Between 2013 and 2023, the import of parts for electric motors and generators to Saudi Arabia demonstrated significant volatility. Starting at 15.552 million kilograms in 2013, it showed a dramatic decrease in 2014 by 66.03%, followed by fluctuations with significant spikes in 2015 and 2017. The trend slightly stabilized post-2020 but continued with minor year-on-year decrease until reaching 3.5952 million kilograms in 2023.
Over the last two years, the import volume showed a year-on-year decline of 2.65% in 2022 and 2.67% in 2023. The Compound Annual Growth Rate (CAGR) for the past 5 years stood at -1.75%, indicating a slight downward trend. Future forecasts suggest a continued decline with a forecasted 5-year CAGR of -2.45%, translating to an 11.66% decrease by 2028.
Future trends to watch for include potential impacts of advancements in local manufacturing capabilities and changes in demand for electric motors and generators due to shifts in energy policies or industrial activities in Saudi Arabia.
