Official Saudi data revealed expectations for the growth of car market sales in the country over the next four years, with a particular focus on electric cars.
The semi-annual report of the National Center for Industrial Development in Saudi Arabia, issued on Thursday, said that the vehicle sales market declined due to the Covid-19 pandemic in 2020 and expected car sales in the Kingdom to grow by 24 percent by 2025, to reach 577,000 vehicles, including 32,000 electric cars, compared to 465,000 cars sold in 2020 and 556,000 cars the year before.
The Center estimated that Saudi Arabia would acquire 50 percent of car sales in the Gulf Cooperation Council countries by 2025, out of a total market of 1.15 million cars, including 62,000 electric vehicles. This means an increase of 36 percent, compared to 850,000 cars marketed in 2020, and 1.11 million cars in 2019.
According to the report, Chinese car sales rose to nine percent of the Kingdom’s total market during the past year, while 2021 sales are expected to constitute a new peak in the number of sales for several companies.
The share of Saudi purchases of car sales in the Middle East and North Africa is expected to reach about 30 percent in 2025.
The report noted that Asian companies continue to lead the sales volume. Toyota topped car sales in Saudi Arabia with 145,100 cars in the first half of 2021, followed by Hyundai and Kia (128,300 cars), Nissan (42,600 cars), General Motors (34,600 vehicles) and Mazda (26,600 cars).
According to the center’s report, car sales in the Middle East and North Africa will rise by 44 percent during 2025, to reach 1.9 million cars, including 91,000 electric vehicles.