The Saudi automotive industry is projected to reach around SR26 billion ($7 billion) in the coming years, industry experts said. With an estimated 75 percent of all Saudi males of driving age owning at least one vehicle, Kingdom's high automobile penetration rate has been driving the rapid growth of the country's auto parts and after-sales service market, while creating opportunities for leading international brands to sustain their expansion initiatives in the Kingdom and across the region.
Saudi Arabia already tops BMI's Risk/Reward Ratings for the autos sector in the Middle East and North Africa.
New-car sales in Saudi Arabia are projected to cross one million units in 2018 in view of rapid trade and economic expansion in the Kingdom.
The study said the estimated value includes direct sales, spare parts and accessories, and after-sales services. Recent statistics from the Board of the Saudi Chambers of Commerce confirmed that the Kingdom has evolved into one of the largest automotive markets, rolling out around 700, 000 vehicles in 2011.
Saudi automotive companies typically augment their market share by driving up competitiveness in genuine spare parts, providing superb after-sales services and introducing new vehicles for different audiences whether individuals or companies.
The Saudi Gazette