Saudi Arabia Vehicle Market in 2024 hit the best out of last 8 years. New light vehicles sales grew +7.8% scoring the 5th grow in a string. Toyota dominates with 5 models in the Top 10, but the standout performances belonged to Suzuki and MG.
Economic Environment
In 2024, Saudi Arabia’s economy remains strong, with non-oil growth projected at 3.5%, while oil GDP declines 4.6% due to production cuts. The labor market continues to expand, with over one million jobs added in 2023, bringing unemployment down to 7.7%. Inflation has eased to 1.6% by April 2024, though housing rents remain high.
The current account surplus fell to 3.2% of GDP as oil exports declined, but tourism revenue surged. Oil output is set to rebound in 2025, driving overall GDP growth to 4.5%. The fiscal deficit is widening to 3% of GDP, though public debt remains manageable. External reserves cover 13 months of imports, ensuring financial stability.
Saudi Arabia ranks 17th globally in competitiveness, attracting record foreign investment. The Kingdom continues advancing economic diversification and its net-zero emissions goal by 2060.
Automotive Industry Trend and Outlook
Saudi Arabia’s EV market, though still niche, is surging quickly. Up 757.2% in 2024 as production scales and infrastructure expands, fueled both by the government and the private sector.
Lucid claimed the top spot, jumping 14 places, followed by Hyundai and Lexus. Brands like MG, Mercedes, and Genesis also made strong gains, reflecting the major shifts that the segment is going through.
Overall, the Saudi vehicle market grew 7.8% in year-on-year volume, reaching its highest level in 8 years and extending a five-year growth streak
Looking at full-year data for 2024 brand-wise, the leader was Toyota, up +2%, followed by Hyundai in 2nd, which gained 6.7% in year-on-year volume.
In third place ranked Kia, growing +26.6%, followed by Nissan, down 0.1%, Ford, up 16.4%, Suzuki -up 4 spots- up +46.6% and Changan -down 1 spot- in 7th, down 7.8%.
Geely ranked 8th despite falling 2.6%; followed by Mazda, up +3.8%, and MG, which closed the Top 10 with a +65.9% increase.
Looking at specific models the Toyota Yaris Sedan was the best seller, up 7.8%. The Hyundai Accent -up 1 spot- followed in second with a 27.3% year-on-year increase.
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.
