As per the latest report By Quadintel Research titled ” Middle East Auto Component Market Analysis and Forecast from 2023 to 2031″, the industry is experiencing substantial growth and offers immense potential for investors and stakeholders. The report includes an in-depth analysis of the market, covering a comprehensive range of factors that impact the market’s growth trajectory.
This Middle East Auto Component Market has recently been analyzed in a market research report, which segments it based on Regions, Country, Company, and other Segments. Key Players are currently dominating the global market and have implemented various strategies to increase their market share and strengthen their position in the industry. This report can serve as a valuable resource for stakeholders and other participants in Middle East Auto Component market to gain a competitive advantage for their business needs.
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Market Bits of knowledge
The Center East Auto Part Market is supposed to develop at a CAGR of around 7% during the figure time frame, i.e., 2023-28. The high-income population and the increasing influx of migrants and tourists, particularly in the United Arab Emirates, would drive the majority of the market expansion. As a result, the Middle East’s ever-increasing vehicle production and sales are increasing the demand for various auto components like brake parts, batteries, lubricants, tires, and filters.
In addition, a growing government focus on diversifying the economy away from the oil and gas sector is driving a number of ongoing and upcoming infrastructure development projects in the region, resulting in an expansion of the building and construction sector, increasing OTR and commercial vehicle sales and promoting auto component sales.
Besides, the persistently growing online business area attributable to and, hence, the coordinated operations and transportation industry is another conspicuous viewpoint supporting the auto part market in the district. It is attributed to the growing use of heavy commercial vehicles, which frequently wear automotive parts like brakes and tires out.
Another factor boosting the e-commerce sector and, in turn, promoting the expansion of the auto component market is the growing trend among consumers to purchase their desired spare parts online. The Middle East Auto Component Market’s largest end-user is the aftermarket, primarily because more and more people are buying used cars, which need old and worn-out automotive spare parts fixed and replaced.
The youthful populace of the district is prodding development in the interest for adjusted and altered vehicles, i.e., prompting the rising creation and imports of different auto parts, particularly in nations like Oman, the UAE, Iran, and Saudi Arabia, where extra pieces of imported vehicles are progressively changed to upgrade the vehicle execution.
As a result, these factors point to significant expansion of the Middle East Auto Component Market from 2023 to 2028, which will eventually result in profitable opportunities for both automakers and manufacturers of spare parts to generate significant profits in the years to come.
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Segmentation of the Market by Vehicle Type:
The Middle East Auto Component Market is dominated by passenger cars, followed by commercial vehicles, OTR two-wheelers, and buses. Catering to the ever-increasing consumer preference for private vehicle ownership, the high living standards of the population, and the convenience of private vehicle commuting are all due to the expanding passenger vehicle fleet.
In addition, the increase in the number of automotive production plants and the lifting of the Saudi Arabian ban on female drivers’ use of motor vehicles are other significant factors increasing demand for passenger cars and, consequently, increasing production and sales of automotive components throughout the Middle East.
In response to the growing trend toward vehicle customization for enhanced comfort and technological amenities, the leading automakers are actively incorporating novel features into their product offerings. Additionally, the Middle East Auto Component Market is being bolstered by the rising number of tourists and migrants, particularly in Saudi Arabia, the United Arab Emirates, and Qatar.
On the other hand, OTR (Off-the-Road) vehicles are also seeing an increase in demand in the Middle East. This is primarily due to the region’s burgeoning building and construction industry, and the governments of a number of different countries are actively attempting to diversify their economies away from the oil and gas industry. The recent FIFA World Cup cited an ever-increasing utilization of OTR vehicles, such as roadrollers, excavators, bulldozers, and trucks, at various construction sites, as well as the frequent replacement of their spare parts and components due to their increased wear and tear. This has played a phenomenal role in spurring growth in various construction activities.
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Based on the Kind of Part:
Batteries, brake components, filters, and lubricants. Among all auto parts, tires dominate this market. It is due to the increasing availability of tires in a variety of price ranges, including budget, economy, and premium, all of which offer excellent driving experiences on a variety of terrains and high performance, as well as the growing focus of manufacturers on the development of high-end tires to meet changing consumer demands for improved efficiency and durability.
Numerous tire manufacturers are entering the market and boosting their production capacities to meet the growing end-user requirements for various automobiles as an increasing number of automakers establish manufacturing facilities in the Middle East.
In addition, the region’s tire production and sales are being stimulated by governments’ active efforts toward economic diversification, which are resulting in substantial investments in infrastructure projects and an ever-increasing number of construction projects. The Middle East Auto Component Market is also being driven by the rising demand for commercial vehicles for public transportation and sports cars for off-roading and adventure activities as a result of the UAE’s burgeoning tourism industry.
Country Projection
Topographically, the Center East Auto Part Market extends across:
The United Arab Emirates, Saudi Arabia, Kuwait, Oman, Iran, Israel, and Qatar are the Middle Eastern nations with the best prospects for the auto component market between the years 2023 and 28. Filters, lubricants, filters, brake components, batteries, and tires are just some of the auto parts that are being sold more and more in the country. This is mostly due to significant technological advancements in the entire automotive industry, a significant increase in the sale of used cars following the COVID-19 pandemic, an ever-increasing focus on technologies to optimize processes, and shifts in consumer preferences.
The UAE’s auto component industry is also experiencing phenomenal growth thanks to innovations and digitalization trends. Online platforms are making it easier for auto component suppliers to connect with fleet owners, operators, and garages, boosting aftermarket demand and the UAE Auto Component Market as a whole.
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Key Questions Answered in The Report:
- What are the strengths and weaknesses of the key vendors?
- Who are the Leading key gamers and what are their Key Business plans in the close to future?
- What will be the market increase price and measurement in the coming year?
- What are the principal key elements riding the market?
- What are the key market tendencies impacting the increase of the world Market?
- Which are Trending elements influencing the market shares of the pinnacle areas throughout the globe?
- What is the have an effect on of The Russia-Ukraine Crisis on the modern industry?
- Who are the key gamers and what are their strategies in the international Market?
- What are the market opportunities and threats confronted by using the carriers in the world Market?
- What industrial trends, drivers, and challenges are manipulating its growth?
- What are the key consequences of the 5 forces evaluation of the world industry?
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