Saudi Arabia 2024. Stagnation In June As Market Falls For The Third Month In A Row (-5.5%)

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The 2024 Toyota GR Yaris
The 2024 Toyota GR Yaris

Saudi Arabia Auto Market in June 2024 fell for the 3rd month in a row, registering 46,966 new sales (-5.5%). H1 figures at 346,868 were up merely 0.5% from the prior year.

Market Trend and Outlook

The Saudi Arabian vehicle market in June 2024 fell for the 3rd month in a row, registering 46,966 new sales (-5.5%). H1 figures at 346,868 were up merely 0.5% from the prior year.

Looking at cumulative data up to June 2024 brand-wise, the leader Toyota reported 99,485 new sales (-2.3%) and 28.7% market share, followed by Hyundai in second with 56,004 units sold (+10.4%).

In third place ranked Kia with 25,886 sales (+24.4%), followed by Nissan at 21,883 (-3.3%), Ford at 15,460 (-4.6%), Changan at 14,250 (-7.8%) and Suzuki -up 4 spots- in 7th with 13,234 new registrations (+52.4%).

Geely ranked 8th with 11,734 sales (-11.9%), followed by  Mazda with 11,372 units sold (-10.1%) and MG closed the Top 10 with 8,660 new registrations (+8.3%).

Looking at specific models the Toyota Yaris Sedan was the best seller up 11.9%, followed by the Hyundai Accent in second with a 41.2% year-on-year increase in sales.

Medium-Term Market Trend

Saudi Arabian is the 22nd largest in the World, although is still far from the record volume hit in the 2015. 

That record arrived after a fast growing decade but the rapid growth was followed by years  of difficulties, correlated with the low price of oil in th international market which limited the GDP growth.

Then, the 2020 measures anti-covid further hit th industry with sales fell at 469K, before to assist at a prompt recovery in 2021, with sales up 24.6%.

Sales in 2023 totalled 729,466 sales, while increasing by 16.9% from last year.

Next years perspectives are moderately positive, with GDP expansion and opportunities to increase the circulating park.

Tables with sales figures

In the tables below we report sales for top 10 brands.

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