Saudi Arabia Automotive Components Market to Grow with a CAGR of 7.64% in India through to 2028

The expanding automotive sector, driven by population growth and urbanization, results in higher demand for vehicle components.

According to TechSci Research report, “Saudi Arabia Automotive Components Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Saudi Arabia Automotive Components Market stood at USD 5.62 Billion in 2022 and is anticipated to grow with a CAGR of 7.64% in the forecast period, 2023-2028. The Saudi Arabia Automotive Components Market is a vital sector within the nation's automotive industry. As one of the largest automobile markets in the Middle East, Saudi Arabia's automotive component market is characterized by its considerable size and strategic importance. Here's a comprehensive overview of this market: The Saudi Arabia Automotive Components Market benefits from the country's large and expanding automotive sector. With a strong consumer base and a growing demand for vehicles, both passenger and commercial, the market has exhibited steady growth. This expansion is fueled by factors such as population growth, urbanization, and increased industrial activities.

The Saudi government has been actively promoting the development of the automotive industry, which includes encouraging local manufacturing and assembly of vehicles and their components. Incentives for local production, reduced import duties, and other policies have fostered a favorable environment for automotive component manufacturers. The Saudi Arabian market features a mix of local and international automotive component manufacturers and suppliers. While local companies have a significant presence, international players also see the country as a promising market. These international companies often enter into partnerships with local entities to enhance their market reach.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Saudi Arabia Automotive Components Market.” 

Saudi Arabia's automotive industry has been rapidly expanding in recent years, and automotive components play a crucial role in this growth. With a focus on achieving greater self-sufficiency, the Saudi government has been promoting the development of a robust automotive manufacturing sector, making automotive components a key area of interest. This has led to significant investments, partnerships, and advancements in the production of various automotive components within the country. The Saudi Arabian automotive components market encompasses a wide range of products, including engines, transmissions, brakes, suspension systems, electronics, and more. These components are used in the assembly and maintenance of vehicles, both for domestic consumption and export.

One area where Saudi Arabia has shown substantial progress is in engine component manufacturing. Local companies have been partnering with international manufacturers to produce engine components such as cylinder blocks, cylinder heads, and crankshafts. This represents a significant step towards reducing the country's dependency on imported components and promoting domestic manufacturing capabilities. Furthermore, it aids in job creation and technology transfer.

Another important aspect of the automotive components market in Saudi Arabia is the production of electronic components and systems. The modern vehicle relies heavily on electronic systems, ranging from engine control units to infotainment systems. Saudi Arabia has been investing in the development of its electronics industry, resulting in the manufacturing of various automotive electronic components within the country. This not only enhances the domestic supply chain but also contributes to advancements in automotive technology.

The government's commitment to developing the automotive industry is evident in various initiatives and policies. The "Saudi Vision 2030" plan, for instance, outlines the country's ambition to have a thriving automotive industry, with a focus on producing at least 70% of vehicle components domestically. This vision aims to reduce the reliance on imports, create jobs, and boost the economy. To achieve this, the government has implemented various incentives for automotive component manufacturers, including tax breaks, subsidized land, and access to funding. One of the significant developments in the Saudi automotive components market is the establishment of industrial zones and clusters that are specifically designed to support the automotive manufacturing sector. These zones provide a conducive environment for component manufacturers, offering infrastructure, logistical support, and a network of suppliers. For example, the King Abdullah Economic City (KAEC) hosts a dedicated automotive cluster, attracting investments from numerous automotive component manufacturers.

The country's automotive components market also benefits from its strategic geographic location. Saudi Arabia serves as a gateway to the Middle East and North Africa (MENA) region. This geographical advantage makes it an ideal location for automotive component manufacturers to establish their operations, serving not only the domestic market but also catering to the wider MENA region.

Saudi Arabia's commitment to sustainable practices is reflected in the automotive components sector. There is a growing emphasis on the development of eco-friendly components and systems, such as electric vehicle components and lightweight materials to improve fuel efficiency and reduce emissions. As global automotive trends shift towards electric and hybrid vehicles, Saudi Arabia is positioning itself to be a key player in this transition. The automotive components market in Saudi Arabia has not been without its challenges. The need for skilled labor and expertise in advanced manufacturing processes has been a hurdle, but the government and industry stakeholders have been investing in training programs and collaborations with international experts to bridge this gap. Additionally, competition with established global component manufacturers remains a challenge, but the focus on specialization and niche markets provides opportunities for growth.

In conclusion, the Saudi Arabia automotive components market is experiencing significant growth and transformation. The government's commitment to fostering a robust automotive industry, along with strategic investments and partnerships, has resulted in the development of a competitive and dynamic automotive components sector. With a focus on innovation, sustainability, and self-sufficiency, Saudi Arabia is well-positioned to become a prominent player in the global automotive components market, and its journey towards achieving the ambitious goals outlined in "Saudi Vision 2030" is gaining momentum.

Major companies operating in India Saudi Arabia Automotive Components Market are:

• Robert Bosch GmbH
• DENSO Corporation
• ZF Friedrichshafen AG
• Toyota Boshoku Corporation
• Magna International Inc.
• Valeo
• Hyundai Mobis
• A Mazda Motor Corporation
• Faurecia SE
• Lear Corporation

Download Free Sample Report

Customers can also request for 10% free customization on this report.

 “Saudi Arabia's automotive components industry is on a remarkable trajectory, bolstered by strategic government initiatives and a burgeoning automotive sector. The nation's commitment to achieving self-sufficiency and fostering domestic manufacturing is driving substantial growth in engine and electronic component production. With partnerships and investments, the country is reducing its reliance on imports and promoting technological advancements. The "Saudi Vision 2030" plan outlines ambitious goals, targeting at least 70% local production of automotive components, offering incentives to manufacturers. This vision has also led to the development of dedicated automotive clusters and zones, such as the King Abdullah Economic City (KAEC), providing a supportive environment for component production. Saudi Arabia's strategic location further enhances its appeal as a regional hub, propelling its automotive components industry forward.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Saudi Arabia Automotive Components Market By Vehicle Type (Passenger Car, Commercial Vehicle), By Part Type (Brake System, Air Intake System, Auto Body Parts, Body Electricals, Air Condition System, Cooling System, Driveshaft & Axle, Others), By Channel (DIFM (Do it for Me), OE (Delegating)), Regional, Competition, Forecast & Opportunities, 2018-2028”, has evaluated the future growth potential of Saudi Arabia Automotive Components 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 Automotive Components Market.            

Contact

Mr. Ken Mathews

708 Third Avenue,

Manhattan, NY,

New York 10017

Tel: +1-646-360-1656

Email: [email protected]

Website: www.techsciresearch.com