Middle East Spare Parts Market to grow at steady rate through 2026
Rise in working population and expanding middle-class families is to drive Middle east spare parts market through 2026
According to TechSci Research report, “Middle East Spare Parts Market By Vehicle Type (Passenger Car and Commercial Vehicle) By Component (Tires, Batteries, Brake Components, Others), By Country, Competition, Company Forecast & Opportunities, 2026”, The Middle East spare parts market to grow at a steady rate during the forecast period. Automobiles uses a combination a large number of essential parts and complementary accessories such as exhaust systems, braking systems, braking systems, among others requiring replacement in case they are not present in proper working conditions. Fleet owners are buying original equipment manufacturers parts in place of buying new automobile in order to save money. Government initiatives such as Dubai Expo 2020 is boosting the infrastructural development in Middle East which in turn in increasing the number of trucks running on road thereby influencing the market growth. Upcoming event FIFA World Cup 2022 in Qatar is increasing the construction of stadiums, motorways, local road projects which is expected to fuel the demand of commercial vehicles in the next five years. Market players are offering additional services such as diagnosis of vehicles, service training, enhancing repair shop technology is creating new avenues for the market growth. Manufacturers are trying to setup the localized manufacturing companies in order to surge the local investments, reduce the import costs thereby boost the economy. Original equipment manufacturers are indulging in after-sales support to automobile owners which in turn is influencing the vehicle sales. Automobile manufacturing companies are investing huge amounts for research and development activities to upgrade the existing infrastructure and introduce new specifications. Increase in the average age of vehicles is expected to accelerate the demand of spare parts in Middle East.
The COVID-19 outbreak across the world which has been declared as pandemic by World Health Organization has affected several countries adversely. Leading authorities in Middle East imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus affected patients started suffering from shortness of breath along with coughing and sneezing. Leading authorities increased the capacity of hospitals as a greater number of patients were getting affected daily and getting admitted into the hospital facilities. Manufacturing units were temporarily shut down and disruption in supply chain was observed. Cash crunch along with liquidity fall impacted the spare parts market adversely. However, due to spread of coronavirus people preferred to travel alone and own a vehicle which is expected to boost the spare parts market growth.
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Middle East spare parts market can be segregated into vehicle type, component, regional distribution, and company. Based on component, market can be divided into tires, batteries, brake components, and others. The tires component segment is expected to account for major market share for the forecast period, 2022-2026. Tires are in high demand due to presence of low replacement cycle and life of automobile tires. They are in high demand due to sales of automobiles and are cost-effective in nature.
Robert Bosch GmbH, Bridgestone Corp., Yokohama Rubber Company Limited, Goodyear Tire & Rubber Company, AC Delco, Exide Industries, Schaeffler Technologies AG & Co. KG, Hyundai Mobis, Mitsui, Continental AG are the leading players operating in Middle East Spare Parts Market. Spare part manufacturers are increasingly focusing on developing and manufacturing high-tech products for Middle East market. To meet evolving customer demand with respect to better efficiency and durability, several spare parts manufacturers are coming up with their technologically advanced offerings.
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“Market players are adopting marketing strategies and attractive marketing campaigns to attract consumers and improve their brand image. With the increasing growth of E commerce channels, key players are selling their products via online channels. Ease and convenience of buying spare parts through online platforms without the need of visiting spare parts stores is attracting a large crowd to buy through them. Offering of lucrative offers and discounts and availability of wide range of products at a single platform coupled with user-friendly interface over website and mobile applications is expected to propel the spare parts market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Middle East Spare Parts Market By Vehicle Type (Passenger Car and Commercial Vehicle) By Component (Tires, Batteries, Brake Components, Others), By Country, Competition, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of Middle East spare parts market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Middle East spare parts market.
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