Automotive sales in Saudi Arabia to hit over SAR 69 billion in 2010
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.
Taking advantage of the industry's robust growth forecast, Riyadh Motor Show 2010 – The 28th International Exhibition for Motor Vehicles, and Saudi Autoshop 2010 – The 14th International Exhibition for Auto Repair Equipment, Tools, Parts and Accessories, will showcase the latest models, accessories and specialised automotive services from leading international brands. Riyadh Motor Show and Saudi Autoshop will be concurrently held from December 5 to 9, 2010 (29 Dhu al Hijjah 1431 till 3 Muharram 1432) at the Riyadh International Convention & Exhibition Centre, expecting to attract over 85,000 visitors from all over the world.
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.
- UAE and China reach for the stars with MOU on outer space research
- United Airlines to end Washington-Dubai route: a case of sour grapes?
- Qatar seals $7.02 billion deal for French Rafale fighter jets
- A year later: how safe is flying after the Malaysian airlines' disasters?
- Nationalist glory or economic revival? Why Egyptians are rushing for two-way traffic in the Suez Canal
- Riyadh Motor Show 2010, Saudi Autoshop 2010 kick off
- Auto sales in Saudi Arabia to hit 880,000 units by 2013 reflecting a 50 per cent increase from 2008 levels
- Saudi Arabia's automotive sector to sustain long-term growth, reach over SAR 80.6 billion by 2014
- Expected leads of automotive industry to reach 94 billion SAR
- Saudi automobile sector to grow 30 per cent to post SAR94 billion in sales by 2013