Saudi Arabia Passenger Car Market to Surpass $ 29 Billion by 2022
Growing CKD assembly, removal of ban on female driving, rise
in per capita income and strengthening of road infrastructure to propel Saudi
Arabia passenger car market through 2022
According
to TechSci Research report, “Saudi
Arabia Passenger Car Market By Vehicle Type, By Fuel Type, By Transmission Type,
Competition Forecast & Opportunities, 2012-2022”, Saudi Arabia passenger car market is anticipated
to cross $ 29 billion by 2022. Anticipated growth in Saudi Arabia passenger car
market over the next five years is majorly backed by rising disposable income
levels and removal of ban on women driving. Moreover, factors like economic
diversification from oil based economy to non-oil based economy, rapidly
developing road infrastructure and expanding numbers of CKD plants are expected
to positively influence demand for passenger cars in Saudi Arabia until 2022.
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On the basis
of vehicle type, Saudi Arabia passenger car market is segmented into four
types, namely, Sedan, SUV, Pickup, Hatchback and MPV. Sedan cars dominated Saudi
Arabia passenger car market in 2016, with the market share of over 45%, and the
segment is expected to continue its dominance during the forecast period as
well. The leading position of Sedans segment is backed by the wide range of
products in this segment, besides being comparatively more spacious and easy to
maintain. SUVs segment held the second largest market share in 2016, primarily
on account of SUVs offering powerful engine, higher passenger capacity and suitability
for off-road driving.
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“Owing
to the increasing financing option and rapid growth in road infrastructure,
Saudi Arabia passenger car market is anticipated to witness growth in the
ensuing years. Moreover, growing per capita income and wide range of product
offerings by leading players would further propel the country’s passenger car market
in the coming years. Additionally, increasing focus on economic diversification
by Saudi government is likely to positively influence the passenger car market
in the country during the forecast period.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Saudi
Arabia Passenger Car Market By Vehicle Type, By Fuel Type, By Transmission Type,
Competition Forecast & Opportunities, 2012-2022” has evaluated the future growth
potential of passenger car market in Saudi Arabia, and provides statistics and
information on market sizes, shares and trends. The report will suffice in
providing the intending clients with cutting-edge market intelligence and help
them in taking sound investment decisions. Besides, the report also identifies
and analyzes emerging trends along with essential drivers and key challenges
faced by Saudi Arabia passenger car market.About TechSci Research
TechSci Research is a leading global
market research firm publishing passenger car research reports. Serving 700
global clients with more than 600 passenger car research studies, TechSci
Research is serving clients across 11 different industrial verticals. TechSci
Research specializes in research based consulting assignments in high growth
and emerging markets, leading technologies and niche applications. Our
workforce of more than 100 fulltime Analysts and Consultants employing
innovative research solutions and tracking global and country specific high
growth markets helps TechSci clients to lead rather than follow market trends.
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