Mini Cars - Saudi Arabia

Saudi Arabia

Highlights

Revenue in the Mini Cars market is projected to reach US$344m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.96%, resulting in a projected market volume of US$361m by 2029.
Mini Cars market unit sales are expected to reach 26.9k vehicles in 2029.
The volume weighted average price of Mini Cars market in 2024 is expected to amount to US$13k.
From an international perspective it is shown that the most revenue will be generated China (US$7bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Mini Cars market in Saudi Arabia has been experiencing significant growth in recent years.

Customer preferences: Customers in Saudi Arabia have shown a strong preference for Mini Cars due to their compact size and fuel efficiency. Mini Cars are well-suited for navigating through the busy city streets and congested traffic conditions in the country. Additionally, the affordability of Mini Cars makes them an attractive option for many consumers in Saudi Arabia.

Trends in the market: One of the key trends in the Mini Cars market in Saudi Arabia is the increasing demand for electric and hybrid Mini Cars. This trend is driven by the growing awareness and concern for environmental sustainability among consumers in the country. The government of Saudi Arabia has also been actively promoting the use of electric vehicles as part of its efforts to reduce carbon emissions and dependence on fossil fuels. Another trend in the market is the rise of online car sales platforms. With the increasing popularity of e-commerce in Saudi Arabia, more consumers are turning to online platforms to purchase Mini Cars. This trend is driven by the convenience and ease of online shopping, as well as the availability of a wide range of Mini Car models and options.

Local special circumstances: Saudi Arabia has a young and fast-growing population, which has contributed to the increasing demand for Mini Cars. Many young professionals and urban dwellers in the country prefer Mini Cars for their practicality and affordability. Additionally, the government of Saudi Arabia has implemented policies to support the growth of the automotive industry, including the reduction of import duties and taxes on Mini Cars.

Underlying macroeconomic factors: The Mini Cars market in Saudi Arabia is also influenced by various macroeconomic factors. The country has a strong economy and high levels of disposable income, which has contributed to the growing demand for Mini Cars. Additionally, low fuel prices in Saudi Arabia make Mini Cars an attractive option for consumers, as they offer cost savings in terms of fuel consumption. In conclusion, the Mini Cars market in Saudi Arabia is experiencing growth due to customer preferences for compact and fuel-efficient vehicles, as well as the increasing demand for electric and hybrid Mini Cars. The rise of online car sales platforms and the young population in the country are also contributing to the growth of the market. Furthermore, the supportive government policies and favorable macroeconomic factors are driving the demand for Mini Cars in Saudi Arabia.

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).