Press Release

Saudi Arabia Spare Parts Market to be dominated by Passenger Cars through 2027

Intense competition among the market players and digitization of distribution channels are driving the demand of Saudi Arabia spare parts market in the forecast period, 2023-2027. 

According to TechSci Research report, Saudi Arabia Spare Parts Market By Region, Competition Forecast & Opportunities, 2027, the Saudi Arabia spare parts market is expected to witness an impressive CAGR in the forecast period, 2023-2027. This market is primarily driven by the need of automobile drivers to enhance the performance of automobiles in terms of sound, exhaust, appearance, and speed to experience a better driving experience. The wear & tear and crash repair of automobile and the increase in customer expectations to maintain the quality and performance of their automobiles is driving the Saudi Arabia spare parts market. The automotive industry is continuously evolving, and because of the innovations in technology, the development of advanced spare parts is growing at a rapid rate.

However, the availability of counterfeit and cheaper local products may restrain the Saudi Arabia spare parts market growth for the forecast period.

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The Saudi Arabia spare parts market is segmented into vehicle type, component, service channel, regional distribution, and competitive landscape.

Based on vehicle type, the market is divided into passenger cars and commercial vehicles. The passenger cars segment is expected to capture the highest market share in the forecast period due to consumers' change in preference for private vehicle ownership for daily commute purposes. The rise in expenditure capacity and improved living standards increase the demand for passenger cars among consumers. The average life span of cars is over 12 years, depending on the road and road conditions, creating the demand for regular servicing of passenger cars. Passenger car spare parts are present in local shops and with authorized dealers. Furthermore, the rise in online sales platforms that deliver the required spare parts in a short time span and at discounted rates is witnessing massive demand among consumers.

Based on component, the market is divided into tires, spark plugs, air filter, fuel filter, brake pad, brake shoe, brake calliper, batteries, and others. The tires segment is expected to hold the largest market share in the forecast period. Due to technological advancements, the average vehicle life is increasing significantly, creating the need to replace the automotive parts for proper functioning. Also, the extreme weather conditions prevailing in Saudi Arabia adversely affect the tire condition in the long run and creates the demand for changing the tire. Tire manufacturers are introducing advanced tires of quality tire material at affordable rates. 

Based on the service channel, the market is divided into DIFM (Do it for Me), DIY (Do it Yourself), and OE (Delegating to OEM’s). The DIY (Do it Yourself) segment dominated the market and is expected to maintain its dominance through the next five years. The customers availing Do it Yourself have technical expertise and interest to maintain, repairing, and upgrade the cars on their own. The DIY (Do it Yourself) is cheaper than availing of the services from their service center. The availability of innovative and easy-to-make DIY (Do it Yourself) kits are further expected to influence the market demand.


Major market players operating in Saudi Arabia spare parts market are:

·         Goodyear Middle East

·         Robert Bosch GmbH

·         Bridgestone Corp.

·         Yokohama Rubber Company Limited

·         Schaeffler Technologies AG & Co.

·         Exide Industries Limited

·         Continental AG

·         Hyundai Mobis

·         Denso Corporation

·         BorgWarner Inc.        


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“The leading market players are expected to invest in developing lightweight materials to manufacture auto parts that are eco-friendlier and more lightweight than the existing market versions. With the advancements in technology and the developing automotive industry, the average life span and quality of vehicles are increasing significantly. Also, customers prefer to keep the old vehicles instead of exchanging them, increasing the demand for spare parts. Market players should focus on developing an efficient supply chain to meet the growing customer requirements. With increased vehicle age and growing vehicle sales, there is a vast demand for substitution of parts, maintenance, and repair, which is expected to propel the Saudi Arabia spare parts market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Saudi Arabia Spare Parts Market By Vehicle Type (Passenger Cars, Commercial Vehicles), By Component (Tires, Spark Plugs, Air Filter, Fuel Filter, Brake Pad, Brake Shoe, Brake Calliper, Batteries, Others), By Service Channel (DIFM (Do it for Me), DIY (Do it Yourself), and OE (Delegating to OEM’s)), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future growth potential of Saudi Arabia spare parts market and provides statistics & information on market size, 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 Saudi Arabia spare parts market.

 

 

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Relevant Reports

Saudi Arabia Spare Parts Market By Vehicle Type (Passenger Car, Commercial Vehicle), By Component Type (Tires, Batteries, Air Filter, Brake Shoe, Spark Plugs, Brake Pad, Brake Caliper, and other) By Service Channel {(DIFM (Do it for Me), OE (Delegating), and DIY (Do it Yourself)}, By Region, Competition, Forecast & Opportunities,

Automotive | Sep, 2022

The increasing vehicle customization and growing fleet size of the passenger car and commercial vehicles is expected to increase demand for spare parts in the Saudi Arabia market during the forecast period, 2023F-2027F.

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