Middle East: Passenger Car Market 2024

Passenger Car Market Size in the Middle East

The Middle Eastern passenger car market fell to $X in 2021, shrinking by -8.4% against the previous year. In general, consumption continues to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2018 with an increase of 4.6%. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Passenger Car Production in the Middle East

In value terms, passenger car production declined dramatically to $X in 2021 estimated in export price. Over the period under review, production saw a significant decline. The pace of growth was the most pronounced in 2018 with an increase of 79% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Passenger Car Exports

Exports in the Middle East

In 2021, overseas shipments of passenger cars decreased by -6.9% to X units, falling for the fourth consecutive year after four years of growth. Over the period under review, exports faced a sharp decrease. The pace of growth was the most pronounced in 2017 when exports increased by 22% against the previous year. Over the period under review, the exports reached the maximum at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, passenger car exports contracted modestly to $X in 2021. Total exports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -25.5% against 2018 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 29% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Turkey prevails in exports structure, resulting at X units, which was near 93% of total exports in 2021. It was distantly followed by the United Arab Emirates (X units), mixing up a 6.2% share of total exports.

Turkey was also the fastest-growing in terms of the passenger cars exports, with a CAGR of +2.6% from 2012 to 2021. The United Arab Emirates (-4.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Turkey and the United Arab Emirates increased by +92 and +6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest passenger car supplier in the Middle East, comprising 88% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 7.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Turkey stood at +5.2%.

Export Prices by Country

The export price in the Middle East stood at $X per unit in 2021, picking up by 5.4% against the previous year. Overall, the export price continues to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 when the export price increased by 4,845% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while Turkey totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.7%).

Passenger Car Imports

Imports in the Middle East

In 2021, passenger car imports in the Middle East skyrocketed to X units, jumping by 16% on the year before. Over the period under review, imports, however, recorded a pronounced decrease. Over the period under review, imports reached the maximum at X units in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, passenger car imports surged to $X in 2021. Overall, imports, however, showed a slight setback. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

The United Arab Emirates (X units) and Saudi Arabia (X units) represented roughly 49% of total imports in 2021. It was distantly followed by Turkey (X units), Israel (X units), Oman (X units), Iraq (X units) and Kuwait (X units), together mixing up a 42% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the United Arab Emirates (with a CAGR of +3.8%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Turkey ($X) were the countries with the highest levels of imports in 2021, together accounting for 63% of total imports. Israel, Kuwait, Oman and Iraq lagged somewhat behind, together accounting for a further 28%.

Israel, with a CAGR of +6.5%, saw 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 2021, the import price in the Middle East amounted to $X per unit, increasing by 4.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The growth pace was the most rapid in 2017 an increase of 9% against the previous year. The level of import peaked at $X per unit in 2018; afterwards, it flattened through to 2021.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Kuwait ($X per unit), while Iraq ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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