KSA Automotive Spare Parts Market to Achieve 7.64% CAGR in 2024-32
As per the research report by Report Cube, the KSA Automotive Spare Parts Market is estimated to grow at a CAGR of about 7.64% during the forecast period, 2024-32.
The industry is expected to continue to expand in the coming years due to factors like rising car ownership, economic advancement, and population increase, all of which have contributed to its notable growth in recent years. As one of the largest economies in the Middle East, the Kingdom of Saudi Arabia offers a large selection of car spare parts, infused by a productive automotive industry & a prime position that promotes trade across the area. Furthermore, the nation’s inclination towards SUVs & luxury cars is constantly impacting the availability of high-quality replacement components, which are necessary to guarantee the longevity & peak performance of vehicles.
Additionally, the country’s sizable & expanding automotive industry contributes to the future growth of the KSA Automotive Spare Parts Market share. Owing to the strong customer base & increasing demand for both commercial & passenger vehicles, the market is seen to be expanding gradually. Also, factors including increased urbanization, modernization of industrial activity, and population growth are propelling market expansion. Also, the Saudi Arabian government has been actively promoting the growth of the automotive sector by promoting local production, assembly, and manufacturing of automobiles and their parts.
Furthermore, owing to the country’s growing middle class, expat population, and urbanization, car ownership has been steadily rising in the KSA. There are more cars on the road, which means there is a greater need for spare parts for routine maintenance, replacements, and repairs. Also, because of the nationwide expansion of the aftermarket sector, a wide range of spare parts are reasonably priced. Owing to this, the industry would need products that meet a variety of consumer budgets & preferences & provide both authentic & aftermarket components, further states the research study, KSA Automotive Spare Parts Market Analysis, 2024.
Analyzing the KSA Automotive Spare Parts Market Segmentation
Freight Forwarding to Lead the KSA Automotive Spare Parts Market
By Service Mix, the KSA Automotive Spare Parts Market is bifurcated into: Freight Forwarding, Warehousing, and Value Added Services.
The possible market share will be captured by the freight forwarding segment, which would likely outnumber the KSA Automotive Spare Parts Market. The nation imports a significant amount of car spare parts from various foreign suppliers, primarily from China, Japan, and Germany. Freight forwarding services are essential to manage these imports’ logistics & guarantee that parts are transported from overseas producers to the local marketplace affordably & effectively. Additionally, owing to its complex supply chain, the industry in KSA requires careful planning of international shipments.
KSA Automotive Spare Parts Market Companies Analysis
With the strategic analysis & market study the leading companies, including 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, The Yokohama Rubber Co., Ltd., Others are predicted to contribute in the growing market outlook.