Middle East Auto Components Market to Reach around $ 40 Billion by 2024: TechSci Research Report

Increasing automobile fleet, expansion of automotive and allied industry along with early economic recovery to boost Middle East auto components market through 2024

According to TechSci Research report, “Middle East Auto Components Market By Vehicle Type, By Component Type, By Demand Category, By Country, Competition Forecast & Opportunities, 2024”, Middle East auto components market is projected to cross reach around $ 40 billion, by the end of 2024. The growth in the market is led by rising automotive fleet and favorable economic condition of region owing to stability in crude oil prices. Moreover, removal of ban over the female drivers in some countries of the Middle East region, rising demand for vehicle modifications and automotive vehicle launches are further likely to aid the growth of Middle East auto components market. Additionally, increasing infrastructural and constructional activities are anticipated to positively influence Middle East auto components market over the next five years.

Browse 58 market data Tables and Figures spread through 95 Pages and an in-depth TOC on“ Middle East Auto Components Market

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Among vehicle types, passenger car dominates Middle East auto components market on the back of large demand for passenger cars and increasing purchasing power of customers. On the basis of components, Middle East auto components market is segmented into Filter, Lubricant, tire, brake component, battery and others. Of all, automotive filters dominated the market with over 16% share in 2018, on account of lower replacement cycle, high usage in vehicles and low cost.

 “Increasing investments in the automotive and allied sector in the Middle East region are likely to show optimistic growth of auto components in the region. Moreover, rising presence of various companies such as Bridgestone Middle East & Africa FZE, Michelin AIM FZE, Goodyear Middle East FZE, The Yokohama Rubber Co. Ltd., ACDelco Middle East & Africa, Amaron Batteries, etc., and their continued operations in the Middle East auto component market is anticipated to intensify competition in the market over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Middle East Auto Components Market By Vehicle Type, By Component Type, By Demand Category, By Country, Competition Forecast & Opportunities, 2024” has analyzed the potential of auto components market across Middle East region, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses emerging trends along with essential drivers and key challenges faced by Middle East auto component market.

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