GCC Passenger Car Market to Hit $10.8 Billion as Sales Volume Recovers

The GCC passenger car market is projected to reach a revenue of US$10.87 billion by the end of 2024, according to the latest industrial data from Statista. This growth is driven by a recovery in supply chains and sustained demand in the region’s two largest economies, Saudi Arabia and the United Arab Emirates. Market analysts forecast a compound annual growth rate (CAGR) of 2.19% between 2024 and 2029. This trajectory will result in a projected market volume of US$12.11 billion by the end of the five-year period. In terms of unit sales, the region is expected to move approximately 432,600 vehicles in 2024 alone. Saudi Arabia and UAE Lead Demand Saudi Arabia remains the dominant force in the regional automotive sector, generating the highest revenue share. The Kingdom’s market is expected to account for a significant portion of the total GCC valuation, fueled by large-scale infrastructure projects and changes in social regulations that have expanded the driver pool. The UAE follows as the second-largest market, characterized by a high preference for premium vehicle segments and a faster-than-average adoption rate for electric vehicles (EVs). By 2029, the total number of passenger…