Middle East Auto Components Market to Reach around $ 40 Billion by 2024
Increasing automobile fleet,
expansion of automotive and allied industry along with early economic recovery
to boost Middle East auto components market through 2024
According
to TechSci Research report, “Middle
East Auto Components Market By Vehicle Type, By Component Type, By Demand
Category, By Country, Competition Forecast & Opportunities, 2024”, Middle
East auto components market is projected to cross reach around $ 40 billion, by
the end of 2024. The growth in the market is led by rising automotive fleet and
favorable economic condition of region owing to stability in crude oil prices.
Moreover, removal of ban over the female drivers in some countries of the
Middle East region, rising demand for vehicle modifications and automotive
vehicle launches are further likely to aid the growth of Middle East auto
components market. Additionally, increasing infrastructural and constructional
activities are anticipated to positively influence Middle East auto components
market over the next five years.
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Among
vehicle types, passenger car dominates Middle East auto components market on
the back of large demand for passenger cars and increasing purchasing power of
customers. On the basis of components, Middle East auto components market is
segmented into Filter, Lubricant, tire, brake component, battery
and others. Of all, automotive filters dominated the market with over
16% share in 2018, on account of lower replacement cycle, high usage in
vehicles and low cost.
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“Increasing
investments in the automotive and allied sector in the Middle East region are
likely to show optimistic growth of auto components in the region. Moreover, rising
presence of various companies such as Bridgestone Middle East
& Africa FZE, Michelin AIM FZE, Goodyear Middle East FZE, The Yokohama
Rubber Co. Ltd., ACDelco Middle East & Africa, Amaron Batteries, etc., and
their continued operations in the Middle East auto component market is
anticipated to intensify competition in the market over the next five years.”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Middle East Auto
Components Market By Vehicle Type, By Component Type, By Demand Category, By
Country, Competition Forecast & Opportunities, 2024” has analyzed the potential of auto
components market across Middle East region, and provides statistics and
information on market sizes, shares and trends. The report will suffice in
providing the intending clients with cutting-edge market intelligence and help
them in taking sound investment decisions. Besides, the report also identifies
and analyses emerging trends along with essential drivers and key challenges
faced by Middle East auto component market.
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