Report Description

Saudi Arabia Passenger Car Market is driven by expanding road infrastructure and increasing per capita spending of the people in the region.

 

Saudi Arabia Tire Market Overview

The growth of the automotive sector and the advancement of technology in Saudi Arabia are crucial for the economic growth of the country. The economical availability, supply chain, and transportation of vehicles are only a few of the variables that affect the Saudi Arabian vehicle sector. Since more people choose vehicles for personal travel, the passenger car industry is dominating the automobile market. Additionally, it is anticipated that future market expansion would be fueled by emerging trends like the electrification of vehicles, especially compact passenger automobiles. In order to keep up with the rising demand, some automakers have begun making large investments in the passenger car segment of the market.

The COVID-19 disruption, which had a disastrous effect on domestic sales, is slowing down Saudi Arabia's auto sector. Saudi Arabia's automotive sector is heavily reliant on imports from other places, resulting in slower growth. The Saudi Arabian automobile sector has faced challenges, yet it is currently starting to recover fully and reach its pre-pandemic sales volume levels. Additionally, with the inclusion of electric vehicles, the passenger car industry has already begun to grow in FY2022, which is expected to further increase domestic demand.

 

Saudi Arabia Tire Market Driver

Increasing Infrastructure Development

In order to boost the penetration of passenger cars in the country, Saudi Arabia is building a number of infrastructure projects, including infrastructure for electric vehicle charging. Also, the development of better roads can help the automobile industry as infrastructure building activities increase. Also, the Saudi Arabian government's efforts to grow the domestic auto sector and its support of foreign automakers to expand their operations in the nation, will enhance the penetration of the vehicle and component market in the country. Moreover, the country's demand for personal vehicles is anticipated to increase due to different road infrastructure improvements, which will support the Saudi Arabian passenger car industry in the following years.

 


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Saudi Arabia Tire Market
Challenge

Collateral Damage from Decreased Economic Growth

 

Furthermore, Saudi Arabia is currently experiencing an economic and public health crisis as a result of the COVID-19 outbreak. The Kingdom of Saudi Arabia's gross domestic product (GDP), as reported by the General Administration of Statistics in Saudi Arabia, decreased by 1.0% in the first quarter of 2020, compared to the first quarter of 2019. Additionally, the GDP fell 7.0% in Q2 2020, compared to the same quarter in 2019. According to Saudi Arabia's General Directorate of Statistics, the nation's overall exports in the first quarter of 2020 was USD57.61 billion (SAR 216.1 billion), which was a decrease of 21.9% from Q1 2019.

 

Saudi Arabia Tire Market Trends

Advancement in Technology

Technology advancements are gradually increasing the demand for passenger automobiles in the Saudi Arabian passenger car market. Also, with the development of new technologies, automakers are providing consumers with greater features and specs, such as hybrid and electric technology. The development of electric and hybrid vehicles includes consideration for the environment, as well as designs and technologies that are future proof. Also, the popularity of these eco-friendly vehicles is predicted to increase the demand for passenger cars, fueling the expansion of the Saudi Arabian passenger car industry.

Recent Development

  • Toyota Motor Corporation began working with Fukushima Prefecture in June 2021 to construct new future cities using hydrogen-related technology on March 9, 2023.
  • The Hyundai Motor Group has created an autonomous charging robot (ACR) for electric vehicles as part of its development of electric vehicles, which will be released in March 2023. (EV).
  • The first electric vehicle brand in Saudi Arabia, Ceer, was introduced in 2022 by Crown Prince Mohammed bin Salman. Ceer is expected to be on sale in 2025. The company is expecting approximately 150 million USD in foreign direct investment for the development of electric vehicle supply chain in Saudi Arabia.
  • General Motors and Honda Motor Corporation collaborated in April 2022 to create a line of electric vehicles for mass production, beginning in 2027.

Market Segmentation

The Saudi Arabia Passenger Car Market is segmented based on, by 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 the propulsion, it 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 divided into Ultra Budget, Budget, and Premium. Furthermore, the market is also divided into region-wise mainly north, west, south, and east.

Company Insights

Hyundai Motor Corporation completed full EPA testing of the Hyundai IONIQ 6 in 2023, with the SE Long Range RWD variant receiving an EPA-estimated range of 361 miles. In 2023, the Hyundai motor company won an excellent design award for its SEVEN and Trailer Drone designs.

