Forecast: Import of Special Purpose Motor Vehicles to Saudi Arabia

The import value of special purpose motor vehicles to Saudi Arabia in 2023 stood at $132.23 million. Over the past two years, there has been a consistent decrease in imports with a 4.33% decline in 2022 and a more significant 9.83% decline in 2023. The five-year CAGR for the period ending in 2023 is -8.07%, indicating a consistent downward trend.

Looking at the forecasted data from 2024 onwards, the trend continues to show a decrease in imports, with 2028 expected to see a value decline to $56.487 million. The forecasted five-year CAGR is -13.38%, suggesting a pronounced negative outlook with an overall growth rate of -51.23% over five years.

Future trends to watch for include fluctuations in global economic conditions, changes in local demand, and governmental policies affecting import regulations. Additionally, advancements in local manufacturing capabilities and potential shifts towards domestic production could significantly impact import values.