Auto spare parts are components and add-ons used to repair or replace parts in automobiles. Through upkeep, repairs, and upgrades, these parts are crucial to keeping cars functional and efficient for the remainder of their lives. A few examples of the wide range of products they cover are engine parts (piston, valve, and gasket), transmission parts, brake pads, oil and air filters, electrical systems (batteries, alternators), and exterior and interior accessories.
Saudi Arabia Automotive Spare Parts Market Driving Factors and Challenges
Drivers: The expansion of vehicle personalization, the average age of vehicles, and the expanding use of cutting-edge technology in the production of automotive spare parts are driving the Saudi Arabian spare parts market. Due to their excellent standard of living in cities and high per capita income, Saudi Arabians can afford to purchase private automobiles. Because imports drive the majority of the global automobile market, Saudi Arabia places a high priority on the growth of the automotive industry. Further driving the growth of the Saudi Arabian spare parts market are anticipated to be the emergence of local market participants and heightened consumer awareness of vehicle safety and maintenance.
Challenges: A number of challenges affect the dynamics and operations of the Saudi Arabian automobile spare parts market. Dependency on imports is a big problem because there aren't enough manufacturing resources in the country to produce a large amount of spare parts, thus they must be supplied from abroad. When there are geopolitical tensions influencing trade routes or global economic changes occur, this reliance may result in supply chain interruptions, delivery delays, and higher expenses. The vast range of vehicles in the fleet, from heavy-duty trucks to luxury cars, presents another difficulty and calls for a large inventory of replacement components.
Impact of COVID-19 on Saudi Arabia Automotive Spare Parts Market
The Saudi Arabian spare parts industry has been negatively impacted by the COVID-19 pandemic. The main reason for this is that important industrial nations like China and India have closed their doors as a result of travel restrictions and lockdown-related regulations. The primary challenge facing the spare parts business has shifted from supply chain disruptions to a broad downturn in the market for automotive components. When all non-essential services were discontinued, there was less of a demand for commercial vehicle components, which hindered the market's growth for spare parts.
Saudi Arabia Automotive Spare Parts Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; 3M Company, Bridgestone Corporation, Continental AG, Denso Corporation, GS Yuasa International Ltd., Hankook & Company Co., Ltd., Michelin Group, Robert Bosch GmbH, The Goodyear Tire & Rubber Company, and The Yokohama Rubber Co., Ltd.
Saudi Arabia Automotive Spare Parts Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, Saudi Arabia Automotive Spare Parts Market is segmented as; Passenger Cars, Commercial Vehicles.
By Component: Based on the Component, Saudi Arabia Automotive Spare Parts Market is segmented as; Tires, Batteries, Air Filter, Brake Shoe, Spark Plugs, Brake Pad, Brake Caliper.
By Service: Based on the Service, Saudi Arabia Automotive Spare Parts Market is segmented as; DIFM (Do it for Me), OE (Delegating), DIY (Do it Yourself).
By Region: This research also includes data for Eastern Region, Western Region, Northern Region, Southern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.