Saudi Arabia automotive components market registered revenue of USD 4,872.07 million in 2021 and is estimated to reach USD 6,621.35 million in 2027, growing at a CAGR of 5.37% through 2027. Increase in automobile sales and high replacement demand due to wear and tear to drive the Saudi Arabia automotive components market in the upcoming years.
In an automobile, component refers to a single item that is also a part of a bigger, more complex entity. It is most frequently used when considering mechanical or electrical systems of an automobile, that can be disassembled into separate, complete pieces and then reassembled. The report scope includes the revenue generated in a particular year through the sales of all the major parts as well as the subcomponents of a vehicle.
Automotive components include 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.
Impact of COVID-19
Global import-export activity significantly slowed down when the COVID-19 triggered a sudden shutdown in every region of the world. To stop the spread of COVID-19, the Saudi government enforced a lockdown in the nation. The COVID-19 pandemic had negative effect on the economic condition of Saudi Arabia as automotive components are imported from other regions. Due to COVID-19, the automotive industry witnessed a negative growth in vehicle sales in 2020, which affected the automotive components market in Saudi Arabia.
Increasing Preference Toward Customized Vehicles
Due to a variety of circumstances, there is increased demand for customization in vehicle for enhanced comfort and technological amenities. Thus, it is anticipated to drive the Saudi Arabia of automotive components market during the forecast period.
Increasing Demand for Passenger Cars
In Saudi Arabia, owing to a high living standard and ease of travel, passenger cars have witnessed high sales volume. Sales of passenger vehicle have shown positive growth in 2021 resulting in increased fleet size. Particularly in the Saudi Arabia and Middle East countries, there seems to be a significant demand for passenger cars which tends to grow the vehicle fleet size correspondingly elevating the demand for automotive components in the Saudi Arabia..
Environmental Impact on Components Replacement Period
In Saudi Arabia, average high temperature is greater than 100 ?F (38 ?C), which is extremely hot. Additionally, 34% of the nation is covered in sand. Lack of vegetation makes the soil more porous and increases sandstorm activity in the nation’s sandy regions, which also enhances summertime temperatures. As a result, during the journey, cars’ air conditioners are continuously in use. Constant usage of air conditioners reduces the lifespan of air conditioning systems and the components used during its manufacturing which results in increased replacement of car parts. Additionally, filter components such as air filters and oil filters need to be changed frequently due to sandstorms, thereby influencing the growth of the market.
The Saudi Arabia automotive components market is segmented based on vehicle type, part type, channel, region, and competition. Based on vehicle type the automotive component market is segmented into passenger cars, commercial vehicle. On the basis of part type, the market is further divided into 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. On the basis of channel, the market is further segmented into DIFM (Do it for Me) and OE (Delegating).
The key players in the market include Robert Bosch GmbH, DENSO Corporation, ZF Friedrichshafen AG, Toyota Boshoku Corporation, Magna International Inc., Valeo, Hyundai Mobis, Mazda Motor Corporation, Faurecia SE, Lear Corporation etc. These players are expanding their distribution network to bring out a sound return on their investment. Additionally, advance strategic decisions, such as mergers & collaborations benefit players to improve their customer base and sales in the Saudi Arabia automotive components market.
In this report, Saudi Arabia automotive components market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Saudi Arabia Automotive Components Market, By Vehicle Type:
o Passenger Car
o Commercial Vehicle
• Saudi Arabia Automotive Components Market, By Part Type:
o Body Electricals
o Brake System
o Air Condition System
o Auto Body Parts
o Fuel System
o Air Intake System
o Exhaust System
o Cooling System
o Engine Electrical system
o Driveshaft & Axle
o Suspension System
o Steering System
o Engine Mechanical system
• Saudi Arabia Automotive Components Market, By Channel:
o DIFM (Do it for Me)
o OE (Delegating)
• Saudi Arabia Automotive Components Market, By Region:
o Northern and Central Region
o Eastern Region
o Western Region
o Southern Region
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia automotive components market.
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:
• Detailed analysis and profiling of additional market players (up to five).