Dublin, Aug. 06, 2021 (GLOBE NEWSWIRE) -- The "GCC Passenger Car Market, By Vehicle Type (Hatchback, Sedan, MPV, and SUV), By Fuel Type (Petrol/Gasoline, Diesel and Others), By Transmission Type (Automatic Transmission and Manual Transmission), By End User, By Country, Competition, Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The GCC Passenger Car Market is projected to grow at a CAGR of 8.73%, in value terms, during the forecast period and is anticipated to reach USD46.13 billion by 2026.
The GCC Passenger Car Market is driven by the increasing service sector, growing non-oil economy and rising disposable income of the people in the region, especially, in the United Arab Emirates and Kingdom of Saudi Arabia. In 2017, the ban on women driving was uplifted in the Kingdom of Saudi Arabia and since then there is an increase in women drivers. Hence, the demand from women drivers is also susceptible to rise in the coming years and propel the market in the forecast period.
The Gulf Cooperation Council (GCC) was established in 1981 and its 6 members are the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. Every country's economy in GCC is majorly dependent on oil & petroleum product trades.
However, currently the government is taking initiatives to help non-oil sectors like services, construction, tourism and others grow, this changing demographic in turn is aiding the growth of purchasing powers and consumer disposable income.
The GCC Passenger Car Market is divided based on vehicle type, fuel type, transmission type, end-user and country. Based on vehicle type, the market can be classified into hatchback, sedan, multi-purpose vehicle and sports utility vehicle. In terms of vehicle type, the sedan car segment accounts for the largest share but due to increase in the service sector, demand for personal transportation is increasing and hence giving rise to the hatchback car segment.
Based on fuel type, the market is dominated by vehicles driven by gasoline or petrol due to comparatively low gasoline prices and hence attaining low costs of ownership and this trend is susceptible to withstand in the forecast period as well.
On the basis of passenger car sales by end-user, individual owners are much more contributing as compared to fleet owners. Cars with automatic transmission account for the majority of share in the GCC Passenger Car Market on account of ease of driving with stringent traffic rules across the region.
Toyota Motor Corporation, Nissan Motor Company, Ltd., Hyundai Motor Company, Mitsubishi Motors Corporation, Kia Corporation, etc., are among some of the leading players operating in the GCC Passenger Car Market.
Apart from these companies, other passenger car manufacturers are also increasing their marketing activities and enriching their product portfolio in the region to increase their customer outreach.
Major companies in the GCC Passenger Car Market are also focusing on increasing their dealer and distributor network to grab a larger share in the region's passenger car market.
Report Scope:
Company Profiles
- Toyota Motor Corporation
- Nissan Motor Company, Ltd.
- Hyundai Motor Company
- Mitsubishi Motors Corporation
- Kia Corporation
- General Motors Company
- Fiat Automobiles S.p.A.
- Mercedes-Benz
- Volkswagen AG
- Bayerische Motoren Werke (BMW) AG
Years considered for this report:
- Historical Period: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
GCC Passenger Car Market, By Vehicle Type:
- Hatchback
- Sedan
- Multi-Purpose Vehicle
- Sports Utility Vehicle
GCC Passenger Car Market, By Fuel Type:
- Petrol/Gasoline
- Diesel
- Alternate Fuels
GCC Passenger Car Market, By Transmission Type:
- Manual Transmission
- Automatic Transmission
GCC Passenger Car Market, By End-User:
- Individual Owners
- Fleet Owners
GCC Passenger Car Market, By Country:
- Kingdom of Saudi Arabia
- United Arab Emirates
- Kuwait
- Oman
- Qatar
- Bahrain
For more information about this report visit https://www.researchandmarkets.com/r/8vr6kh
