Forecast: Commercial Vehicles Registrations in Saudi Arabia

The commercial vehicle registrations in Saudi Arabia saw significant fluctuations between 2013 and 2023. In 2023, the registrations stood at 99.27 thousand vehicles, marking a slight increase of 2.33% from the previous year. Notably, from 2014 to 2020, the market witnessed a sharp decline, hitting a low in 2020 with a year-on-year drop of 72.74%. However, from 2021 onwards, a recovery was observed, with registrations increasing by 92.11% in 2021 and a substantial climb in 2022 with a 151.94% year-on-year increase.

An analysis of the last five years reveals an average annual growth rate (CAGR) standing at 9.3%. Forecasts from 2024 to 2028 predict a steady growth rate, with a five-year CAGR of 1.86% and a total market growth of 9.65% over the period. By 2028, registrations are expected to reach 111.62 thousand vehicles.

Future trends to watch include potential impacts of economic diversification efforts under Saudi Vision 2030, advancements in transportation infrastructure, and shifts in regulatory policies which could significantly influence commercial vehicle market dynamics.