Saudi Arabia Passenger Car Market is Driven by SUV Passenger Car Segment During the Forecast Period
Increasing demand towards
electric vehicles and increasing infrastructure activities drives the Saudi
Arabia Passenger Car Market through 2028.
According
to TechSci Research report, “Saudi Arabia Passenger
Car Market – By Region, Competition, Forecast and Opportunities, 2018-2028F,” Saudi
Arabia passenger car market is anticipated to increase in the coming years. Technology
development and the expansion of the automobile industry in Saudi Arabia are
essential for the development of the nation's economy. Furthermore, in order to
reach the target of producing 300,000 vehicles annually with 40% local content
by 2030, the National Industrial Development Center (NIDC) intends to entice
four-wheeler original equipment manufacturers to the Internal combustion engine
(ICE) and electric vehicle (EV) value chains. In addition to the
expanding Saudi vehicle sector, the National Industrial Development Centre
(NIDC) offers incentives to support industrialization through loans, tax
breaks, and tariff exemptions. Additionally, rise in demand for
electric vehicles is projected to fuel the market expansion in the
coming years.
Saudi Arabia constructing a number of infrastructure
projects, including infrastructure for electric vehicle charging, to increase
the penetration of passenger cars in the nation. Also, as infrastructure
construction operations rise, better roads can benefit the automotive business.
Also, it is projected that the demand for personal automobiles in the nation
would rise as a result of various road transportation infrastructure, which
will help the Saudi Arabian passenger car industry in the subsequent years.
Saudi Arabia anticipates internal combustion engine (ICE) vehicles to make up
the bulk of vehicles driven in the Kingdom for the next 15-20 years, according
to local industry analysts, despite worldwide trends and policies promoting
EVs. The most significant shareholder is Toyota, followed by Hyundai and KIA
motors.
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The COVID-19 pandemic and associated restrictive
measures, including travel ban and the suspension of Hajj and Umrah pilgrims,
had an impact on the automotive industry in 2020. Saudi Arabia's economy shrank
by 7% in the second quarter of 2020, a record-low decline brought on by the
COVID-19 pandemic. According to the General Directorate of Statistics in Saudi Arabia,
the gross domestic product (GDP) of the Kingdom of Saudi Arabia fell by 1.0% in
the first quarter of 2020, compared to the same period in 2019. Moreover, as
per factors mentioned above, the Saudi Arabia passenger car market will have
considerable growth in the upcoming years.
In 2022, Crown Prince Mohammed bin Salman established
Ceer, the country's first electric vehicle brand. Ceer is anticipated to go on
sale in 2025. The company anticipates 150 million USD in foreign direct
investment for Saudi Arabia's supply chain expansion for electric vehicles. In
April 2022, General Motors and Honda Motor Company to work together to develop
a range of electric vehicles that will go into commercial production by 2027.
Furthermore, a cooperative venture was formed in December 2022 between Sumou
Holding in Saudi Arabia and the Chinese new energy car company Enovate. As part
of this strategy, they jointly invest around USD 500 million in Saudi Arabia in
order to set up a base for manufacturing and R&D, with an expected annual
output of over 100,000 electric vehicles. As per above mention, it is expected
that Saudi Arabia passenger car market to grow at considerable CAGR.
Key market players in the Saudi Arabia
Passenger Car Market include:
- Toyota
Motors Corporation
- Hyundai
Motor Company
- Mazda
Saudi Arabia
- Nissan
Motor Co. Ltd
- General
Motors Co.
- Ford
Middle East
- Kia
Motors Corp
- Isuzu
Motors Saudi Arabia Co. Ltd.
- Volkswagen
AG
- Renault
Middle East
Saudi Arabia Passenger Car Market can be segmented
based on vehicle type, by propulsion, by transmission type, by price segment,
by region, and by company. On the basis of vehicle type, the market is
segmented into Sedan, SUV, MPV, and Hatchback.
Based on propulsion, the market is further segmented into Petrol,
Diesel, CNG, Hybrid, and Electric. Based on the Transmission Type, the market is
segmented into Automatic and Manual. Based on Price Segment, the market is
segmented into Ultra Budget, Budget, and Premium. Further, the market is also
divided into region-wise mainly north, west, south, and east.
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“Saudi Arabia Passenger Car Market is expected to boost the automobile
industry’s overall revenue by 2028. Along with the addition of electric
passenger cars in the market, it is further expected to increase in size. Based
on vehicle type, the SUV segment to grow at higher CAGR due to rising
adoptability of the segment.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Saudi
Arabia Passenger Car Market Segmented By Vehicle Type (Sedan, SUV, MPV,
Hatchback), By Propulsion (Petrol, Diesel, CNG, Hybrid, Electric), By
Transmission Type (Automatic, Manual), By Price Segment (Ultra Budget, Budget,
Premium), By Region (Northern & Central, Southern, Eastern, Western),
Competition Forecast & Opportunities, 2018- 2028F” has evaluated the future growth potential of Saudi
Arabia Passenger Car 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 the Saudi Arabia
Passenger Car Market.
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