The data on vehicles in use in Saudi Arabia shows a general upward trend from 2013 to 2023, with a noticeable dip in 2020. Despite this decrease, the market quickly rebounded in 2021 and continued to grow steadily through 2023. In 2023, the number of vehicles in use stood at 7.97 million units, having increased by 2.15% compared to 2022. Over the last five years, the compound annual growth rate (CAGR) was 2.35%. Future projections indicate continuous growth, reaching up to 8.83 million units by 2028.
Future trends to watch for:
- Increased adoption of electric vehicles as Saudi Arabia moves towards sustainability goals.
- Potential market fluctuations due to economic and geopolitical factors.
- Technological advancements leading to smarter and more connected vehicles.
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