According to a report by TechSci Research titled "Saudi Arabia Automobile Market By Region, Competition Forecast & Opportunities, 2027," the forecast period of 2023-2027 is expected to witness steady growth in the Saudi Arabia automobile market. 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.
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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. The quiet nature of electric vehicles contributes to reducing noise pollution across the country. Charging electric vehicles can be conveniently done at home, and the government provides income tax and financial benefits to manufacturers and buyers of electric vehicles. Therefore, the advantages offered by electric vehicles, along with the launch of various electric variants, are expected to drive demand in the forecast period.
Based on transmission, the market is segmented into manual and automatic. The manual segment is anticipated to hold the largest market share during the forecast period. These vehicles are in high demand due to their lower prices and repair costs. Manual transmissions also provide better gas mileage and fuel efficiency and are available in a variety of options in the market.
Major market players operating in Saudi Arabia automobile market are:
- Toyota Motor Corporation
- Hyundai Motor Company
- MAN SE
- Honda Motor Company
- Ford Motor Company
- Daimler AG
- AB Volvo
- Hino Motors, Ltd.
- Tata Motors Limited
“The National Industrial Development Center (NIDC) aims to attract 3-to four original equipment manufacturers across the ICE and EV value chain as the Saudi Arabia automobile industry is majorly import-driven. It aims to promote local production, make it 40%, and produce 300,000 vehicles annually by 2030. NIDC is also working on supporting industrialization in the country through loans, tariff exemption, and tax incentives. Favorable government policies and the entry of new players in the automotive is expected to propel the Saudi Arabia automobile market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Automobile Market By Vehicle Type (Two-Wheeler, Passenger Car, LCV, MCV, HCV), By Propulsion (ICE, Electric), By Transmission (Manual, Automatic), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future growth potential of Saudi Arabia automobile 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 Saudi Arabia automobile market.
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