Overview of Saudi Arabia’s Automobile Market in 2023

Saudi Arabia’s automobile sales increased by 23.1% year-on-year to 758,791 units in 2023, exceeding 750,000 units for the first time in eight years. The increase in the number of drivers following the lifting of the ban on women obtaining driver’s licenses in 2018, as well as rising demand for commercial vehicles due to the growth of the country’s construction and logistics sectors brought about by rapid urbanization, are factors behind the growth. In 2024, crude oil prices remained at higher levels than the previous year, so the trend of expansion in sales is expected to continue.