Saudi Arabia Passenger Car Market Introduction and Overview
According to SPER Market Research, the Saudi Arabia Passenger Car Market is estimated to reach USD 74.83 billion by 2033 with a CAGR of 13.23%.
The report includes an in-depth analysis of the Saudi Arabia Passenger Car Market, including market size and trends, product mix, Applications, and supplier analysis. Passenger automobiles are four-wheeled vehicles that can transport up to eight or nine persons at once. Passenger vehicles include advanced technology such as rapid charging, navigation, voice recognition, and smartphone connectivity. Some passenger automobiles have technologies like automatic parking, automatic braking, and lane-keeping assistance. Passenger automobiles are classified into four types: SUV, MUV, sedan, and hatchback. Sport Utility Vehicles (SUVs) are passenger cars used for sporting activities.
- In February 2024, Neweast General Trading and ISUZU MOTORS LIMITED announced a strategic cooperation by opening a cutting-edge dealership in Saudi Arabia, which was marked by a signing ceremony. This alliance establishes a new benchmark for automotive excellence, strategically positioned to connect opportunity and convenience, thereby improving service and accessibility in Saudi Arabia.
- MG Motor Middle East, a division of Motor Corporation Limited, celebrated its 100th anniversary and dedication to innovation in the Middle East in October 2024 by introducing the new MG RX9, introducing the new MG 5, and announcing the sale of the fully electric MG Cyberster at the Jeddah International Motor Show.
Market Opportunities and Challenges
Opportunities: Rapid infrastructure development and urbanization in Saudi Arabia are important drivers of the passenger automobile market's growth. The Saudi Vision 2030 plan has accelerated urban expansion through the implementation of mega-projects such as the Red Sea Project and NEOM, which are establishing new urban centers that require extensive transportation solutions. This urbanization trend is supplemented by enormous investments in road infrastructure, which include sophisticated traffic management systems, new highways, bridges, and other infrastructure improvements, making automobile ownership more appealing and practical. Furthermore, the construction of new residential communities in urban areas, combined with improvements to public services and retail infrastructure, has increased demand for personal transportation choices, boosting passenger car demand in the Saudi Arabian market.
Challenges: The demand for passenger cars is significantly shaped by changes in the prices of raw materials, such as steel, aluminum, and petroleum-based goods. Since these materials are essential to the construction of automobiles, any major changes in price can have a big effect on the whole cost of production. Because automakers depend so heavily on these commodities to build their vehicles, rising raw material prices can lead to higher manufacturing costs, which in turn forces automakers to modify their pricing policies. Consequently, the market expansion for passenger cars is constrained by the volatility of raw material prices.
Market Competitive Landscape
Key players in the Saudi passenger automobile industry are strategically extending their market presence by forming new partnerships, broadening their product offering, and improving infrastructure in additional locations. They are responding to the increased demand for environmentally friendly vehicles by launching electric and hybrid models. Key market players are Toyota Motor Corporation, Hyundai Motor Company, Nissan Motor Co., Ltd, Kia Corporation, ISUZU MOTORS LIMITED, Changan Automobile Group, Zhejiang Geely Holding Group Co., Ltd, Ford Motor Company, Mazda Motor Corporation, Suzuki Motor Corporation.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Vehicle Type, By Fuel Type.
|
| Regions covered | Eastern Region, Western Region, Southern Region, Northern Region. |
| Companies Covered | Toyota Motor Corporation, Hyundai Motor Company, Nissan Motor Co., Ltd, Kia Corporation, ISUZU MOTORS LIMITED, Changan Automobile Group, Zhejiang Geely Holding Group Co., Ltd, Ford Motor Company, Mazda Motor Corporation, Suzuki Motor Corporation. |
COVID-19 Impact on Saudi Arabia Passenger Car Market
The Saudi passenger automobile market had difficulty during the COVID-19 epidemic due to swings in consumer expenditure and travel limitations. Passenger automobiles are an important aspect of the automotive industry. Following the epidemic, consumer confidence in vehicle purchases and travel improved, and the passenger car industry began to rebound. The pandemic highlighted the car market's ability to adapt.