In December 2022, Enovate, a Chinese new energy vehicle manufacturer, established a collaborative partnership with Saudi Arabia's Sumou Holding. Together, they make an estimated USD 500 million investment in Saudi Arabia as part of this initiative to establish a base for manufacturing and R&D with a projected annual output of roughly 100,000 electric vehicles.

A brand-new Ford Territory with cutting-edge technology features will be formally unveiled by Ford Middle East in Saudi Arabia in 2022. This facility will provide a highly innovative and forward-thinking consumer experience in MEA.

Company Profiles

Some of the major players which are leading in Saudi Arabia Passenger Car Market are 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.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million and Volume in Units and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Vehicle Type

Propulsion

Transmission Type

Price Segment

Region

Key Companies Profiled

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

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

Report Scope:

In this report, Saudi Arabia Passenger Car Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • Saudi Arabia Passenger Car Market, By Vehicle Type:
    • Sedan
    • SUV
    • MPV
    • Hatchback
  • Saudi Arabia Passenger Car Market, By Propulsion:
    • Petrol
    • Diesel
    • CNG
    • Hybrid
    • Electric
  • Saudi Arabia Passenger Car Market, By Transmission Type:
    • Automatic
    • Manual
  • Saudi Arabia Passenger Car Market, By Price Segment:
    • Ultra Budget
    • Budget
    • Premium
  • Saudi Arabia Passenger Car Market, By Region:
    • Northern & Central
    • Southern
    • Eastern
    • Western

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Saudi Arabia Passenger Car Market

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Saudi Arabia Passenger Car Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on Saudi Arabia Passenger Car Market

