MarketLineIC_Middle East NewCars_2022.pdf

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1、 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|1MarketLine Industry ProfileNew Cars in the Middle EastJanuary 2022ReferenceReference Code:Code:0207-03580207-0358PublicationPublication Date:Date:JanuaryJanuary 20222022PrimaryPrimary NAICS:NAICS:336111336111WWW.MARKETL

2、INE.COMWWW.MARKETLINE.COMMARKETLINE.THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED New Cars in the Middle EastIndustry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|21.Executive Summary1.1.Market valueThe Middle Eastern new cars market grew

3、by 33.1%in 2021 to reach a value of$35.2 billion.1.2.Market value forecastIn 2026,the Middle Eastern new cars market is forecast to have a value of$36.3 billion,an increase of 3.2%since 2021.1.3.Market volumeThe Middle Eastern new cars market grew by 22.8%in 2021 to reach a volume of 1,090.2 thousan

4、d units.1.4.Market volume forecastIn 2026,the Middle Eastern new cars market is forecast to have a volume of 1,016.2 thousand units,a decrease of 6.8%since 2021.1.5.Geography segmentationIsrael accounts for 46.3%of the new cars market value.1.6.Market shareToyota is the leading player in the Middle

5、Eastern new cars market,generating a 36.8%share of the markets volume.1.7.Market rivalryRivalry within the new cars market is intensified by the existence of large-sized companies and the high fixed costs associated with car manufacturing.However,the relatively small number of large companies in the

6、 market,due to the large economies of scale required,mitigates competition.Differentiation is a fundamental aspect of competition in the new cars market,and that serves to alleviate rivalry to some extent.New Cars in the Middle EastIndustry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND

7、IS NOT TO BE PHOTOCOPIEDPage|31.8.Competitive LandscapeThe Middle Eastern new cars market is highly consolidated,with the four leading players,Volkswagen,Nissan,Hyundai,and Toyota,expected to account for a combined 88.1%share of the sales volume in 2021.The leading players in this market are tapping

8、 into the growing demand for hybrid and electric vehicles,while alliances within the market are a common strategy.The COVID-19 pandemic halted production in many countries,as well as disrupting the supply chain;as such,the leading players were negatively impacted in 2020.New Cars in the Middle East

9、Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|4TABLE OF CONTENTS1.Executive Summary21.1.Market value.21.2.Market value forecast.21.3.Market volume.21.4.Market volume forecast.21.5.Geography segmentation.21.6.Market share.21.7.Market rivalry.21.8.Com

10、petitive Landscape.32.Market Overview92.1.Market definition.92.2.Market analysis.93.Market Data113.1.Market value.113.2.Market volume.124.Market Segmentation134.1.Geography segmentation.135.Market Outlook145.1.Market value forecast.145.2.Market volume forecast.156.Five Forces Analysis166.1.Summary.1

11、66.2.Buyer power.176.3.Supplier power.186.4.New entrants.206.5.Threat of substitutes.22New Cars in the Middle East Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|56.6.Degree of rivalry.237.Competitive Landscape257.1.Market share.257.2.Who are the lea

12、ding players?.257.3.How are strategic alliances used by the leading companies?.267.4.How is new technology opening up competition?.277.5.How are leading players progressing in the hybrid and electric cars segment?.277.6.What impact is the COVID-19 pandemic having on leading players?.288.Company Prof

13、iles308.1.Nissan Motor Co.,Ltd.308.2.Hyundai Motor Company.378.3.Toyota Motor Corporation.418.4.Volkswagen AG.469.Macroeconomic Indicators529.1.Country data.52Appendix54Methodology.549.2.Industry associations.559.3.Related MarketLine research.55About MarketLine.56New Cars in the Middle East Industry

14、 Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|6LIST OF TABLESTable 1:Middle East new cars market value:$billion,2017-21(e)11Table 2:Middle East new cars market volume:thousand units,201721(e)12Table 3:Middle East new cars market geography segmentation:$bill

15、ion,2021(e)13Table 4:Middle East new cars market value forecast:$billion,2021-2614Table 5:Middle East new cars market volume forecast:thousand units,20212615Table 6:Middle East new cars market share:%share,by volume,2021(e)25Table 7:Nissan Motor Co.,Ltd.:key facts30Table 8:Nissan Motor Co.,Ltd.:Annu

16、al Financial Ratios32Table 9:Nissan Motor Co.,Ltd.:Key Employees33Table 10:Nissan Motor Co.,Ltd.:Key Employees Continued34Table 11:Nissan Motor Co.,Ltd.:Key Employees Continued35Table 12:Nissan Motor Co.,Ltd.:Key Employees Continued36Table 13:Hyundai Motor Company:key facts37Table 14:Hyundai Motor C

