Saudi Arabia Passenger Car Market Growth and Size, Trends, Revenue, Industry Share, Demand, CAGR Status, Challenges, Future Opportunities and Forecast Analysis till 2033: SPER Market Research
Automobiles, sometimes known as passenger cars, are motor vehicles that are primarily intended to transport people. These vehicles are utilized for personal and family transportation, as well as commuting to work and leisure activities. These vehicles come in a number of sizes, shapes, and models to suit a wide range of needs and preferences, including hatchbacks, SUVs, sedans, and more. Additionally, passenger vehicles are powered by a variety of engines, including gasoline, diesel, hybrid, and electric.
According to SPER market research, ‘Saudi Arabia Passenger Car Market Size- By Vehicle Type, By Fuel Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Saudi Arabia Passenger Car Market is predicted to reach 74.83 billion by 2033 with a CAGR of 13.23%.
Drivers:
The market has grown significantly in recent years and is expected to continue to expand in the coming years due to the tremendous integration of advanced technologies, such as advanced driver assistance systems in passenger cars, an increase in disposable income, increased production of electric passenger cars, and rapid technological advancements in passenger car technology. The Saudi Vision 2030 plan has accelerated market expansion through economic development efforts and rising disposable incomes, as well as an increase in the middle-class population. Furthermore, foreign vehicle manufacturers have responded enthusiastically in Saudi Arabia by opening women-only dealerships and developing models tailored exclusively to female preferences.
Restraints:
Fluctuations in raw material prices, such as steel, aluminum, and petroleum-based products, have a significant impact on passenger vehicle demand. Given that these materials are the foundation of vehicle manufacture, any large price changes can have a considerable impact on overall production costs. Because manufacturers rely significantly on these components for car building, increases in raw material prices can cause a jump in production costs, forcing automakers to change their pricing strategy. As a result, fluctuating raw material prices limit the expansion of the passenger vehicle market.
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Saudi Arabia’s vehicle sector is stagnating as a result of the COVID-19 disruption, which had a disastrous effect on domestic sales. Saudi Arabia’s vehicle sector is growing at a slower rate due to its reliance on imported goods. Despite hurdles, the Saudi car industry is already making a full recovery and returning to pre-pandemic sales volume levels. Furthermore, the passenger car market has already begun to rise in FY2022, owing to the advent of electric vehicles, which is expected to increase local demand even further.
Riyadh dominates the Saudi Arabia passenger automotive market share as a result of population expansion, a major increase in demand for personal transportation solutions, an increase in demand for convenient transportation options, and a robust middle class in the city. Significant players in the market are Toyota Motor Corporation, Hyundai Motor Company, Nissan Motor Co., Ltd, Kia Corporation, ISUZU MOTORS LIMITED, Changan Automobile Group, and other well-known companies.
Saudi Arabia Passenger Car Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, Saudi Arabia Passenger Car Market is segmented as; Pickups, Sedans, SUVs, Vans and Hatchbacks.
By Fuel Type: Based on the Fuel Type, Saudi Arabia Passenger Car Market is segmented as; ICE, Electric.
By Region: This research also includes data for Eastern Region, Western Region, Southern Region, Northern Region.
For More Information, refer to below link: –
KSA Passenger Car Market Outlook
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