Saudi Arabia Among Top 20 Global Vehicle Import Markets

The automotive sector in the Kingdom is one of the most important commercial activities and a cornerstone of the national economy.

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.

According to data from the General Authority for Statistics, the number of new and used vehicles imported into the Kingdom from 51 countries exceeded 1 million over 15 months, covering the year 2023 and the first quarter of 2024, with an estimated value of more than SAR 83 billion.

The Saudi automotive market is classified as the largest in the Arab world, according to an American report by “Focus2Move,” which specializes in global automotive market research.

The report highlighted that Arab world total vehicle sales in 2022 exceeded 1.7 million units, with 36% of these sales occurring in the Kingdom, representing an increase of approximately 7.1% compared to the previous year. The United Arab Emirates ranked second with 12.7%, followed by Egypt in third place with 10.9%.

The report also confirmed that the expansion in the automotive sector has positioned Saudi Arabia’s vehicle market among the top 20 vehicle markets globally.

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 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% of the new vehicle market.