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.
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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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