Growing fleet size of automobiles and increasing replacement demand of components to fuel Saudi Arabia Automotive Components Market through 2027
According to TechSci Research report, “Saudi Arabia Automotive Components Market –By Region, Competition Forecast and Opportunities, 2027”, Saudi Arabia automotive components market is anticipated to reach USD 6,621.35 million at a CAGR of 5.37% by 2027 because of increasing passenger car fleet size and a shift toward customization of vehicles as per needs. The automotive components market consists of the following components: brake system, air intake system, auto body parts, body electricals, air condition system, cooling system, driveshaft & axle, engine electrical system, exhaust system, fuel system, interior, steering system, suspension system, transmission and engine mechanical system. Demand for automotive components has increased in Saudi Arabia over the years as more people customize their vehicles to better suit their everyday demands and comfort. Additionally, the logistic industry's increasing reliance on technologies like warehousing and transportation management systems results in rise in commercial vehicles sales, along with the popularity of vehicle customization among Saudi Arabian car owners, has increased demand for automotive components in the nation. The lifting of the prohibition on women driving is expected to increase the demand for new car sales, as there are estimated to be more than 3 million female drivers in the country. Moreover, it will increase automotive components demand in the market. Additionally, Saudi Arabia is investing in warehouse management and transportation management systems which is expected to increase demand for commercial vehicles, and which will further increase the import of commercial components into the market. Furthermore, the growing number of vehicles in use has increased the average number of kilometres driven per vehicle. As a result, due to the harsh climatic conditions, vehicle components, such as air filters and oil filters, are frequently changed.
The demand for automotive component market is going to be high in upcoming years and is expected to grow at a CAGR 5.37% through 2027 in terms of value. However, due to a lack of manufacturing facilities in the country automotive components market majorly depends on imports from other countries such as the US, China, Japan, and European region which restricted its growth in 2020-2021.
Browse more than 18 market data Figures spread through 70 Pages and an in-depth TOC on "Saudi Arabia Automotive Components Market"
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Saudi Arabia automotive components market can be segmented based on market size & forecast, by vehicle type, by part type, by channel, by region, and by competition. Based on vehicle type, passenger car segment has a higher market share than commercial vehicle due to large fleet size and the trend is likely to continue through 2027. On the basis of part type body electricals segment is leading the market followed by brake system, air condition system, auto body parts. Together they capture more than 55% of market share in 2021.
Robert Bosch GmbH, DENSO Corporation, ZF Friedrichshafen AG, Toyota Boshoku Corporation, Magna International Inc., Valeo, Hyundai Mobis, Mazda Motor Corporation, Faurecia SE, Lear Corporation are the key players in the market which holds majority of the market share.
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“Many companies are investing in their distribution network for fast and easy supply of automotive components along with customization of vehicle which results in growth of Saudi Arabia Automotive Components Market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Automotive Components Market By Market Size & Forecast (By value),By Market Share & Forecast (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, Engine Electrical System, Exhaust System, Fuel System, Interior, Steering System, Suspension System, Transmission, Engine Mechanical System), By Channel (DIFM (Do it for Me), OE (Delegating)), By Region (Northern and Central Region, Eastern Region, Western Region, Southern Region) Competition, Forecast & Opportunities, 2027” 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 the Saudi Arabia automotive components market.
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