| 29 Aug 2010 |
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Automotive sales in Saudi Arabia to hit over SAR 69 billion in 2010
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Increasing lending facilities support growth as car loans account for up to 70 per cent of car sales
Automotive sales in the Kingdom of Saudi Arabia (KSA) is expected to reach over SAR 69.4 billion in 2010, while there will be a 30 per cent growth in the number of vehicles sold from 676,000 to 880,000 within the next three years, according to a recent BMI report. A factor in the robust market growth is increased availability of lending facilities, with car loans expected to account for up to 70 per cent of car sales, up from 50 per cent.
Kamil Al Jawhari, Project Manager of Riyadh Motor Show at Riyadh Exhibitions Company, said: "The favourable economic conditions have helped consolidate Saudi Arabia's reputation as a highly attractive automotive market. Moreover, there were several other factors that contributed to the encouraging auto sales growth in 2010, including the imposed restrictions on the age of imported used vehicles and the population growth in the country, which has helped spark the increase in demand for vehicles and auto parts and services. In addition, the local weather condition, which can be harsh on vehicles, has also been a factor in the steady demand for auto maintenance services."
Industry pundits expect Saudi Arabia to remain generally impervious to the effects of the global downturn as a range of demographic factors and the country's financial stability help cushion any negative impact on the automotive sector. Factors such as strong population growth of up to 3 per cent annually, high disposable income, low tariffs on imported cars and low fuel cost are boosting the automotive sector's growth prospects, even as up to 60 per cent of the country's population comprise the 16 to 64 age bracket, which is within the industry's market range.
Riyadh Motor Show 2010 will showcase the latest models of passenger cars, station wagons, Sports Utility Vehicles (SUV), pick-up trucks, motorcycles, Special Purpose Vehicles, and 4x4 vehicles. It will also include automobile financing and insurance services.
Saudi Autoshop 2010, which is held concurrently, will feature the latest automobile accessories and repair service equipment; gas station equipment; automobile parts; tires, exhausts and batteries; and automobile care products.
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For further information, please contact:
Orient Planet PR & Marketing Communications
P.O.Box: 40207, Jeddah 21499
Kingdom of Saudi Arabia
Tel: 0096622572300
Fax: 0096622572300
Email: saudi@orientplanet.com
Website: www.orientplanet.com
Orient Planet PR & Marketing Communications
Dubai, United Arab Emirates
P.O.Box: 23345
Tel: 00971 4 398 8901
Fax: 00971 4 398 8941
Email: media@orientplanet.com
Website: www.orientplanet.com
© Press Release 2010
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