Saudi Arabia spare parts
market generated a value of USD 4,732.85 million in the
year 2021 and the market is expected to grow at a CAGR of 6.24% during the
forecast period. Saudi Arabia spare parts market is driven by the various
factors such as the customization of the vehicle which is growing the demand of
the spare parts in the aftermarket. The weather of Saudi Arabia is very hot
during the summer times due to which the drivers keep on the air condition due
to which the components heat-up easily and need to get replace at a certain
period of time. All these factors are expected to drive the Saudi Arabia spare
parts market in the coming years.
The
revenue generated in a particular year through the sales of parts and key components, which are
used in the replacement market, and for
the modification of an automobile, has been considered under the scope of the spare part market, but consumables and accessories
are not included in the report scope.
Spare parts are the
essential component in the vehicles without which any vehicle is not complete. In
Saudi Arabia, the sales of spare parts have increased in the past few years as
the sales of the commercial and passenger cars have also increased in the
country. COVID-19 had an adverse impact on every sector and the sales went down
for every market in Saudi Arabia. With the relaxation of COVID-19 restrictions
in the past few months every market has started to recover and has seen growth
in the sales. The economic growth of small and medium scale businesses is
expected to drive the Saudi Arabia spare parts market.
Vehicle
Customization
Saudi Arabia has
seen a rise in the demand for spare parts over the years as more and more
people started to make performance modifications in their vehicles by
customizing and enhancing their vehicles' aesthetics. The demand for vehicle
alterations has increased in recent years, particularly among the Saudi youth
owing to factors such as adding torque to the engine or improving the
horsepower, led lighting modifications to change cabin and dash lighting to
different hues, giant upgrade, window rinsing to filter out harsh light, etc.
The growing trend of vehicle customization in Saudi Arabia is boosting the
demand for spare parts components in the country.
Growing
Awareness of Vehicle Safety
According to the World Health
Organization (WHO), 12,317 persons died in road traffic accidents in Saudi
Arabia in 2020, accounting for 9.19% of all fatalities. According to the data,
the nation's adjusted death rate is 36.13 per 100,000 people. Vehicles with
defective replacement parts are one of the main causes of such high fatality
rates. If vehicle parts such as brake pads, brake shoes, headlamps, etc. are
updated on a regular basis, a considerable number of fatalities can be avoided.
Additionally, fleet owners have begun fitting brake pads with wear sensors in
their cars to guarantee safety in such circumstances. The need for spare parts
in Saudi Arabia is being driven by the country's increased awareness of
automobile safety.
Expanding Sales
and Distribution Network
Due to a lack of
vehicle manufacturing facilities and a dependence on imports, the spare parts
market in Saudi Arabia consists primarily of replacement market. Automotive
spare parts component manufacturers appoint local distributors in Saudi Arabia
to manage the demand for their products. These distributors serve as an
appropriate intermediary between the manufacturer of the automotive spare parts
component and the end-user. For instance, the tires manufacturer Bridgestone
selected Al-Talayi Company Limited as its official Saudi Arabian distributor.
Among others, Hankook Tire appointed Bin-Shihon Group of Companies, Pirelli
appointed United Yousef M.Naghi Co. Ltd, and Goodyear Tire and Rubber Company
appointed Al Rashed Tires Co. as their distributor. The distributors of spare
parts components are always being expanded by the spare parts producers,
to gain penetration
in aftermarket in the country. Moreover, with new players emerging, the
distribution network keeps on expanding to increase their customer base.
Harsh Climate
Leading to Increased Replacement Ratio
Saudi Arabia
experiences extreme hot weather, with the nation's average high temperature
greater than 100 °F (38 °C). The country has a 34% sand cover as well. Lack of vegetation
in the nation's sandy regions causes the soil to become more porous and leads
to more sandstorm activity, which also raises summertime temperatures. As a
result, during the trip, the air conditioners in vehicles are typically on.
