The auto parts and accessories market refers to the sector that manufactures, distributes, and sells automotive components and accessories. It is critical to ensuring that vehicles operate efficiently, safely, and for the longest possible time. From replacement components to performance-enhancing accessories, this sector provides critical assistance to the automotive industry, allowing vehicle owners to maintain, repair, and customise their cars, trucks, and motorbikes.
Saudi Arabia Auto Parts and Accessories Market Driving Factors and Challenges
Saudi Arabia's vehicle parts and accessories business is a thriving industry, thanks to the country's high level of automotive ownership. The market offers a diverse range of products, including replacement components, performance-enhancing accessories, and cosmetic add-ons. Local and international brands compete in this market, providing consumers with a variety of options for car customisation and maintenance. Economic conditions, shifting customer preferences, and developments in vehicle technology all have an impact on market growth. Furthermore, government rules on vehicle safety and pollution influence the market landscape.
The government's incentives and the increase in regional demand are projected to be major drivers driving the growth of the auto parts and accessories market throughout the forecast period. Furthermore, the simple availability of raw materials is expected to drive the expansion of the auto parts and accessories market. Furthermore, rising scrapping rates for motor vehicles and engines are expected to temper the growth of the auto parts and accessories market. On the other hand, the global downturn is expected to stymie the expansion of the car parts and accessories market over the forecast period.
However, higher cost is one of the primary concerns for auto parts, although this technology makes little difference in small vehicles that require a small hydraulic braking system. On the other hand, cost is an important consideration for large vehicles such as heavy-duty trucks, semi-trailers, and buses, where air brake systems fall short of traditional brake systems. The Saudi auto parts and accessories market also has issues such as counterfeiting, assuring the supply of genuine components, and dealing with the growing complexity of modern vehicle systems. Meeting consumers' needs for price and quality is a constant struggle.
Impact of COVID-19 on Saudi Arabia Auto Parts and Accessories Market
Saudi Arabia's auto parts and accessories sector was disrupted during the COVID-19 epidemic due to reduced economic activity, lockdowns, and mobility restrictions. Reduced vehicle usage, delayed maintenance, and postponed vehicle sales all helped to lower demand for car parts and accessories. Both OEM and aftermarket segments were affected. Supply chain disruptions had an influence on the availability of some parts. However, as economic activity restarted and individuals chose private transportation, the market gradually recovered, owing to the demand for vehicle maintenance and repair.
Saudi Arabia Auto Parts and Accessories Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Al-Futtaim Automotive Group, Aljomaih Automotive Company (AAC), Almajdouie Motors Company LLC, Fawaz Refrigeration & Air Conditioning Co., Gulf Dynamic Switchgear Manufacturing Factory Co. Ltd., Modern Industrial Investment Group (MIIG), SEDCO Holding Group, Storatk Car Care Centre, Windhoek Auto Parts & Accessories Company Ltd., Zawya Motors Co. Ltd., Others.
Saudi Arabia Auto Parts and Accessories Market Segmentation:
By Product: Based on the Product, Saudi Arabia Auto Parts and Accessories Market is segmented as; Bodies & Chassis, Driveline & Powertrain, Electronics, Interiors & Exteriors, Wheel & Tires, Others.
By Application: Based on the Application, Saudi Arabia Auto Parts and Accessories Market is segmented as; Aftermarket, OEMs.
By Region: This research also includes data for Eastern Region, Northern and Central Region, Southern Region, Western Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.