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Executive Cars - Saudi Arabia

Saudi Arabia
  • Revenue in the Executive Cars market is projected to reach US$409m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.14%, resulting in a projected market volume of US$432m by 2029.
  • Executive Cars market unit sales are expected to reach 10.9k vehicles in 2029.
  • The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$39k.
  • From an international perspective it is shown that the most revenue will be generated China (US$63bn in 2024).

The Executive Cars Market segment includes passenger cars of an average footprint around 4.6m2 (50 ft2), an average mass around 1855kg (4100lbs) and a passenger/cargo volume larger than 3.4 m3 (120 ft3). Due to their high performance and comfort features, executive cars are often viewed as status symbols. Company cars account for a large share of the Executive Cars segment. All key figures shown represent the sales of new executive cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models.

  • European Car Segment: E (Executive Cars)
  • US Car Segment: Large Cars
  • Chinese Car Segment: Category B
  • Also known as: Full-size Cars, Mid-size Luxury Cars

Example models: Audi A6, BMW 5 Series, Jaguar XF, Volvo S80.

In-Scope

  • Passenger cars - Executive cars
  • Premium executive cars

Out-Of-Scope

  • -
Executive Cars: market data & analysis - Cover

Market Insights report

Executive Cars: market data & analysis

Study Details

    Unit Sales

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Analyst Opinion

    The Executive Cars market in Saudi Arabia is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the positive trajectory of this market.

    Customer preferences:
    Customers in Saudi Arabia have a strong preference for luxury and high-end vehicles, which is driving the demand for executive cars. The desire for prestige and status is a key factor in the popularity of these vehicles. Additionally, customers value comfort, advanced technology features, and superior performance, which are often found in executive cars.

    Trends in the market:
    One of the key trends in the Executive Cars market in Saudi Arabia is the increasing demand for electric and hybrid vehicles. As the country aims to reduce its dependence on oil and promote sustainable transportation, customers are increasingly opting for eco-friendly options. This trend is also driven by the government's initiatives and incentives to promote electric vehicles. Another trend in the market is the rise of luxury SUVs. These vehicles offer a combination of luxury, comfort, and practicality, making them highly desirable among customers in Saudi Arabia. The spacious interiors and off-road capabilities of luxury SUVs are particularly appealing to customers in this region.

    Local special circumstances:
    Saudi Arabia has a high per capita income, which enables a significant portion of the population to afford executive cars. The country is also known for its affluent lifestyle and luxury-oriented culture, which further drives the demand for high-end vehicles. Furthermore, the government's Vision 2030 initiative, which aims to diversify the economy and reduce dependence on oil, has led to increased investments in various industries, including automotive. This has created a favorable business environment for international luxury car manufacturers to establish a strong presence in the country.

    Underlying macroeconomic factors:
    The Executive Cars market in Saudi Arabia is influenced by several macroeconomic factors. The stability of the country's economy, driven by its oil reserves and government investments, creates a conducive environment for the growth of the automotive industry. Additionally, low interest rates and favorable financing options make it easier for customers to purchase executive cars. Furthermore, the growing population and urbanization in Saudi Arabia contribute to the increasing demand for executive cars. As more people move to urban areas, the need for personal transportation and the desire for luxury vehicles also increase. In conclusion, the Executive Cars market in Saudi Arabia is developing rapidly due to customer preferences for luxury vehicles, trends such as the demand for electric and hybrid cars, local special circumstances including high per capita income and government initiatives, and underlying macroeconomic factors such as a stable economy and favorable financing options. These factors collectively contribute to the growth and expansion of the executive cars market in Saudi Arabia.

    Technical Specifications

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: Level 0: No automation and very limited driver assistance in the form of automatic emergency braking or blind-spot warning. Level 1: Driver assistance such as cruise control or lane centering. Level 2: Partial automation, including brake and steering support. Level 3: Conditional automation in which the vehicle can perform most driving tasks. In certain scenarios, human intervention is still needed.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Price

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Methodology

    Data coverage:

    The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

    Modeling approach:

    Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

    Additional notes:

    The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

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