4.1.  Key Segments Impacted

4.2.  Key Regions Impacted

5.    Voice of Customer

5.1.   Factors Influencing Purchase Decision

5.2.   Brand Awareness

5.3.   Brand Satisfaction Level

5.4.   Challenges and Unmet Needs

6.    Saudi Arabia Passenger Car Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value

6.1.2.     By Volume

6.2.  Market Share & Forecast

6.2.1.     By Vehicle Type Market Share Analysis (Sedan, SUV, MPV, Hatchback)

6.2.2.     By Propulsion Market Share Analysis (Petrol, Diesel, CNG, Hybrid, Electric)

6.2.3.     By Transmission Type Market Share Analysis (Automatic, Manual)

6.2.4.     By Price Segment Market Share Analysis (Ultra Budget, Budget, Premium)

6.2.5.     By Regional Market Share Analysis

6.2.5.1.         Northern & Central Region Market Share Analysis

6.2.5.2.         Western Region Market Share Analysis

6.2.5.3.         Eastern Region Market Share Analysis

6.2.5.4.         Southern Region Market Share Analysis

6.2.6.     By Company Market Share Analysis (By Value, 2022)

6.3.  Saudi Arabia Passenger Car Market Mapping & Opportunity Assessment

6.3.1.     By Vehicle Type Market Mapping & Opportunity Assessment

6.3.2.     By Propulsion Market Mapping & Opportunity Assessment

6.3.3.     By Transmission Type Market Mapping & Opportunity Assessment

6.3.4.     By Price Segment Market Mapping & Opportunity Assessment

6.3.5.     By Regional Market Mapping & Opportunity Assessment

7.    Saudi Arabia Sedan Car Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value

7.1.2.     By Volume

7.2.  Market Share & Forecast

7.2.1.     By Propulsion Market Share Analysis

7.2.2.     By Transmission Type Market Share Analysis

7.2.3.     By Price Segment Market Share Analysis

7.2.4.     By Regional Market Share Analysis

7.2.5.     By Company Market Share Analysis (By Value, 2022)

7.3.  Product Benchmarking

7.4.  Top 10 Models

8.    Saudi Arabia Hatchback Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Value

8.1.2.     By Volume

8.2.  Market Share & Forecast

8.2.1.     By Propulsion Market Share Analysis

8.2.2.     By Transmission Type Market Share Analysis

8.2.3.     By Price Segment Market Share Analysis

8.2.4.     By Regional Market Share Analysis

8.2.5.     By Company Market Share Analysis (By Value, 2022)

8.3.  Product Benchmarking

8.4.  Top 10 Models

9.    Saudi Arabia MPV Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Value

9.1.2.     By Volume

9.2.  Market Share & Forecast

9.2.1.     By Propulsion Market Share Analysis

9.2.2.     By Transmission Type Market Share Analysis

9.2.3.     By Price Segment Market Share Analysis

9.2.4.     By Regional Market Share Analysis

9.2.5.     By Company Market Share Analysis (By Value, 2022)

9.3.  Product Benchmarking

9.4.  Top 10 Models

10.  Saudi Arabia SUV Market Outlook

10.1.              Market Size & Forecast

10.1.1.  By Value

10.1.2.  By Volume

10.2.              Market Share & Forecast

10.2.1.  By Propulsion Market Share Analysis

10.2.2.  By Transmission Type Market Share Analysis

10.2.3.  By Price Segment Market Share Analysis

10.2.4.  By Regional Market Share Analysis

10.2.5.  By Company Market Share Analysis (By Value, 2022)

10.3.              Product Benchmarking

10.4.              Top 10 Models

11.  Porter’s Five Forces Model

11.1.              Competitive Rivalry

11.2.              Bargaining Power of Buyers

11.3.              Bargaining Power of Suppliers

11.4.              Threat of New Entrants

11.5.              Threat of Substitutes

12.  SWOT Analysis

12.1.              Strength

12.2.              Weakness

12.3.              Opportunities

12.4.              Threats

13.  Market Dynamics

13.1.  Market Drivers

13.1.1.  Increasing Demand for Compact SUV in the Market

13.1.2.  Increasing Electrical Vehicle Adoption

13.2.  Market Challenges

13.2.1.  Rise in raw material cost and production cost

14.  Market Trends and Developments

15.  Policy & Regulatory Landscape

16.  Import-Export Dynamics

17.  Saudi Arabia Economic Profile

18.  Competitive Landscape

18.1.1.  Toyota Motors Corporation

18.1.1.1.      Company Details

18.1.1.2.      Products & Services

18.1.1.3.      Recent Development

18.1.1.4.      Key Management Personnel

18.1.2.  Hyundai Motor Company

18.1.2.1.      Company Details

18.1.2.2.      Products & Services

18.1.2.3.      Recent Development

18.1.2.4.      Key Management Personnel

18.1.3.  Mazda Saudi Arabia

18.1.3.1.      Company Details

18.1.3.2.      Products & Services

18.1.3.3.      Recent Development

18.1.3.4.      Key Management Personnel

18.1.4.  Nissan Motor Co. Ltd

18.1.4.1.      Company Details

18.1.4.2.      Products & Services

18.1.4.3.      Recent Development

18.1.4.4.      Key Management Personnel

18.1.5.  General Motors Co.,

18.1.5.1.      Company Details

18.1.5.2.      Products & Services

18.1.5.3.      Recent Development

18.1.5.4.      Key Management Personnel

18.1.6.  Ford Middle East

18.1.6.1.      Company Details

18.1.6.2.      Products & Services

18.1.6.3.      Recent Development

18.1.6.4.      Key Management Personnel

18.1.7.  Kia Motors Corp

18.1.7.1.      Company Details

18.1.7.2.      Products & Services

18.1.7.3.      Recent Development

18.1.7.4.      Key Management Personnel

18.1.8.  Isuzu Motors Saudi Arabia Co. Ltd.

18.1.8.1.      Company Details

18.1.8.2.      Products & Services

18.1.8.3.      Recent Development

18.1.8.4.      Key Management Personnel

18.1.9.  Volkswagen AG

18.1.9.1.      Company Details

18.1.9.2.      Products & Services

18.1.9.3.      Recent Development

18.1.9.4.      Key Management Personnel

18.1.10.                Renault Middle East

18.1.10.1.    Company Details

18.1.10.2.    Products & Services

18.1.10.3.    Recent Development

18.1.10.4.    Key Management Personnel

19.  Strategic Recommendations

19.1.              Target Regions

19.2.              Target Vehicle Type

19.3.              Target Propulsion

20. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The increasing popularity of SUV segment in Saudi Arabia passenger car market is leading the market.

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Government initiatives and rising infrastructure developments are the driving factors of Saudi Araia passenger car market.

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The top players in the Saudi Arabia Passenger Car Market include Toyota Motors Corporation, Hyundai Motor Company, Ford Middle East, Kia Motors Corp, among others.

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In Saudi Arabia, passenger car market automatic transmission segment is leading the market in 2022.

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Srishti Verma

Business Consultant
Press Release

Saudi Arabia Passenger Car Market is Driven by SUV Passenger Car Segment During the Forecast Period

May, 2023

Increasing demand towards electric vehicles and increasing infrastructure activities drives the Saudi Arabia Passenger Car Market through 2028.