Automotive

The Saudi Arabian automotive industry is the largest in the MENA region, valued at approximately $56.5 billion in 2024 and rapidly transforming. Historically reliant on imports, the sector is now a key focus of Vision 2030 for economic diversification.

Key initiatives include major investments in local manufacturing and electric vehicles (EVs), with a goal to produce over 300,000 vehicles annually by 2030. This is spearheaded by ventures like the domestic EV brand Ceer and the Lucid Motors factory. Rising consumer demand, growing female labor force participation, and technological adoption are fueling its projected 6.3% CAGR growth.

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