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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