17、ompany:Annual Financial Ratios39Table 15:Hyundai Motor Company:Key Employees40Table 16:Toyota Motor Corporation:key facts41Table 17:Toyota Motor Corporation:Annual Financial Ratios43Table 18:Toyota Motor Corporation:Key Employees44Table 19:Toyota Motor Corporation:Key Employees Continued45Table 20:V

18、olkswagen AG:key facts46Table 21:Volkswagen AG:Annual Financial Ratios48Table 22:Volkswagen AG:Key Employees49Table 23:Volkswagen AG:Key Employees Continued50Table 24:Volkswagen AG:Key Employees Continued51Table 25:Middle East size of population(million),20172152Table 26:Middle East gdp(constant 200

19、5 prices,$billion),20172152Table 27:Middle East gdp(current prices,$billion),20172152New Cars in the Middle East Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|7Table 28:Middle East inflation,20172152Table 29:Middle East consumer price index(absolute

20、),20172153Table 30:Middle East exchange rate,20162053New Cars in the Middle East Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|8LIST OF FIGURESFigure 1:Middle East new cars market value:$billion,2017-21(e)11Figure 2:Middle East new cars market volum

21、e:thousand units,201721(e)12Figure 3:Middle East new cars market geography segmentation:%share,by value,2021(e)13Figure 4:Middle East new cars market value forecast:$billion,2021-2614Figure 5:Middle East new cars market volume forecast:thousand units,20212615Figure 6:Forces driving competition in th

22、e new cars market in the Middle East,202116Figure 7:Drivers of buyer power in the new cars market in the Middle East,202117Figure 8:Drivers of supplier power in the new cars market in the Middle East,202118Figure 9:Factors influencing the likelihood of new entrants in the new cars market in the Midd

23、le East,202120Figure 10:Factors influencing the threat of substitutes in the new cars market in the Middle East,202122Figure 11:Drivers of degree of rivalry in the new cars market in the Middle East,202123Figure 12:Middle East new cars market share:%share,by volume,2021(e)25New Cars in the Middle Ea

24、st Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|92.Market Overview2.1.Market definitionThe new cars market consists of the initial retail sale/registration of new passenger cars.Passenger cars include saloons,hatchbacks,SUVs,4x4s,and light pickups

25、used predominantly in North America,and other related vehicles.The market value is calculated at retail selling price(RSP)and the market volume is given in terms of units sold.Market share data for the New Cars industry applies to motor manufacturing groups as opposed to their individual brands,i.e.

26、for the Volkswagen Group this includes all of its brands such as Volkswagen,Audi,Skoda,Seat etc.therefore where possible,market share data represents sales figures for every brand in that manufacturing group within each country.All market data and forecasts are represented in nominal terms(i.e.witho

27、ut adjustment for inflation)and all currency conversions used in the creation of this report have been calculated using constant 2020 annual average exchange rates.For the purposes of this report,the global market consists of North America,South America,Europe,Asia-Pacific,Middle East,South Africa a

28、nd Nigeria.North America consists of Canada,Mexico,and the United States.South America comprises Argentina,Brazil,Chile,Colombia,and Peru.Europe comprises Austria,Belgium,the Czech Republic,Denmark,Finland,France,Germany,Greece,Ireland,Italy,Netherlands,Norway,Poland,Portugal,Russia,Spain,Sweden,Swi

29、tzerland,Turkey,and the United Kingdom.Scandinavia comprises Denmark,Finland,Norway,and Sweden.Asia-Pacific comprises Australia,China,Hong Kong,India,Indonesia,Kazakhstan,Japan,Malaysia,New Zealand,Pakistan,Philippines,Singapore,South Korea,Taiwan,Thailand,and Vietnam.Middle East comprises Egypt,Isr

30、ael,Saudi Arabia,and United Arab Emirates.2.2.Market analysisThe Middle Eastern new cars market experienced weak value and volume growth during the historic period,before suffering a steep decline in 2020.The market is expected to achieve very strong growth in 2021 but decline the following year.Wea

31、k growth is expected over the remainder of the forecast period.The Israeli market is by far the largest market in the region and is expected to account for 46.3%of its total value in 2021.Prior to 2017,the countrys strong macroeconomic performance fueled private consumption,stimulating demand in the

32、 new cars market,which was further enhanced by lower interest rates.In 2016,market growth peaked as consumer confidence was boosted due to the economys accelerated growth and the anticipation of tax increases in 2017 that urged consumers to purchase a car in advance.Such tax increases led to a hampe

33、red market performance in the years that followed.The Middle Eastern new cars market is expected to generate total revenues of$35.2bn in 2021,representing a compound annual rate of growth(CAGR)of 4.4%between 2017 and 2021.In comparison,the Saudi Arabian market grew with a CAGR of 2.6%,and the Emirat

