By Staff www.arabianbusiness.com
Passenger vehicle numbers in the Gulf region are estimated to increase at an average of 7.4 percent annually over the next four five years, new research has revealed.
Despite a slight decline this year, vehicle sales in the GCC will stabilise in 2017, before a cumulative growth phase from 2017-2020 puts the region back on track as the Middle East and North Africa’s largest automotive market.
According to analysts Frost & Sullivan, Saudi Arabia will hold the lion’s share of cars on GCC roads, with 10.03 million vehicles by 2020 – 52.5 percent of the entire regional market.
UAE will have 3.53 million vehicles, an 18.5 percent share, while the rest of the region, which includes Kuwait, Oman, Qatar and Bahrain, will have 5.54 million vehicles – Kuwait being the largest followed by Oman and Qatar. More info