The number of new and used vehicles imported into Saudi Arabia in all forms and types has exceeded one million vehicles from more than 51 countries in 15 months representing the year 2023 and the first quarter of 2024, with an estimated value of more than 83 billion riyals ($22.13 billion), according to statistics from the General Authority of Statistics.
The report confirms that the expansion of the automotive sector has helped make the Saudi automobile market one of the 20 largest automobile markets in the world.
The automotive market in Saudi Arabia is ranked as the largest market in the Arab world, according to the American report “Focus to Move”, which specializes in studying automotive markets in the world, which indicates that sales of cars of all types in 2022 exceeded 1.7 million cars, 36 percent of which were in Saudi Arabia, an increase of about 7.1 percent compared to last year.
The automotive sector in Saudi Arabia is one of the most important business activities and one of the pillars of the national economy. The development of procedures and regulations related to this sector carried out by many relevant government agencies have contributed to regulating the sector and increasing the size of the new and used car market and its growth to exceed 700 thousand cars of different types per year.
Faisal Abu Shusha, Chairman of the National Committee of Automobile Dealers affiliated to the Federation of Saudi Chambers, confirmed that imports of new and used vehicles and vehicles of various types exceeded one million vehicles during the year 2023 and the first quarter of 2024, indicating that the size of the used car import market does not exceed 10 percent of the size of the new car market.
