Saudi Arabia four wheeler battery market is growing at a signficant rate to reache more than double its size by 2028 due to a rising demand from ride-sharing services, environment friendly benefits, and rechargeable energy sources.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, forecasts Saudi Arabia four wheeler battery market to grow from USD 410.1 million in 2021 to USD 894.8 million by 2028, by growing at a double-digit CAGR of 11.9% during the projected period (2022–2028). In Saudi Arabia, four wheelers are among the most popular vehicles for transportation, logistics, and shared mobility. These cars have powerful, dynamic engines that are well suited for higher acceleration thanks to their high horsepower. As a result, starting the engines on these cars requires a lot of power, which is produced by the battery. People are adopting battery-powered vehicles nowadays due to growing eco-consciousness, which boosts the sales of automotive batteries in the country.
Saudi Arabia Four Wheeler Battery Market – Technology Advancements
Lithium-ion batteries charge more quickly and last longer than older battery types. Higher power density and longer battery life are two benefits of lithium-ion batteries. When compared to more traditional batteries like nickel-metal hydride and lead-acid batteries, the lithium-ion battery for automobiles has emerged as an environmentally friendly and rechargeable energy source. Because lithium-ion batteries have a lengthy replacement duration because of their sophisticated plate technology, the market for them is anticipated to grow at the fastest rate. Manufacturers consistently invest in and concentrate on the development of battery technology for the reduction of battery prices in order to make the vehicle more inexpensive, which drives the market in the area.
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Increased Demand in Saudi Arabia Four Wheeler Battery Market
The market growth is expected to be accelerated by ongoing developments and the inclusion of cutting-edge, alluring features in cars, such as autonomous emergency braking that uses batteries as a power source. Due to the frequent replacement of car batteries, the high sales of old automobiles in the country as a result of the high import levies on vehicles are anticipated to have an impact on market growth. The market for ridesharing and taxi services is forecast to expand at a significant rate due to growing internet penetration and the proliferation of connected devices.
Challenge: Heavy Reliance on Imported Batteries
Batteries are utilized to start the cars that are employed in these services. The absence of domestic manufacturing facilities and the country’s heavy reliance on battery imports, however, could limit the market’s expansion in the coming years.
Saudi Arabia Four Wheeler Battery Market – By Vehicle Type
The market is divided into passenger automobiles and light commercial vehicles based on the kind of vehicle. The passenger cars segment currently holds a higher market share, and is expected to continue its dominance during the forecast period. The country’s passenger car sales are being driven by a surge in the demand for luxury vehicles for leisure activities as well as the introduction of new models with improved fuel efficiency, performance, and novel features.
The Central region in Saudi Arabia, where major cities such as Riyadh, Jeddah, Makkah, and Medina are located, is expected to continue its leadership position in the country’s four wheeler battery market.
Impact of Covid 19 on Saudi Arabia Four Wheeler Battery Market
In Saudi Arabia, the COVID-19 pandemic has caused crises in both imports and exports. As an import-dependent sector, the Saudi four wheeler battery market was negatively impacted by the pandemic.
Key players in the Saudi Arabia Four Wheeler Battery Market are investing in technologies to maximize their return on investment. In the market, innovative strategic maneuvers such as mergers and partnerships also assist major companies by increasing their client base and expanding their sales and distribution networks.
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