Saudi Arabia Spare Parts Market to Reach 37,386 Thousand Units by 2027

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.

According to TechSci Research report, “Saudi Arabia Spare Parts Market - By Region, Competition, Forecast & Opportunities, 2017-2027”, Saudi Arabia spare parts market stood at USD4732.85 million in 2021 and is expected to register a CAGR of 6.24% to reach USD6792.59 million by 2027. Major driving factor for the growth of Saudi Arabia spare parts market is the harsh climatic condition of the country which decreases the life due to wear and tear of automotive spare parts such as air filter, oil filter, battery, alternator, braking, transmission system etc. Moreover, the increasing vehicle fleet size is another major contributing factor for the growing demand for spare parts components in Saudi Arabia.

The climatic conditions of Saudi Arabia are harsh during the summer season, with the average temperature in the country reaching up to 100 °F (38 °C). Moreover, the country is characterized by a sand cover spread across 34% of the total area. The country's sandy areas lack vegetation cover, resulting in the soil loosening and increasing sandstorm activities, which also contributes to the increased temperature during summer. Hence, the air conditioners of vehicles are mostly turned on throughout the drive. The continuous usage of air conditioners decreases the life of air conditioners and their components, increasing the frequency of the auto parts replacement. Moreover, owing to sandstorms, filter components such as air filters and oil filters are changed frequently. The harsh climatic conditions have led to an increase in the frequency of replacement of spare parts components, thereby driving the Saudi Arabia spare parts market.

According to the data published by the World Health Organization (WHO), a total of 12,317 people died in road accidents in Saudi Arabia in 2020, which was 9.19% of total deaths. The statistics show that the country's adjusted death rate is 36.13 per 100,000. Such high death rates are characterized by vehicles with ill working spare parts. A significant number of deaths can be avoided if automotive components such as brake pads, brake shoes, headlamps etc., are replaced regularly. Moreover, to ensure safety in such events, fleet owners have started installing wear sensor in brake pads in their vehicles. The growing awareness regarding vehicle safety is driving the Saudi Arabia spare parts market.

Browse over 16 market data Figures spread through 73 Pages and an in-depth TOC on " Saudi Arabia Spare Parts Market "

Saudi Arabia spare parts market is segmented into vehicle type, component type, service channel, and region. On the basis of vehicle type, the market is segmented into passenger car and commercial vehicle. The passenger car segment accounted for 57.07% market share in terms of units sold in 2021 and is projected to remain the largest segment through 2027. Factors such as growing rental car fleets, Saudi’s vision to bring OEMs in the country to manufacture approximately 300 thousand plus vehicles between 2020 and 2030, including passenger cars, is expected to escalate the demand for passenger car spare parts components in the aftermarket over the forecast years.

On the basis of component type, the market is segmented into tires, batteries, air filter, brake shoe, spark plugs, brake pad, brake caliper, and others. The tire segment holds the largest market share of 72.18% in Saudi Arabia spare parts market in terms of volume in 2021 and is projected to register a CAGR of 4.47% during the forecast period to reach 70.57% market share by 2027.

Over the last decade, Saudi Arabia invested heavily in transport and related infrastructure. The investment attracted the tourists and acted as a gateway for enterprises interested in expanding their network in Saudi Arabia and the rest of Middle East.

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

• Robert Bosch GmbH
• 3M Company
• Bridgestone Corporation
• Denso Corporation
• The Goodyear Tire & Rubber Company
• The Yokohama Rubber Co., Ltd.
• Continental AG
• Hankook & Company Co., Ltd.
• GS Yuasa International Ltd.
• Michelin Group

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“Saudi Arabia spare parts market is predominantly an import driven market as the country lacks automobile production facilities. In order to fulfill the demand for spare parts components market in Saudi Arabia, automotive part manufacturers appoint local distributors in the country, acting as a suitable intermediary between the automotive spare parts component manufacturing company and the end-user”, 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 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, 2017- 2027F”, has evaluated the future growth potential of the 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 the Saudi Arabia spare parts market.

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