Saudi Arabia Passenger Car Accessories Market to be dominated by Interior Accessories through 2027
Development of efficient supply chain by market players and growing
popularity of electric and hybrid cars are driving the demand of Saudi Arabia passenger
car accessories market in the forecast period, 2023-2027.
According
to TechSci Research report, “Saudi Arabia Passenger Car Accessories Market By Location (Interior
Accessories, Exterior Accessories), By Vehicle Type (Hatchback, Sedan,
SUV/MPV), By Demand Category (OEM, Replacement), By Sales Channel (Online,
Offline), By Region, Competition Forecast & Opportunities, 2027”,
the Saudi Arabia passenger car accessories market is expected to witness robust
CAGR in the forecast period, 2023-2027. High internet penetration and
proliferation of smart devices is increasing connectivity and are boosting the
demand for infotainment systems. Growth in demand for installation of
infotainment systems in luxury cars and growing sales of luxury cars are
expected to fuel the demand for Saudi Arabia passenger car accessories market
growth.
Car
accessories are the add-ons to passenger cars to increase the aesthetic appeal
and functionality of passenger cars. Interior passenger car accessories offer a
comfortable and entertaining riding experience to passengers. In contrast, the
exterior car accessories serve different purposes such as navigation system,
speaker, in-dash music player, seat cover, and car mats, among others. Most
economic passenger cars have manual locking systems and do not have pre-fitted
locking systems, which increases the risk of car theft. To reduce the chances
of car theft, automotive manufacturers are installing advanced security
systems, which is expected to accelerate the Saudi Arabia passenger car
accessories market growth through the next five years.
However,
the availability of low-quality accessories may restrain the Saudi Arabia
passenger car accessories market growth for the forecast period.
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The
Saudi Arabia passenger car accessories market is location, vehicle type, demand
category, sales channel, regional distribution, and company.
Based
on location, the market is divided into interior accessories and exterior
accessories. Interior accessories are expected to witness huge demand by
consumers in the forecast period, 2023-2027. Interior car accessories are
additional devices in the automotive sector to serve the purpose of comfort,
convenience, appeal, protection, and others. The interior components include
dashboards, cockpits, seats, and door panels. Market players are actively
installing interior car accessories to enhance the entertainment and driving
experience, which is expected to act as a positive factor for Saudi Arabia
passenger car accessories market growth in the next five years.
Based
on vehicle type, the market is divided into the hatchback, sedan, and SUV/MPV.
Sedan cars are in high demand in the Kingdom of Saudi Arabia as they are
economical and are suitable for all kinds of buyers. They are easy to maintain,
have high engine capacity, and are suitable for the off-road driving purpose.
Sedan passenger cars are highly spacious and, therefore, are highly preferred
by consumers for long-distance traveling.
Based
on the demand category, the market is divided into OEM and replacement. The OEM
segment is expected to capture the largest market share in the forecast period
due to the growing adoption of advanced technologies in the manufacturing
process and using high-quality materials for manufacturing passenger car
accessories. Due to prevailing high customer trust, the demand from the OEM
segment is expected to grow at a significant rate in the forecast period.
Based
on the sales channel, the market is divided into online and offline. The online
segment is anticipated to witness the fastest CAGR in the forecast period,
2023-2027. Youth populations are becoming tech-savvy and are using online sales
channels to invest in the purchase of passenger car accessories. Market players
offer passenger car accessories at discounted rates and provide quick delivery
and exchange options to the customers. Passenger car accessory market players
partner with technology firms to create alternate sales channels. The growing
popularity of online sales channels is expected to accelerate the growth of
Saudi Arabia passenger car accessories in the next five years.
Major
market players operating in Saudi Arabia passenger car accessories market are:
·
Adient
Plc
·
Continental
AG
·
Denso
Corporation
·
Robert
Bosch Gmbh
·
Harman
International Industries Inc.
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“Saudis prefer to spend on luxury and
comfort features in automobiles, increasing the sales of luxury and premium
passenger cars across the country. Changing consumer preference for private
vehicle ownership among the youth population makes them invest lavishly in
customization and accessorizing their passenger cars is creating lucrative
growth opportunities for the passenger car accessories market. Also, the rise
in efforts to develop accessories aftermarket and efficient supply chain by the
market players is expected to propel the Saudi Arabia passenger car accessories
market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Saudi Arabia Passenger
Car Accessories Market By Location (Interior Accessories, Exterior
Accessories), By Vehicle Type (Hatchback, Sedan, SUV/MPV), By Demand Category
(OEM, Replacement), By Sales Channel (Online, Offline), By Region, Competition
Forecast & Opportunities, 2027”, has evaluated the future
growth potential of Saudi Arabia passenger car accessories 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 passenger car accessories market.
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