‎US Saudi Business Council says Saudi Arabia acquires 50% of GCC vehicle market

‎US Saudi Business Council says Saudi Arabia acquires 50% of GCC vehicle market

Saudi Arabia enjoys a recovery in new vehicles’ sales as well as growing local manufacturing capabilities, which strengthened its position as the largest vehicle market in the Gulf Cooperation Council (GCC) region, acquiring nearly 50% of the market, according to US Saudi Business Council statement.

The Kingdom witnessed the registration (or sale) of 557,000 new vehicles in 2021, according to the International Organization of Motor Vehicle Manufacturers.

Passenger vehicles constituted approximately 86% of imported vehicles, while the remaining 14% constituted commercial vehicles.

Saudi Arabia’s new vehicle sales and registrations rose by 23% year-on-year (YoY), exceeding rates of Kuwait and the United Arab Emirates (UAE).

In addition, the Kingdom’s domestic vehicle sales grew by 3% above pre-Coronavirus levels.

Saudi Arabia is projected to sell or register 571,520 vehicles in 2022, divided into 489,680 passenger cars and 81,840 commercial vehicles, the council stated.

The following table shows sales or registrations of new vehicles in Saudi Arabia since 2017:

*Estimated.