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FINANCIAL NEWS
Car sales in Saudi Arabia to top 1m by 2018: Study
12 Sep 2012
(MENAFN) Saudi Arabia is poised to top one million in terms of car sales by 2018, as the Arab’s largest economy expands rapidly, Saudi Gazette reported, citing a study.
A study conducted by Specialized Systems for Exhibitions and Conference (EXCS) expected Middle East car market to accelerate growth, especially in terms of luxury cars, where sales are expected to rise by 15 percent this year from 9 percent in 2011.
Another report released by BMI expected demand for smaller, lower-priced family cars to increase as wealth increases at the lower end of the economic spectrum.
Another reason for a longer-term increase in demand for smaller cars is that the Saudi population is expected to grow 39 percent to a total of 36.5 million people by 2030, BMI added.
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