Saudi Arabia Passenger Car Market to Cross $ 28 Billion by 2024

Rise in per capita income and rapid development of road infrastructure to propel Saudi Arabia passenger car market through 2024

According to TechSci Research report, “Saudi Arabia Passenger Car Market By Vehicle Type, By Fuel Type, By Transmission Type, Competition, Forecast & Opportunities, 2024”, the passenger car market in Saudi Arabia is anticipated to grow at a CAGR of over 16% to surpass $ 28 billion by 2024 on account of increasing number of CKD plants and rising per capita income in the country. Moreover, improved road infrastructure and lower cost of fuel are positively influencing the growth of the market. Furthermore, as part of the Saudi Arabia 2030, Kingdom of Saudi Arabia is focusing on setting up domestic automotive industry which is further anticipated to aid the growth of the market during forecast period.

Browse 7 market data Tables and 64 Figures spread through 121 Pages and an in-depth TOC on “Saudi Arabia Passenger Car Market”

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Saudi Arabia passenger car market can be segmented based on vehicle type, fuel type and transmission type. Based on the vehicle type, the market can be segmented into hatchback, sedan, MPV, pickup and SUV. Sedan is the major vehicle segment in the market and is poised to grow at an impressive rate during forecast period as well due to high mileage, high performance and comfortable riding experience offered by sedan when compared with counterparts.

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, among others are the leading players operating in the Saudi Arabia passenger car market. The companies operating in the market are using organic strategies such as product launches, and mergers and collaborations in order to register positive growth in the market. For instance, Toyota is the leading passenger car company in the country on account of easy finance options, better after-sales service and high performance vehicles.

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 “Passenger car market in Saudi Arabia is anticipated to grow at a significant pace during the forecast period on account of availability of easy finance options at impressive interest rates, focus of government on setting up domestic automotive industry and increasing per capita income. Additionally, upliftment of ban from women driving vehicle would further positively influencing the growth of Saudi Arabia passenger car market over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Saudi Arabia Passenger Car Market By Vehicle Type, By Fuel Type, By Transmission Type, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of Saudi Arabia passenger car 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 decision. 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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