January 13, 2021
According to the research report titled ‘Middle East Auto Component Market Analysis, 2020’ available with Market Study Report LLC, Middle East auto component market is anticipated to exhibit a noteworthy CAGR of 7% during 2020-2025.
Factors such as flourishing tourism sector, increasing infrastructural as well as construction activities, and growing population in Saudi Arabia are augmenting the expansion of Middle East auto component market size.
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Industry experts claim that rapid development in the e-commerce sector, high concentration of OEMs and industry players, and surging demand for passenger vehicles are stimulating the overall market outlook.
Moreover, rising adoption of vehicle modification & customization services, growing consumer preference towards purchase of spare parts on online platforms, and high demand for OTR (Off-the-Road vehicles) are positively swaying the Middle East auto component market dynamics.
Based on vehicle type, the industry is divided into two wheelers, OTRs, commercial vehicles, and passenger cars. With regards to component type, the market is bifurcated into battery, brake components, tires, lubricants, and filters.
The distribution channel of Middle East auto component market comprises of replacement and OEMs.
As per the regional analysis of the study, UAE is predicted to emerge as a lucrative growth avenue for the overall market during 2020-2025, on account of increasing sales volume of second-hand auto parts.
Leading companies that boast of a commanding position in the industry are Bridgestone Middle East and Africa FZE, Yokohama Rubber Co. Ltd., Michelin AIM FZE, Amaron Batteries, ACDelco Middle East and Africa, Shell Markets Middle East, Goodyear Middle East FZE, ExxonMobil Middle East Marketing Corp., and Johnson Control International Plc.