34、i market declined with a compound annual rate of change(CARC)of-8.2%,over the same period,to reach respective values of$9.9bn and$3.7bn in 2021.The Saudi Arabian economy has been subject to economic turbulence since 2016 due to the fall in oil prices in 2015.Private consumption has been limited in t

35、he face of shrinking income,eventually reducing demand for new cars during the historic period.In 2018,the volume of cars sold in Saudi Arabia fell below 2010 levels.Low oil New Cars in the Middle East Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|1

36、0prices were having an impact on the economy and the introduction of VAT meant that prices increased,which in turn reduced purchasing power.2019 saw sales grow.Market consumption volume is forecast to increase with a CAGR of 2.3%between 2017 and 2021,to reach a total of 1,090.2 thousand units in 202

37、1.The markets volume is expected to fall to 1,016.2 thousand units by the end of 2026,representing a CARC of-1.4%for the 20212026 period.Fiscal reforms in Egypt have negatively affected the new cars market prior to the historic period.Consumption reduced due to economic uncertainty,while the signifi

38、cant deprecation of the countrys local currency due to its liberalization towards the end of 2016 propelled the cost of imported cars.Moreover,the hike in interest rates in 2017 to counteract rising inflation has substantially increased the cost of car-financing.However,all that changed in 2018,when

39、 GDP rose by 5.31%,unemployment dropped to 8.9%and inflation to 14.4%.All these macroeconomic indicators had a major effect on consumer confidence,boosting demand for new cars and driving prices up dramatically.The COVID-19 pandemic had a significant impact on the automotive industry in 2020,which h

40、ad a knock-on effect on the new cars market.Temporary shutdowns at manufacturing plants amid labor shortages and a severe disruption in the supply chain,including a shortage of semiconductors,led to production declines.Meanwhile,consumer and business confidence remained depressed since its slump in

41、the advent of the pandemic,leading to a decline in demand.For instance,Israels GDP contracted by 4.31%in 2020.The performance of the market is forecast to decelerate,with an anticipated CAGR of 0.6%for the five-year period 20212026,which is expected to drive the market to a value of$36.3bn by the en

42、d of 2026.Comparatively,the Emirati market will increase with a CAGR of 5.5%,and the Israeli market will decline with a CARC of-2.6%,over the same period,to reach respective values of$4.8bn and$14.3bn in 2026.The Middle Eastern new cars market is expected to follow a strong growth trajectory in valu

43、e and volume terms in 2021.Pent-up demand will drive growth,while the improving macroeconomic environment given that the pandemic is set to be coming to an end will support spending that year.According to MarketLine,the economy is expected to grow by 4.99%in 2021.However,growth is expected to be wea

44、k over the majority of the forecast period,due to reduced demand and high taxes on vehicles seen historically.New Cars in the Middle East Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|113.Market Data3.1.Market valueThe Middle Eastern new cars market

45、 grew by 33.1%in 2021 to reach a value of$35.2 billion.The compound annual growth rate of the market in the period 2017-21 was 4.4%.TableTable 1 1:MiddleMiddle EastEast newnew carscars marketmarket value:value:$billion,billion,2017-21(e)2017-21(e)Year$billion billion%Growth201729.626.0201830.026.31.

46、3201930.326.61.0202026.523.2-12.72021(e)35.230.933.1CAGR:2017214.4%SOURCE:SOURCE:MARKETLINE M A R K E T L I N EFigureFigure 1 1:MiddleMiddle EastEast newnew carscars marketmarket value:value:$billion,billion,2017-21(e)2017-21(e)SOURCE:SOURCE:MARKETLINE M A R K E T L I N ENew Cars in the Middle East

47、Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|123.2.Market volumeThe Middle Eastern new cars market grew by 22.8%in 2021 to reach a volume of 1,090.2 thousand units.The compound annual growth rate of the market in the period 2017-21 was 2.3%.TableTa

48、ble 2 2:MiddleMiddle EastEast newnew carscars marketmarket volume:volume:thousandthousand units,units,20172017 21(e)21(e)Yearthousand units%Growth2017996.02018983.6-1.220191,026.04.32020887.8-13.52021(e)1,090.222.8CAGR:2017212.3%SOURCE:SOURCE:MARKETLINE M A R K E T L I N EFigureFigure 2 2:MiddleMidd

49、le EastEast newnew carscars marketmarket volume:volume:thousandthousand units,units,20172017 21(e)21(e)SOURCE:SOURCE:MARKETLINE M A R K E T L I N ENew Cars in the Middle East Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|134.Market Segmentation4.1.G

50、eography segmentationIsrael accounts for 46.3%of the new cars market value.Saudi Arabia accounts for a further 28.1%of the market.TableTable 3 3:MiddleMiddle EastEast newnew carscars marketmarket geographygeography segmentation:segmentation:$billion,billion,2021(e)2021(e)Geography2021%Israel16.346.3