Saudi Arabia Automobile Market: Expected Rapid Growth, Industry Size, And Share In 2027

MANHATTAN, N.Y. - May 31, 2023 - PRLog -- The country is currently undergoing economic and social changes that are improving the living standards of consumers. With the oil & gas industry being a major contributor to the country's economy, Crown Prince Mohammed bin Salman launched the Vision 2030 reform program to reduce dependence on this industry and create new revenue streams. This initiative has had a positive impact on the automotive industry and is expected to drive sales and production of automobiles in the coming years. Additionally, the increasing number of accidents and favorable government policies have led to a rise in the installation of active and passive safety systems in vehicles. Manufacturers are focusing on enhancing vehicle performance and passenger experience by introducing new technologies and advancing automotive parts and components. The growing popularity of shared mobility services and the integration of connectivity services in vehicles are also expected to create lucrative growth opportunities for players in the Saudi Arabia automobile market in the forecast period.

However, the heavy reliance of the automotive industry on imported parts and components may hinder market growth during the forecast period.

The Saudi Arabia automobile market is categorized into vehicle type, propulsion, transmission, regional distribution, and competitive landscape. In terms of vehicle type, the market is divided into two-wheelers, passenger cars, LCVs, MCVs, and HCVs. Currently, passenger cars dominate the market and are expected to maintain their dominance over the next five years. Market players are introducing cost-effective options to meet customer requirements. Technological advancements and the introduction of electric and hybrid technology are also expected to influence market demand in the forecast period.

In terms of propulsion, the market is divided into ICE (Internal Combustion Engine) and electric vehicles. The electric automobile segment is projected to witness the fastest incremental growth in the forecast period. The increasing awareness of environmental issues and the need to reduce carbon emissions have led to a rising demand for alternative fuel options. Electric vehicles offer a sustainable solution by minimizing negative environmental impact and reducing dependence on conventional energy sources. Moreover, they offer lower running and maintenance costs, as well as zero tailpipe emissions.

Major market players operating in Saudi Arabia automobile market are

• Toyota Motor Corporation
• Hyundai Motor Company
• Stellantis
• MAN SE
• Honda Motor Company
• Ford Motor Company
• Daimler AG
• AB Volvo
• Hino Motors, Ltd.
• Tata Motors Limited        

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