Middle East: Passenger Car Market 2024

Passenger Car Market Size in the Middle East

In 2023, the Middle Eastern passenger car market increased by X% to $X for the first time since 2019, thus ending a three-year declining trend. The total consumption indicated a perceptible expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2023, consumption failed to regain momentum.

Passenger Car Production in the Middle East

In value terms, passenger car production fell to $X in 2023 estimated in export price. In general, production posted a buoyant expansion. The pace of growth appeared the most rapid in 2018 with an increase of X%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2023, production stood at a somewhat lower figure.

Passenger Car Exports

Exports in the Middle East

In 2023, overseas shipments of passenger cars were finally on the rise to reach X units after five years of decline. Total exports indicated a tangible expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when exports increased by X% against the previous year. The volume of export peaked at X units in 2017; however, from 2018 to 2023, the exports failed to regain momentum.

In value terms, passenger car exports soared to $X in 2023. Total exports indicated tangible growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

Exports by Country

Turkey prevails in exports structure, amounting to X units, which was approx. X% of total exports in 2023. The United Arab Emirates (X units), Qatar (X units) and Oman (X units) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to passenger car exports from Turkey stood at X%. At the same time, Oman (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of X% from 2012-2023. By contrast, Qatar (X%) and the United Arab Emirates (X%) illustrated a downward trend over the same period. Turkey (X p.p.) significantly strengthened its position in terms of the total exports, while Qatar and the United Arab Emirates saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest passenger car supplier in the Middle East, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Oman, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Turkey stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Oman (X% per year).

Export Prices by Country

In 2023, the export price in the Middle East amounted to $X per unit, growing by X% against the previous year. Over the last eleven-year period, it increased at an average annual rate of X%. The growth pace was the most rapid in 2020 an increase of X% against the previous year. The level of export peaked at $X per unit in 2021; afterwards, it flattened through to 2023.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Oman ($X per unit), while Turkey ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced more modest paces of growth.

Passenger Car Imports

Imports in the Middle East

In 2023, imports of passenger cars in the Middle East skyrocketed to X units, growing by X% on 2022 figures. Overall, imports, however, showed a relatively flat trend pattern. Over the period under review, imports attained the maximum at X units in 2015; however, from 2016 to 2023, imports failed to regain momentum.

In value terms, passenger car imports skyrocketed to $X in 2023. In general, imports showed a relatively flat trend pattern. The level of import peaked at $X in 2015; however, from 2016 to 2023, imports failed to regain momentum.

Imports by Country

Turkey (X units) and the United Arab Emirates (X units) represented the largest importers of passenger cars in 2023, recording approx. X% and X% of total imports, respectively. Saudi Arabia (X units) ranks next in terms of the total imports with an X% share, followed by Israel (X%) and Iraq (X%). The following importers - Kuwait (X units) and Oman (X units) - each recorded an X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for Turkey (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Israel ($X) appeared to be the countries with the highest levels of imports in 2023, with a combined X% share of total imports.

Turkey, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in the Middle East amounted to $X per unit, growing by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Israel (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform