Saudi Arabia Automotive Aftermarket Market to grow at a CAGR of 6.43% through 2027
Increasing automobile sales coupled with growing utilization
of vehicles in transportation and logistics sector is expected to drive the
growth of Saudi Arabia Automotive Aftermarket in the forecast period.
According
to TechSci Research report, “Saudi Arabia Automotive Aftermarket Market - Industry Size, Share,
Trends, Competition, Opportunity, and Forecast, 2017-2027”,
the Saudi Arabia Automotive
Aftermarket market is anticipated to grow at a CAGR of 6.43%
in the forecast period to reach USD9.44 billion by 2027. The automotive component
refers to an auto component that is installed or replaced for the maintenance of
the original product. It is installed for the enhancement of the original
product after the vehicle has been sold by the original equipment manufacturer
(OEM) to the consumer. The increasing fleet size of vehicles, growing average kilometers
driven by vehicles, world class road infrastructure, expanding working
population, and continuous product innovation in automotive components, among
others are propelling the growth of the market across Saudi Arabia.
Furthermore, the escalating demand for vehicle modifications among the youth
population of Saudi Arabia to improve performance and aesthetics in their
vehicles is further anticipated to aid the growth of the Automotive Aftermarket
industry in the forthcoming years.
However,
rising sales of counterfeit automotive components and the absence of production
units of automotive elements across Saudi Arabia are restraining the growth of
the Automotive Aftermarket.
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The Saudi Arabia Automotive Aftermarket market is
segmented based on vehicle
type, component, service channel, customer segment, product type, regional distribution,
and competitive landscape.
Based on component, the Saudi Arabia Automotive
Aftermarket is classified into tires, batteries, lubricants, body &
mechanical parts, accessories & vehicle care products. Tires segments holds
the largest share in the market owing to the numerous factors such as growing safety
concerns, rising use of passenger cars owing to the growing number of female
drivers after the removal of the ban on women driving, elevating levels of urbanization,
and improving living standards, etc. The tire segment is followed by body &
mechanical parts segment, as majority of vehicle components including brakes
pads, automotive filters, radiators, front steering, suspension, axles,
muffler, catalytic convertor falls in body & mechanical parts segment that
are getting replaced in the aftermarket.
Major market players operating in the Saudi
Arabia Automotive Aftermarket market are:
·
Robert
Bosch GmbH
·
3M
Company
·
Bridgestone
Corporation
·
Denso
Sales Middle East & North Africa FZE.
·
The
Goodyear Tire & Rubber Company
·
Michelin
Group
·
Saudi
Arabian Oil Co.
·
The
Yokohama Rubber Co., Ltd.
·
ZF
Friedrichshafen AG
·
Continental
AG
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“To meet the demand for Automotive
Aftermarket in Saudi Arabia, automotive part manufacturers appoint local
distributors across the country, acting as a suitable intermediary between the
automotive component manufacturing company and the end-user. In addition to
this, the ban removal and the shifting preferences for women drivers have
uplifted the passenger car demand in Saudi Arabia are, propelling the market
growth. Several changes have been implemented in the government norms for
females driving the automotive vehicles over decades which has resulted in the
growth of women drivers. The escalating demand for passenger cars and
consecutively augmenting the demand for aftermarket components. Passenger car
addresses the mobility requirement within a household. For the past few years,
Saudi Arabia's youth has been highly engaged in car modifications and
performance upgrades. To customize and upgrade passenger car performance, the
cars require additional components to be attached from the aftermarket.
Numerous factors, including excellent road infrastructure, growing tourism,
increasing enterprises, expanding working population, etc., sales of
automobiles in the country are anticipated to grow in the upcoming years, which
is further generating the demand for replacement tires in the future till 2027”
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Saudi Arabia Automotive Aftermarket By Vehicle Type (Passenger Car,
Light Commercial Vehicle, Heavy
Commercial Vehicle, Medium Commercial Vehicle), By Component (Tires, Body &
Mechanical parts, Batteries, Accessories & Vehicle Care Products,
Lubricants), By Service Channel (DIFM (Do it for Me), OE (Delegating to OEM’s),
DIY (Do it Yourself), By Customer Segment (B2C, B2B), By Product Type (Genuine Parts,
Aftermarket Parts, Counterfeit Parts) By Region,
Competition Forecast & Opportunities, 2017- 2027F”, has evaluated the future
growth potential of Saudi Arabia Automotive Aftermarket 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 Automotive
Aftermarket market.
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