Automotive Market in GCC to grow by 346.37 thousand units between 2021 and 2026 | The demand for passenger cars in the market is growing at a faster pace - Technavio
But First A Backgrounder From Art Intelli:
The Gulf Cooperation Council (GCC) is a regional intergovernmental organization consisting of six Arab countries in the Arabian Gulf region. It was established on May 25, 1981, in Riyadh, Saudi Arabia, with the aim of promoting economic, political, and security cooperation among its member states.
The member countries of the GCC are:
- Saudi Arabia
- United Arab Emirates (UAE)
The GCC was formed to enhance collaboration in various areas, including trade, investment, finance, defense, and cultural exchange. Over the years, the member states have worked together on a wide range of issues, including economic integration, infrastructure development, and joint security efforts.
One of the notable initiatives of the GCC is the establishment of the Gulf Common Market in 2008, which aimed to create a unified economic market within the member countries, allowing for the free movement of goods, services, capital, and labor.
However, the GCC has also faced challenges, including internal disagreements among its members, such as the diplomatic crisis between Qatar and some of its neighbors in 2017. This crisis strained relations within the organization and highlighted some of the underlying political tensions among member states.
The GCC has been an important player in the geopolitics of the Middle East, and its activities have implications for regional stability, energy markets (as many GCC countries are major oil and gas producers), and international relations. It's important to note that my knowledge is based on information available up until September 2021, so there may have been developments since that time.
NEW YORK, Aug. 25, 2023 --According to Technavio, the automotive market share in GCC is anticipated to increase by 346.37 thousand units, and the market's growth size is projected to rise at a CAGR of 6.74%. The report provides a detailed analysis of market insights, Download Free Sample PDF Report Here
The GCC automotive market is on an evolutionary path, marked by growth, innovation, and challenges. As urbanization reshapes the region's cities, the demand for smarter mobility solutions rises, propelling the automotive landscape. However, challenges, including COVID-19 pandemic-related disruptions, have highlighted the need for adaptability. This report navigates this landscape, dissecting market dynamics, from passenger cars to commercial vehicles across Saudi Arabia, UAE, Kuwait, and others. Major companies like BMW, Daimler, and General Motors drive innovation, especially in the electric vehicle sector.
For more insights on the market drives, trends, and challenges, download the free sample report here!
The automotive market in GCC is segmented as below:
- Passenger Cars
- Commercial Vehicles
The demand for passenger cars in the market is growing at a faster pace, driven by the increasing per capita income of consumers. Additionally, the combination of affordable fuel costs and substantial investments in advancing road infrastructure within GCC nations has significantly elevated the desire for more luxurious and comfortable passenger vehicles.
- Saudi Arabia
Saudi Arabia holds the largest share of the automotive market in GCC. The high adoption of passenger cars and changing social dynamics are driving the growth of the regional market.
Technavio offers an in-depth understanding of this market, achieved through comprehensive research, data synthesis, and analysis from various sources. Download the free sample report now!
Automotive Market in GCC: Companies Analysis
Technavio provides a comprehensive analysis of major companies operating in the automotive market in GCC. Backed with competitive intelligence and benchmarking, our research report on the automotive market in GCC is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support. The report includes analysis of major companies, including:
- BMW AG
- Daimler AG
- General Motors Co.
- Hyundai Motor Co.
- Kia Motors Corp.
- Mitsubishi Motors Corp.
- Nissan Motor Co. Ltd.
- Stellantis NV
- Toyota Motor Corp.
- Volkswagen AG
Buy the full report now and make informed decisions!
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Table Of Contents:
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Five Forces Analysis
5. Market Segmentation by Type
6. Customer landscape
7. Geographic Landscape
8. Drivers, Challenges, and Trends
9. Company Landscape
10. Company Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.