emission norms and growing environmental concerns drive the demand for electric vehicles in the country. Electric vehicles require low maintenance, are affordable, and are more efficient than ICE-based automobiles. Supportive government policies allowing promoting electric vehicles among consumers, such as having 30% on-road electric vehicles by 2030 in Riyadh, is expected to fuel the sales of electric cars in the country. The advent of advanced lithium-ion batteries to be used in electric cars and high-end investments in R&D activities to boost the battery capacity are expected to propel the Saudi Arabia four wheeler battery market growth till 2027.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Four Wheeler Battery Market By Type (Starter Battery, EV Battery), By Vehicle Type (Passenger Car, LCV), By Battery Type (Lead Acid, Lithium Ion, Others), By Battery Capacity (Less than 50 Ah, 51-75 Ah, Above 75 Ah) By Region, Forecast & Competition, Opportunities, 2017- 2027”, has evaluated the future growth potential of Saudi Arabia four wheeler battery market and provides statistics & 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 four wheeler battery market.
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