DUBLIN--(BUSINESS WIRE )--The "Saudi Arabia Spare Parts Market, By Vehicle Type (Passenger Car, Commercial Vehicle), By Component Type, By Region, Competition, Forecast & Opportunities, 2017- 2027F" report has been added to ResearchAndMarkets.com's offering.

Saudi Arabia spare parts market generated a value of USD 4,732.85 million in the year 2021 and the market is expected to grow at a CAGR of 6.24% during the forecast period. Saudi Arabia spare parts market is driven by the various factors such as the customization of the vehicle which is growing the demand of the spare parts in the aftermarket.

Saudi Arabia has seen a rise in the demand for spare parts over the years as more and more people started to make performance modifications in their vehicles by customizing and enhancing their vehicles' aesthetics. The demand for vehicle alterations has increased in recent years, particularly among the Saudi youth owing to factors such as adding torque to the engine or improving the horsepower, led lighting modifications to change cabin and dash lighting to different hues, giant upgrade, window rinsing to filter out harsh light, etc. The growing trend of vehicle customization in Saudi Arabia is boosting the demand for spare parts components in the country.

Growing Awareness of Vehicle Safety

According to the World Health Organization (WHO), 12,317 persons died in road traffic accidents in Saudi Arabia in 2020, accounting for 9.19% of all fatalities. According to the data, the nation's adjusted death rate is 36.13 per 100,000 people. Vehicles with defective replacement parts are one of the main causes of such high fatality rates. If vehicle parts such as brake pads, brake shoes, headlamps, etc. are updated on a regular basis, a considerable number of fatalities can be avoided. Additionally, fleet owners have begun fitting brake pads with wear sensors in their cars to guarantee safety in such circumstances. The need for spare parts in Saudi Arabia is being driven by the country's increased awareness of automobile safety.

Expanding Sales and Distribution Network

Due to a lack of vehicle manufacturing facilities and a dependence on imports, the spare parts market in Saudi Arabia consists primarily of replacement market. Automotive spare parts component manufacturers appoint local distributors in Saudi Arabia to manage the demand for their products. These distributors serve as an appropriate intermediary between the manufacturer of the automotive spare parts component and the end-user. For instance, the tires manufacturer Bridgestone selected Al-Talayi Company Limited as its official Saudi Arabian distributor. Among others, Hankook Tire appointed Bin-Shihon Group of Companies, Pirelli appointed United Yousef M.Naghi Co. Ltd, and Goodyear Tire and Rubber Company appointed Al Rashed Tires Co. as their distributor. The distributors of spare parts components are always being expanded by the spare parts producers, to gain penetration in aftermarket in the country. Moreover, with new players emerging, the distribution network keeps on expanding to increase their customer base.

Harsh Climate Leading to Increased Replacement Ratio

Saudi Arabia experiences extreme hot weather, with the nation's average high temperature greater than 100 F (38 C). The country has a 34% sand cover as well. Lack of vegetation in the nation's sandy regions causes the soil to become more porous and leads to more sandstorm activity, which also raises summertime temperatures. As a result, during the trip, the air conditioners in vehicles are typically on. Continuous air conditioner use shortens the lifespan of air conditioning systems and the parts that make them up, which increases the need for frequent car part replacement. Additionally, because of sandstorms, filter elements such as air filters and oil filters need to be changed frequently. The challenging weather has led to an increase in the frequency of replacement of spare parts components, thereby driving the Saudi Arabia spare parts market.

Saudi Arabia Spare Parts Market, By Vehicle Type:

Saudi Arabia Spare Parts Market, By Component Type

Saudi Arabia Spare Parts Market, By Service Channel:

Saudi Arabia Spare Parts Market, By Region:

4. Impact of COVID-19 on Saudi Arabia Spare Parts Market

6. Saudi Arabia Spare Parts Market Outlook

7. Saudi Arabia Passenger Car Spare Parts Market Outlook

8. Saudi Arabia Commercial Vehicle Spare Parts Market Outlook

15. About the Publisher & Disclaimer

For more information about this report visit https://www.researchandmarkets.com/r/5oxih8

ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900