Saudi Arabia Spare Parts Market 2027

SAUDIARABIASPAREPARTSMARKET

FORECAST ANDOPPORTUNITIES

6.2.1.

6.2.3. By Service Channel (DIFM (Do it for Me), DIY (Do it Yourself), and OE (Delegating))

6.2.4. By Region

6.2.5. By Company (2021)

6.2.6. Product Market Map (By Component, By Region)

7. Saudi Arabia Passenger Car Spare Parts Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value & Volume

7.2. Market Share & Forecast

7.2.1. By Vehicle Type (Hatchback, Sedan, SUV/MPV)

7.2.2. By Component

7.2.3. By Service Channel

8. Saudi Arabia Commercial Vehicle Spare Parts Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value & Volume

8.2. Market Share & Forecast

8.2.1. By Vehicle Type (Bus, Truck)

8.2.2. By Component

8.2.3. By Service Channel 9. Market Dynamics

9.1. Drivers

9.2. Challenges 10. Market Trends and Developments

No. Contents 12. Saudi Arabia Economic Profile 13. Competitive Landscape

13.1. Robert Bosch GmbH

13.2. 3M Company

13.3. Bridgestone Corporation

13.4. Denso Corporation

13.5. The Goodyear Tire & Rubber Company

13.6. The Yokohama Rubber Co., Ltd. 13.7. Continental AG 13.8. Hankook & Company Co., Ltd. 13.9. GS Yuasa International Ltd. 13.10. Michelin Group

PRODUCT OVERVIEW

RESEARCH METHODOLOGY

Market Profiling Data Validation Data Analysis

Formulating Questionnaire

In-depthsecondary researchwasconductedto determinetopcompanies intheSaudiArabiaspare partsmarket,overall marketsizeandsegmental marketsize.

Inordertoconduct industryexperts’ interviews,TechSci formulatedadetailed discussionguide.

Data Collection DevelopingList ofRespondents

Listofleading companiesand industryspecialists wasdeveloped.

TechSciconducted interviewswith industryexpertsand topcompaniesfordata collectionand verification.

Dataobtainedasa resultofprimary andsecondary researchwas validatedthrough rigorous triangulation.

Thedatawasscrutinized usingMS-Excel,statistical toolsandinternal proprietarydatabaseto obtainqualitativeand quantitativeinsightsabout theSaudiArabiaspareparts market.

Research Methodology

Baseline Methodology

Our dedicated team of industry experts has monitored and analyzed various aspects of the Saudi Arabia spare parts market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as growing awareness of vehicle safety and harsh climate leading to increased replacement ratio. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the Saudi Arabia spare parts market.

Methodology Followed for Calculation of Market Size:

• Market Size by Value & Volume: Market size, in terms of value & volume, for the year 2021 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as spare parts companies, suppliers, channel partners, end users, industry experts, and other industry participants.

• The team interviewed more than 100 spare parts companies, suppliers, 180 end user, 15 industry experts and other value chain stakeholders in the Saudi Arabia spare parts market to obtain the overall market size from 2017 to 2021, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during 2017-2021.

• Respondents were asked about the current and future market growth rates, market shares by vehicle type, by component, by service channel, by region, and by company. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across various segments were considered, to arrive at the final revenue shares.

Revenue shares generated across various segments were further triangulated from other stakeholders.

Methodology Followed for Calculation of Market Shares:

• Market shares by vehicle type, by component, by service channel, by region, and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of spare parts market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers.

Methodology Followed for Forecasting:

• TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results.

• Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast Saudi Arabia spare parts market, TechSci Research used various forecast techniques such as:

The increasing vehicle customization and growing fleet size of the passenger car and commercial vehicles is expected to increase demand for spare parts in the Saudi Arabia market during the forecast period, 2023F-2027F.

According to TechSci Research report, “Saudi Arabia Spare Parts Market - By Region, Competition, Forecast & Opportunities, 2017-2027”, Saudi Arabia spare parts market stood at USD4732.85 million in 2021 and is expected to register a CAGR of 6.24% to reach USD6792.59 million by 2027.

Major driving factor for the growth of Saudi Arabia spare parts market is the harsh climatic condition of the country which decreases the life due to wear and tear of automotive spare parts such as air filter, oil filter, battery, alternator, braking, transmission system etc. Moreover, the increasing vehicle fleet size is another major contributing factor for the growing demand for spare parts components in Saudi Arabia.

The climatic conditions of Saudi Arabia are harsh during the summer season, with the average temperature in the country reaching up to 100 °F (38 °C). Moreover, the country is characterized by a sand cover spread across 34% of the total area. The country's sandy areas lack vegetation cover, resulting in the soil loosening and increasing sandstorm activities, which also contributes to the increased temperature during summer. Hence, the air conditioners of vehicles are mostly turned on throughout the drive. The continuous usage of air conditioners decreases the life of air conditioners and their components, increasing the frequency of the auto parts replacement. Moreover, owing to sandstorms, filter components such as air filters and oil filters are changed frequently. The harsh climatic conditions have led to an increase in the frequency of replacement of spare parts components, thereby driving the Saudi Arabia spare parts market.

According to the data published by the World Health Organization (WHO), a total of 12,317 people died in road accidents in Saudi Arabia in 2020, which was 9.19% of total deaths. The statistics show that the country's adjusted death rate is 36.13 per 100,000. Such high death rates are characterized by vehicles with ill working spare parts. A significant number of deaths can be avoided if automotive components such as brake pads, brake shoes, headlamps etc., are replaced regularly. Moreover, to ensure safety in such events, fleet owners have started installing wear sensor in brake pads in their vehicles. The growing awareness regarding vehicle safety is driving the Saudi Arabia spare parts market.

Saudi Arabia spare parts market is segmented into vehicle type, component type, service channel, and region. On the basis of vehicle type, the market is segmented into passenger car and commercial vehicle. The passenger car segment accounted for 57.07% market share in terms of units sold in 2021 and is projected to remain the largest segment through 2027. Factors such as growing rental car fleets, Saudi’s vision to bring OEMs in the country to manufacture approximately 300 thousand plus vehicles between 2020 and 2030, including passenger cars, is expected to escalate the demand for passenger car spare parts components in the aftermarket over the forecast years. On the basis of component type, the market is segmented into tires, batteries, air filter, brake shoe, spark plugs, brake pad, brake caliper, and others. The tire segment holds the largest market share of 72 18% in Saudi Arabia spare parts market in terms of volume in 2021 and is projected to register a CAGR of 4.47% during the forecast period to reach 70.57% market share by 2027.

Over the last decade, Saudi Arabia invested heavily in transport and related infrastructure. The investment attracted the tourists and acted as a gateway for enterprises interested in expanding their network in Saudi Arabia and the rest of Middle East

Major market players operating in the Saudi Arabia spare parts market are Robert Bosch GmbH, 3M Company, Bridgestone Corporation, Denso Corporation, The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Continental AG, Hankook & Company Co., Ltd., GS Yuasa International Ltd., Michelin Group

“Saudi Arabia spare parts market is predominantly an import driven market as the country lacks automobile production facilities. In order to fulfill the demand for spare parts components market in Saudi Arabia, automotive part manufacturers appoint local distributors in the country, acting as a suitable intermediary between the automotive spare parts component manufacturing company and the end-user”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Air Filter 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% Brake Shoe 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%

Spark Plugs 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

Brake Pad 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

Brake Caliper 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%

Others 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%

Saudi Arabia Spare Parts Market Share, By Component, By Volume, 2017-2027F

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