Saudi Arabia Automotive Retail Market To Soar To US$ 74.74 Billion By 2032 With A Robust CAGR Of 16.13%

(MENAFN- EIN Presswire)

CHICAGO, NY, UNITED STATES, November 5, 2024 /EINPresswire / -- The Saudi Arabia automotive retail market , valued at US$ 19.72 billion in 2023, is set for impressive growth, projected to reach US$ 74.74 billion by 2032. This anticipated expansion, driven by a robust CAGR of 16.13% during the forecast period of 2024 to 2032, underscores the sector's significant momentum in the region.

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Saudi Arabia's automotive retail market is experiencing transformative shifts due to rising consumer demand, increased disposable income, and supportive government policies aimed at fostering economic diversification and growth. The sector's expansion aligns with Saudi Vision 2030, which seeks to reduce the Kingdom's dependence on oil by promoting diversified industries, including the automotive sector.

Key factors contributing to this growth include an increased preference for high-performance vehicles, advancements in retail channels, and an uptick in urbanization. Additionally, government initiatives to enhance infrastructure and encourage automotive investments have bolstered consumer confidence, making Saudi Arabia an attractive market for both local and international automotive players.

Abdul Latif Jameel IPR Company Limited
Al Habtoor Motors
Al Futtaim Motors
SAMACO
Aljomaih Automotive
Kia Al jabr
Mohamed Yousuf Naghi Motors Co.
Other Prominent Players

For more information about the Saudi Arabia automotive retail market or to explore investment opportunities, please contact:-

As the automotive retail market grows, stakeholders are focusing on expanding product offerings, introducing innovative service solutions, and improving customer engagement through digital transformation. With this upward trajectory, the Saudi automotive retail sector is well-positioned to establish itself as a central pillar of the Kingdom's economic landscape in the years to come.

Market Segmentation Overview:

By Service Type

Dealership
Online Retail

By Coverage

New Car
Used Car
Service & Parts
Finance & Insurance

By End User

Individual
Fleet Operator

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