Middle East Spare Parts Market to grow at steady rate through 2026
Rise in working population
and expanding middle-class families is to drive Middle east spare parts market through
2026
According to TechSci Research report, “Middle
East Spare Parts Market By Vehicle Type (Passenger Car and Commercial
Vehicle) By Component (Tires, Batteries, Brake Components, Others), By Country,
Competition, Company Forecast & Opportunities, 2026”, The Middle
East spare parts market to grow at a steady rate during the forecast period. Automobiles
uses a combination a large number of essential parts and complementary
accessories such as exhaust systems, braking systems, braking systems, among
others requiring replacement in case they are not present in proper working
conditions. Fleet owners are buying original equipment manufacturers parts in
place of buying new automobile in order to save money. Government initiatives
such as Dubai Expo 2020 is boosting the infrastructural development in Middle
East which in turn in increasing the number of trucks running on road thereby
influencing the market growth. Upcoming event FIFA World Cup 2022 in Qatar is
increasing the construction of stadiums, motorways, local road projects which
is expected to fuel the demand of commercial vehicles in the next five years.
Market players are offering additional services such as diagnosis of vehicles,
service training, enhancing repair shop technology is creating new avenues for
the market growth. Manufacturers are trying to setup the localized
manufacturing companies in order to surge the local investments, reduce the
import costs thereby boost the economy. Original equipment manufacturers are
indulging in after-sales support to automobile owners which in turn is
influencing the vehicle sales. Automobile manufacturing companies are investing
huge amounts for research and development activities to upgrade the existing
infrastructure and introduce new specifications. Increase in the average age of
vehicles is expected to accelerate the demand of spare parts in Middle
East.
The COVID-19 outbreak across the world which has been
declared as pandemic by World Health Organization has affected several countries
adversely. Leading authorities in Middle East imposed lockdown restrictions and
released a set of precautionary measures to contain the spread of novel
coronavirus. Coronavirus affected patients started suffering from shortness of
breath along with coughing and sneezing. Leading authorities increased the
capacity of hospitals as a greater number of patients were getting affected
daily and getting admitted into the hospital facilities. Manufacturing units
were temporarily shut down and disruption in supply chain was observed. Cash
crunch along with liquidity fall impacted the spare parts market adversely.
However, due to spread of coronavirus people preferred to travel alone and own
a vehicle which is expected to boost the spare parts market growth.
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Middle
East spare parts market can be segregated into vehicle type, component,
regional distribution, and company. Based on component, market can be divided
into tires, batteries, brake components, and others. The tires component
segment is expected to account for major market share for the forecast period,
2022-2026. Tires are in high demand due to presence of low replacement cycle
and life of automobile tires. They are in high demand due to sales of
automobiles and are cost-effective in nature.
Robert
Bosch GmbH, Bridgestone Corp., Yokohama Rubber Company Limited, Goodyear Tire
& Rubber Company, AC Delco, Exide Industries, Schaeffler Technologies AG
& Co. KG, Hyundai Mobis, Mitsui, Continental AG are the leading players
operating in Middle East Spare Parts Market. Spare part manufacturers are
increasingly focusing on developing and manufacturing high-tech products for Middle
East market. To meet evolving customer demand with respect to better efficiency
and durability, several spare parts manufacturers are coming up with their
technologically advanced offerings.
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“Market
players are adopting marketing strategies and attractive marketing campaigns to
attract consumers and improve their brand image. With the increasing growth of
E commerce channels, key players are selling their products via online
channels. Ease and convenience of buying spare parts through online platforms
without the need of visiting spare parts stores is attracting a large crowd to
buy through them. Offering of lucrative offers and discounts and availability
of wide range of products at a single platform coupled with user-friendly
interface over website and mobile applications is expected to propel the spare
parts market growth till 2026” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Middle East Spare Parts
Market By Vehicle Type (Passenger Car and Commercial Vehicle) By Component
(Tires, Batteries, Brake Components, Others), By Country, Competition, Company
Forecast & Opportunities, 2026” has
evaluated the future growth potential of Middle East spare parts market and
provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the Middle East spare parts
market.
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