Prices of the imported cars are expected to register a marginal increase of three percent in the current year compared to figures of 2014, local media said quoting car dealers.

Cars made by South Korea and China are projected to capture the biggest market share in the future due to low prices and their focusing on small-sized (sedan) categories, which have the highest demand levels in the Kingdom, Al-Madinah daily said quoting the experts.

The Saudi market is prone to lean more toward the Korean and Chinese cars; however, they need more time for marketing and distribution networks Kingdomwide, head of the National Committee for Car Dealers Faisal Abu Shousha said.

A majority of car dealers in the Kingdom consider the fact that most of the Kingdom’s population is from the young category, a matter that makes sedan cars more favorite for this category, which has a negative demand on big-sized cars, Abu Shousha said.

Referring to the shares of the imported cars in the Saudi market, he said Japanese cars represent 57 percent of the total market, followed by Korean-made at 24 percent, American (15 percent), European (3 percent), and Chinese (1 percent).

He said the Saudi car market represents 42 percent of the Middle East car market while it represents 47 percent of the GCC car market. The Saudi market imported some 800,000 cars in 2014, or an increase of 9 percent over the figures of 2013, he said.

Ali Rida, member of Jeddah Chamber of Commerce and Industry (JCCI), said the number of imported cars is expected to reach 830,000 based on the purchasing power, which is expected to be at marginal rates compared to levels of the previous years.

He added that the car sector will continue to grow in the Kingdom, which is clearly demonstrated in the growth of bank loans allocated for car purchases.