Saudi Arabia Passenger Car Market to Grow at 6.25% CAGR By 2026 – TechSci Research

 Increasing women drivers coupled with rising per capita spending of the consumers is 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 USD17.64 billion in 2026 from USD11.33 billion in 2020, and is projected to advance with a CAGR of 6.25% 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. Removal of ban and growing preference for women drivers has uplifted the passenger car market in Saudi Arabia. Changes in the government norms for females driving automotive vehicles after decades has resulted in the growth of women drivers. Moreover, opting for self-driving gives many women a sense of empowerment. Many women are hitting Saudi roads with four-wheelers and several women with foreign licenses have already obtained Saudi driving licenses which in turn is further going to boost the passenger car market in Saudi Arabia.

Browse more than 75 market data Figures and 4 data tables spread through 145 Pages and an in-depth TOC on    "Saudi Arabia Passenger Car Market"

https://www.techsciresearch.com/report/saudi-arabia-passenger-car-market/1669.html  

Saudi Arabia passenger car market can be segmented based on vehicle type, fuel type, transmission type, and company. 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 the 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 transmission type, the market is categorized into automatic transmission and manual transmission. Automatic transmission is more popular in the country owing to stringent traffic rules in Saudi Arabia, coupled up with increase in sales of premium cars owing to the rise in consumer spending. Lifting up of the ban on women driving has resulted in growth of automatic cars sales in the country. In 2020, the market share of automatic passenger cars accounted for over 85% in terms of volume. Due to the above-mentioned factors, demand of automatic transmission is growing compared to the complicated manual transmission.

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. However, after facing a degrowth in the import and export of automotive sector in 2020, the market has started reviving and is getting back to the normal condition, due to reoperations of the manufacturing plants and import. This is further anticipated to increase the sales of passenger cars in Saudi Arabia. People are also interested in purchasing the upgraded version of previously available passenger car models which are coming with technologically advanced features.

Toyota Motor Corporation, Nissan Motor Company, Ltd., Hyundai Motor Company, Kia Corporation, Mazda Saudi Arabia, General Motors Co., Ford Middle East, Isuzu Motors Saudi Arabia Co. Ltd., Volkswagen AG, and Renault Middle East 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 developing a robust dealer and distributor network to gain competitive edge.

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“In 2020, sedan cars accounted for the largest share, i.e., 56% 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 global 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 the Saudi Arabia passenger car market.

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GCC Passenger Car Market to Grow at 6.68% CAGR By 2026 - TechSci Research

 Continuously growing demand for passenger cars due to expanding road infrastructure, increasing service sector and rising disposable income is going to drive the GCC passenger car market through 2026.

According to TechSci Research report, “GCC Passenger Car Market By Vehicle Type (Hatchback, Sedan, MPV, and SUV), By Fuel Type (Petrol/Gasoline, Diesel and Others), By Transmission Type (Automatic Transmission and Manual Transmission), By End User (Individual Owners and Fleet Owners), By Country, Competition, Forecast & Opportunities, 2026”, GCC passenger car market was valued USD 26.23 Billion in 2020 and is projected to grow at CAGR of 8.73% in the next five years to reach USD 46.12 Billion until 2026. Growing disposable income, expanding road infrastructure coupled with lower cost of the fuel are the primary factors for the growth of the passenger car market in GCC.

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 and hence the demand is witnessed to increase from this segment and is susceptible to propel the market in the forecast period as well. The GCC passenger car market is majorly dominated by the United Arab Emirates and the Kingdom of Saudi Arabia owing to better per capita earnings of the consumers in the region.

Browse more than 44 market data Figures spread through 80 Pages and an in-depth TOC on   "GCC Passenger Car Market"

https://www.techsciresearch.com/report/gcc-passenger-car-market/7369.html

Gulf Cooperation Council (GCC) is a political and economic union of Arab states bordering the Gulf. It was established in 1981 and its six members are the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. Almost every economy in GCC is majorly dependent on oil & petroleum product trades, but this trend has been rapidly changing as the government is taking initiatives to help non-oil sectors like services, construction, tourism and others grow, this changing landscape is predicted to positively influence the passenger car market of the country. GCC passenger car market can be segmented based on vehicle type, fuel type, transmission type, end user and country. In terms of vehicle type, the sedan car segment accounts for the largest share but due to an increase in the service sector, demand for personal transportation is increasing and hence giving rise to the hatchback car segment. Off-roading events are getting popularity among people and hence the demand for vehicles with higher engine capacity is growing in the gulf countries, which is expected to drive the sports utility segment at an impressive rate in the forecast period. Based on fuel type the market is segmented across petrol, diesel and other alternative fuels or electrically powered vehicles. The prices of gasoline or petrol are very low as compared to other fuels and therefore ownership and running costs of petrol driven vehicles are comparatively less. Hence, among these, petrol or gasoline powered vehicles are more popular among people belonging to GCC and this trend is susceptible to endure in the forecast period. On the basis of passenger car sales by end user, individual owners are much more contributing as compared to fleet owners currently. However, the past few years have witnessed a substantial increase in the usage of taxi services like Uber and Careem, moreover police & government are also increasing their workforce and hence contributing to region’s passenger car sales. Therefore, the trend of passenger car sales by end user is witnessed to be increasing in case of contribution by fleet owners, which is susceptible to be observed in the upcoming years as well. Companies across the region are also introducing safer, technologically advanced, and fuel-efficient passenger cars. Cars with automatic transmission account for the majority of share in the GCC passenger car market on account of ease of driving with stringent traffic rules across the region.

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 GCC passenger car market. Apart from these companies, other passenger car manufacturers are also increasing their brand awareness, price schemes and elevating product portfolio in the region to increase their customer base. Major companies in the GCC 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, the Kingdom of Saudi Arabia accounted for the largest share i.e., 54.27% in the GCC passenger car market. The country is expected to maintain its dominance over the next five years as well, but the United Arab Emirates is giving neck to neck competition. Increase in partnerships with local dealers and distributors and expanding per capita income in the region is boosting demand for passenger cars in the United Arab Emirates.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“GCC Passenger Car Market By Vehicle Type (Hatchback, Sedan, MPV, and SUV), By Fuel Type (Petrol/Gasoline, Diesel and Others), By Transmission Type (Automatic Transmission and Manual Transmission), By End User (Individual Owners and Fleet Owners), By Country, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the GCC 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 the GCC passenger car market.

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Saudi Arabia Passenger Car Market to Grow at 3.82 % CAGR By 2026 – TechSci Research

 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.

Browse more than 47 market data Figures and 2 data tables spread through 110 Pages and an in-depth TOC on    "Saudi Arabia Passenger Car Market"

https://www.techsciresearch.com/report/saudi-arabia-passenger-car-market/1669.html

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.

Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=1669

Customers can also request for 10% free customization on this report.

“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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Contact

Mr. Ken Mathews

708 Third Avenue,

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New York – 10017

Tel: +1-646-360-1656

Email: sales@techsciresearch.com

Website :  https://www.techsciresearch.com