Saudi Arabia passenger car accessories market is anticipated to register a robust CAGR during the forecast period, 2024-2028. The rise in the expenditure capacity of consumers is fueling the demand for comfort and luxury among consumers. High sales and production of passenger cars and increased integration of electronic systems in passenger cars for enhanced driving experience are the key driving factors. Also, the rise in the number of market players offering innovative products and development of passenger car accessories aftermarket is expected to bolster the Saudi Arabia passenger car accessories market growth throughout the forecast period.
Increased Sales of Passenger Car Drives the Market Growth
The Saudi Arabia passenger car market was valued at 13,028.60 million in 2021. The development of road infrastructure and the growing disposable income of consumers is making them afford passenger cars. The ban on women driving was lifted in 2017, which accelerated the number of women drivers. The increasing number of people traveling in passenger cars due to extreme weather conditions and changing preference for private vehicle ownership is expected to boost Saudi Arabia passenger car accessories market. Luxurious car brands offer high comfort, convenience, high-quality equipment, and technologically advanced passenger car interior accessories. The high demand for luxury vehicles owing to the increased per capita income of consumers is expected to accelerate the sales of passenger car accessories across the country.
Ongoing Technological Advancement Fuel the Market Growth
Market players are using advanced technologies to increase the convenience of passengers and drivers. Advancements in technology such as Bluetooth connectivity which offers a hand-free mode to the driver, are gaining momentum in the Saudi Arabia passenger car accessories market. Market players are also offering customizable control options in passenger cars to garner customer attraction. The majority of people are inclined towards installing advanced electronic systems such as music systems and video systems in the passenger car and prefer those electronic accessories which can be connected to smartphones. The rise in investments by the market players in research and development activities and the launch of high-performing passenger cars are expected to bolster the Saudi Arabia passenger car accessories market growth over the next five years.
The advent of Light-weight Materials Supports the High Market Demand
With the growing demand to optimize fuel efficiency, the demand for lightweight materials is increasing at a rapid rate. Manufacturers are using lightweight materials such as high-strength steel and thermoplastic for manufacturing passenger car accessories to reduce the overall weight of passenger cars. Lightweight materials mobilize the driving performance of passenger cars to reduce environmental pollution and fuel cost. Passenger car accessory manufacturers are making investments to maximize the use of lightweight materials, which is expected to create massive growth opportunities for Saudi Arabia passenger car accessories market in the forecast period.
The Saudi Arabia passenger car accessories market is segmented into location, vehicle type, demand category, sales channel, regional distribution, and company. Based on location, the market is divided into interior accessories and exterior accessories. Based on vehicle type, the market is divided into hatchbacks, sedan, and SUV/MPV. Based on the demand category, the market is divided into OEM and replacement. Based on sales channels, the market is divided into online and offline. To analyze the market based on the region, the Saudi Arabia passenger car accessories market is studied in major regions namely the North & Central region, Southern region, Western region, and Eastern region.
Adient Plc, Continental AG, Denso Corporation, Robert Bosch Gmbh, and Harman International Industries Inc., are among the major market players operating in the Saudi Arabia passenger car accessories market.
In this report, Saudi Arabia passenger car accessories market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
• Saudi Arabia Passenger Car Accessories Market, By Location:
• Saudi Arabia Passenger Car Accessories Market, By Vehicle Type:
• Saudi Arabia Passenger Car Accessories Market, By Demand Category:
• Saudi Arabia Passenger Car Accessories Market, By Sales Channel:
• Saudi Arabia Passenger Car Accessories Market, By Region:
–Northern & Central
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia passenger car accessories 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).