Saudi Arabia has witnessed a surge in its automotive sector in recent years, which has positioned its vehicle import market among the top 20 globally. Automotive is a critical sector for commercial activities and a cornerstone of the national economy.
Therefore, the development of procedures and regulations related to this sector by various relevant government entities has organized the industry, increased the market size for both new and used cars and allowed it to grow to over 700,000 vehicles annually.
Import value exceeds SAR83 billion
The latest data from the General Authority for Statistics (GASTAT) reveals that the number of new and used vehicles imported into the Kingdom from 51 countries exceeded one million units during 2023 and Q1 of 2024, with an estimated value of more than SAR83 billion.
Saudi Arabia’s automotive market is the largest in the Arab world, according to an American report by Focus2Move, which specializes in global automotive market research.
Kingdom tops Arab world sales
The report highlighted that the Arab world’s total vehicle sales in 2022 exceeded 1.7 million units, with 36 percent of these sales occurring in Saudi Arabia. That is an increase of approximately 7.1 percent compared to the previous year. The United Arab Emirates ranked second with a 12.7 percent share, followed by Egypt in third place with a 10.9 percent share.
The head of the National Committee for Automobile Agents at the Council of Saudi Chambers, Faisal Abu Shousha, emphasized that imports of new and used vehicles of all types in Saudi Arabia exceeded 1 million units during 2023 and the first quarter of 2024. He noted that the market for used vehicle imports accounts for less than 10 percent of the vehicle market.
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