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GCC passenger car market is projected to grow at a CAGR of 8.73%, in value terms, during the forecast period and is anticipated to reach USD46.13 billion by 2026

·6-min read

The GCC passenger car market is driven by the increasing service sector, growing non-oil economy and rising disposable income of the people in the region, especially, in the United Arab Emirates and Kingdom of Saudi Arabia.

New York, April 29, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "GCC Passenger Car Market, By Vehicle Type, By Fuel Type, By Transmission Type, By End User, By Country, Competition, Forecast & Opportunities, 2026" -
In 2017, the ban on women driving was uplifted in the Kingdom of Saudi Arabia and since then there is an increase in women drivers. Hence, the demand from women drivers is also susceptible to rise in the coming years and propel the market in the forecast period.
The Gulf Cooperation Council (GCC) was established in 1981 and its 6 members are the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.Every country’s economy in GCC is majorly dependent on oil & petroleum product trades.

However, currently the government is taking initiatives to help non-oil sectors like services, construction, tourism and others grow, this changing demographic in turn is aiding the growth of purchasing powers and consumer disposable income.
GCC passenger car market is divided based on vehicle type, fuel type, transmission type, end user and country.Based on vehicle type, the market can be classified into hatchback, sedan, multi-purpose vehicle and sports utility vehicle.

In terms of vehicle type, the sedan car segment accounts for the largest share but due to increase in the service sector, demand for personal transportation is increasing and hence giving rise to the hatchback car segment.
Based on fuel type, the market is dominated by vehicles driven by gasoline or petrol due to comparatively low gasoline prices and hence attaining low costs of ownership and this trend is susceptible to withstand in the forecast period as well.On the basis of passenger car sales by end user, individual owners are much more contributing as compared to fleet owners.

Cars with automatic transmission account for the majority of share in the GCC passenger car market on account of ease of driving with stringent traffic rules across the region.
Toyota Motor Corporation, Nissan Motor Company, Ltd., Hyundai Motor Company, Mitsubishi Motors Corporation, Kia Corporation, etc., are among some of the leading players operating in the GCC passenger car market. Apart from these companies, other passenger car manufacturers are also increasing their marketing activities and enriching their product portfolio in the region to increase their customer outreach. Major companies in the GCC passenger car market are also focusing on increasing their dealer and distributor network to grab a larger share in the region’s passenger car market.

Years considered for this report:

Historical Period: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026

Objective of the Study:

• To analyze the historical growth in the market size of the GCC passenger car market from 2016 to 2020.
• To estimate and forecast the market size of the GCC passenger car market from 2021 to 2026 and growth rate until 2026.
• To classify and forecast the GCC passenger car market-based on vehicle type, fuel type, transmission type, end user, country and company.
• To identify dominant region or segment in the GCC passenger car market.
• To identify drivers and challenges for the GCC passenger car market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the GCC passenger car market.
• To conduct pricing analysis for the GCC passenger car market.
• To identify and analyze the profile of leading players operating in the GCC passenger car market.
• To identify key sustainable strategies adopted by market players in the GCC passenger car market.

The analyst performed primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of passenger car dealers and distributors in the GCC region.

Subsequently, the analyst conducted primary research surveys with identified companies.While interviewing, the respondents were also enquired about their competitors.

Through this technique, the analyst was able to include manfacturers that could not be identified due to the limitations of secondary research. The analyst examined product offerings, application, distribution channel and regional presence of all the passenger car distributors and dealers across the country.
The analyst calculated the market size of the GCC passenger car market using a bottom-up approach, where data for various end-user segments were recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size.

Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.

Key Target Audience:

• Global passenger car manufacturers operating in the region
• Dealers and distributors of passenger cars
• Market research and consulting firms
• Government bodies such as regulating authorities and policy makers
• Organizations, forums, and alliances related to passenger cars

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

• In this report, the GCC passenger car market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
• GCC Passenger Car Market, By Vehicle Type:
o Hatchback
o Sedan
o Multi-Purpose Vehicle
o Sports Utility Vehicle
• GCC Passenger Car Market, By Fuel Type:
o Petrol/Gasoline
o Diesel
o Alternate Fuels
• GCC Passenger Car Market, By Transmission Type:
o Manual Transmission
o Automatic Transmission
• GCC Passenger Car Market, By End User:
o Individual Owners
o Fleet Owners
• GCC Passenger Car Market, By Country:
o Kingdom of Saudi Arabia
o United Arab Emirates
o Kuwait
o Oman
o Qatar
o Bahrain

Company Profiles: Detailed analysis of the major companies present in the GCC passenger car market.

Available Customizations:

With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
• Profit margin analysis in case of direct and indirect sales channel.
Read the full report:

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