Continuous air conditioner use shortens the lifespan of air conditioning
systems and the parts that make them up, which increases the need for frequent
car part replacement. Additionally, because of sandstorms, filter elements such
as air filters and oil filters need to be changed frequently. The challenging
weather has led to an increase in the frequency of replacement of spare parts
components, thereby driving the Saudi Arabia spare parts market.
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Market Segmentation
The Saudi Arabia
market is segmented based on vehicle type, component type, service channel, and
region. On the basis of vehicle type, the market is segmented into passenger
car and commercial vehicle. Under vehicle
type, passenger car segment dominated the market with a total share of 57.07% in
the year 2021, among the commercial vehicles. On the basis of component type,
the market is segmented into tire, batteries, air filter, brake shoe, spark
plugs, brake pad, brake caliper, and others. On the basis of service channel,
the market is divided into DIFM (Do it for Me), OE (Delegating), and DIY (Do it
Yourself). Nowadays, vehicle customization is getting popular among the youth
in the Saudi Arabia as they can modify the vehicle according to their choice,
the demand for spare parts is getting high in the aftermarket. Due to this, the
Saudi Arabia spare parts market is growing year-on-year.
Company Profiles
Continental
AG, Michelin Group, Bridgestone Corporation, The Goodyear Tire & Rubber
Company, GS Yuasa International Ltd, Robert Bosch
GmbH, 3M Company, Denso Corporation, The
Yokohama Rubber Co., Ltd., Hankook & Company Co., Ltd. are among the major
market players in Saudi Arabia that are leading the market growth of the Saudi
Arabia spare parts market.
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Attribute
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Details
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Market size value in 2021
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USD4,732.85 Million
|
|
Revenue Forecast in 2027
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USD6,792.59 Million
|
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Growth Rate
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6.24%
|
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Base Year
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2021
|
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Historical Years
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2017 – 2021
|
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Estimated Year
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2022
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Forecast Period
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2023 – 2027
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Quantitative Units
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Revenue in USD Million, Volume in Thousand Units, and CAGR for
2017-2021 and 2023-2027
|
|
Report Coverage
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Revenue forecast, volume forecast, company share, competitive
landscape, growth factors, and trends
|
|
Segments Covered
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·
By Vehicle Type
·
By Component Type
·
By Service Channel
·
By Region
·
By Company
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Region Scope
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Northern
and Central Region, Western Region, Southern Region, Eastern Region
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|
Key Companies Profiled
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Continental AG, Michelin Group, Bridgestone Corporation, The
Goodyear Tire & Rubber Company, GS Yuasa International Ltd, Robert Bosch
GmbH, 3M Company, Denso Corporation, The Yokohama Rubber Co., Ltd., Hankook
& Company Co., Ltd.
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|
Customization Scope
|
10% free report customization with purchase. Addition or alteration
to country, regional & segment scope.
|
|
Pricing and Purchase Options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
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Delivery Format
|
PDF and Excel through Email (We can also provide the editable
version of the report in PPT/pdf format on special request)
|
Report Scope:
In this report, Saudi Arabia spare
parts market has been segmented into the following categories, in addition to
the industry trends which have also been detailed below:
- Saudi Arabia Spare Parts Market, By Vehicle Type:
- Passenger Car
- Commercial vehicle
- Saudi Arabia Spare Parts Market, By Component Type
- Tires
- Batteries
- Air Filter
- Brake Shoe
- Spark Plugs
- Brake Pad
- Brake Caliper
- Others
- Saudi Arabia Spare Parts Market, By Service Channel:
- DIFM (Do it for Me)
- OE (Delegating)
- DIY (Do it Yourself)
- Saudi
Arabia Spare Parts Market, By Region:
o
Northern
and Central Region
o
Western
Region
o
Southern
Region
o Eastern Region
·
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Saudi Arabia spare parts market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
In case you don’t find what you are
looking for, please get in touch with our custom research team at [email protected]