Saudi Arabia Passenger Car Market Opportunity and Forecast 2026Posted by arshiyashaikh on October 19th, 2021 Market Reports on Saudi Arabia Provides the Trending Market Research Report on “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, 2026” under Automotive Market Research Report category. The Saudi Arabia Passenger Car Market is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports. Saudi Arabia Passenger Car Market was valued at USD11.33 billion in 2020 and it is estimated to grow with a CAGR of 6.25% in terms of value during the forecast period. Moreover, the market is anticipated to reach USD17.64 billion by 2026. The Saudi Arabia passenger car market is driven by expanding road infrastructure and increasing per capita spending of the people in the region. 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 divided based on vehicle type, fuel type, transmission type and company. Based on vehicle type, the market can be classified into hatchback, sedan, pickup cars, multi-purpose vehicles (MPV) and sports utility vehicles (SUV). In terms of vehicle type, the sedan car segment accounts for the largest share in the historical period and is projected to remain the dominant segment in the forecast period. Shifting consumers’ preferences towards modernized lifestyle from the traditional one and their preferences in the usage of technologically advanced personal vehicles backed by the increase in disposable income are the major factors propelling the growth of the sedan cars in Saudi Arabia. Based on fuel type, the market is majorly contributed by gasoline driven passenger cars due to comparatively high availability and low prices of gasoline and this trend is susceptible to withstand in the forecast period as well. In the sedan segment, cars with engine capacity up to 2000cc are expected to hold majority shares, but due to the increasing demand for cars with higher engine capacities, cars with engine capacity below 2000cc are anticipated to register a slothful growth. 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. Furthermore, advancements in technology are driving the demand for passenger cars in the country. With changing technology advancements, automotive manufacturers are making better features and specifications available for the consumers such as electric and hybrid technology. Electric and hybrid cars are being developed, keeping futuristic things in mind concerning consumer and environmental factors. Passenger car manufacturers, such as Tesla Inc. and Hyundai Motor Company, are investing in electric engines to make future-ready passenger cars like Kona electric for the customers. Customers are also preferring electric engines gradually over the Internal Combustion Engine (ICE), due to better functioning and less maintenance cost. The trend of these energy-efficient cars is expected to boost the demand for passenger cars, driving the growth of the passenger car market in Saudi Arabia. Toyota Motor Corporation, Nissan Motor Company, Ltd., Hyundai Motor Company, 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 their 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. Years considered for this report: Base Year: 2020 Objective of the Study: To analyze the historical growth in the market size of the Saudi Arabia passenger car market from 2016 to 2020. Our Research calculated the market size of the Saudi Arabia passenger car market using a bottom-up approach, where data for various end-user segments were recorded and forecast for the future years. Our Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by Our Research. Key Target Audience: Global passenger car manufacturers operating in the country Browse our full report with Table of Contents: https://marketreportsonsaudiarabia.com/report/761159/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 About Us Contact us at: Like it? Share it! More by this author |