Key Target Audience:
- Middle-Class Families
- Young Professionals
- High-Income Individuals
- Expatriates
- Urban Dwellers
- Rural Residents
- Tech Enthusiasts
- Eco-Conscious Buyers
- Luxury Seekers
- First-Time Buyers
Our in-depth analysis of the Saudi Arabia Passenger Car Market includes the following segments:
| By Vehicle Type: | PickupsSedansSUVsVans and Hatchbacks |
| By Fuel Type: | ICEElectric |
Key Topics Covered in the Report:
- Saudi Arabia Passenger Car Market Size (FY’2024-FY’2033)
- Overview of Saudi Arabia Passenger Car Market
- Segmentation of Saudi Arabia Passenger Car Market By Vehicle Type (Pickups, Sedans, SUVs, Vans and Hatchbacks)
- Segmentation of Saudi Arabia Passenger Car Market By Fuel Type (ICE, Electric)
- Statistical Snap of Saudi Arabia Passenger Car Market
- Expansion Analysis of Saudi Arabia Passenger Car Market
- Problems and Obstacles in Saudi Arabia Passenger Car Market
- Competitive Landscape in the Saudi Arabia Passenger Car Market
- Impact of COVID-19 and Demonetization on Saudi Arabia Passenger Car Market
- Details on Current Investment in Saudi Arabia Passenger Car Market
- Competitive Analysis of Saudi Arabia Passenger Car Market
- Prominent Players in the Saudi Arabia Passenger Car Market
- SWOT Analysis of Saudi Arabia Passenger Car Market
- Saudi Arabia Passenger Car Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPERs internal database
2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Saudi Arabia Passenger Car Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTERs Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Saudi Arabia Passenger Car Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Saudi Arabia Passenger Car Market
7. Saudi Arabia Passenger Car Market, By Vehicle Type (USD Million) 2020-2033
7.1. Saudi Arabia Passenger Car Market Size, Share and Forecast, By Vehicle Type, 2020-2026
7.2. Saudi Arabia Passenger Car Market Size, Share and Forecast, By Vehicle Type, 2027-2033
7.3. Pickups
7.4. Sedans
7.5. SUVs
7.6. Vans and Hatchbacks
8. Saudi Arabia Passenger Car Market, By Fuel Type (USD Million) 2020-2033
8.1. Saudi Arabia Passenger Car Market Size, Share and Forecast, By Fuel Type, 2020-2026
8.2. Saudi Arabia Passenger Car Market Size, Share and Forecast, By Fuel Type, 2027-2033
8.3. ICE
8.4. Electric
9. Saudi Arabia Passenger Car Market Forecast, 2020-2033 (USD Million)
9.1. Saudi Arabia Passenger Car Market Size and Market Share
10. Saudi Arabia Passenger Car Market, By Region, 2020-2033 (USD Million)
10.1. Saudi Arabia Passenger Car Market Size and Market Share By Region (2020-2026)
10.2. Saudi Arabia Passenger Car Market Size and Market Share By Region (2027-2033)
10.3. Eastern Region
10.4. Western Region
10.5. Southern Region
10.6. Northern Region
11. Company Profile
11.1. Toyota Motor Corporation
11.1.1. Company details
11.1.2. Financial outlook
11.1.3. Product summary
11.1.4. Recent developments
11.2. Hyundai Motor Company
11.2.1. Company details
11.2.2. Financial outlook
11.2.3. Product summary
11.2.4. Recent developments
11.3. Nissan Motor Co., Ltd
11.3.1. Company details
11.3.2. Financial outlook
11.3.3. Product summary
11.3.4. Recent developments
11.4. Kia Corporation
11.4.1. Company details
11.4.2. Financial outlook
11.4.3. Product summary
11.4.4. Recent developments
11.5. ISUZU MOTORS LIMITED
11.5.1. Company details
11.5.2. Financial outlook
11.5.3. Product summary
11.5.4. Recent developments
11.6. Changan Automobile Group
11.6.1. Company details
11.6.2. Financial outlook
11.6.3. Product summary
11.6.4. Recent developments
11.7. Zhejiang Geely Holding Group Co., Ltd
11.7.1. Company details
11.7.2. Financial outlook
11.7.3. Product summary
11.7.4. Recent developments
11.8. Ford Motor Company
11.8.1. Company details
11.8.2. Financial outlook
11.8.3. Product summary
11.8.4. Recent developments
11.9. Mazda Motor Corporation
11.9.1. Company details
11.9.2. Financial outlook
11.9.3. Product summary
11.9.4. Recent developments
11.10. Suzuki Motor Corporation
11.10.1. Company details
11.10.2. Financial outlook
11.10.3. Product summary
11.10.4. Recent developments
11.11. Others
12. Conclusion
13. List of Abbreviations
14. Reference Links