GCC automotive aftermarket Industry size is expected to grow at CAGR of 4.2% to 7.5% during the forecast period.

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Market Dynamic

Key Drivers and Emerging Trends

Economic growth in the GCC region plunged to -4.3% in 2020 due to the COVID 19 lockdown coupled with low crude oil prices impacting the demand for new car sales across the region. The region’s economic activities increased in 2021 due to the high rate of vaccinations across the region has also increased demand for car sales and aftermarket sales. As per the IMF forecast, the GCC economy is expected to grow at a higher rate of 6.4% by 2022 due to the increasing oil prices and the growth in the oil and non-oil sectors including automotive sectors across GCC countries. In addition, the growing demand for new cars and aftermarket services driven by the increasing disposable income of consumers will future create opportunities for the automotive aftermarket in GCC countries like Saudi Arabia and UAE. The other factors that support the growth of the GCC aftermarket auto parts industry include growing demand for spare parts for vehicle modification, rising investment in new distribution channels and increasing commercial and passenger car sales. Moreover, an increase in new passenger car sales in countries like Saudi Arabia and UAE will further support the market growth. Saudi Arabia captured 57.9 percent and UAE captured 20.2 percent share of total vehicles sold in 2021 across the GCC region. Saudi Arabia sold 516 thousand units of vehicles in 2021. Increasing female drivers due to the rising women workforce participation have further created new growth opportunities in the automotive industry. Rising government initiatives toward non-oil sectors such as Saudi Arabia Vision 2030, UAE Vision 2030 and the development of smart cities will upsurge the automotive aftermarket in GCC. For instance, the Saudi Arabia government increased VAT from 5% to 15% effective from 1st July 2020. The Bahrain government announced new regulations for registration of used imported cars.

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Vehicle Type – Segment Analysis

Based on the vehicle type, passenger vehicle is predicted to dominate the GCC automotive aftermarket till 2028 due to the rising new vehicle sales and the increasing disposable income of consumers. Saudi Arabia is the largest market for passenger vehicle sales across the region, with total new car sales of 516 thousand units in 2021. Moreover, the Saudi government lifted a ban on women driving in 2018 and the recovery of oil prices will further boost the market growth. According to the IMF, GCC reported 776 thousand passenger car sales, which increased at 15.6% YoY in 2021 and is projected to increase by 7.8% in 2022.

Countries – Segment Analysis

Based on the countries, the UAE is expected to grow at the fastest rate in the GCC automotive parts market during the forecast period owing to the rising concerns related to vehicle safety and the increasing new car sales in the UAE region. UAE is the second largest region for passenger car sales across the GCC region. Moreover, the increasing popularity of the e-commerce industry coupled with the rising adoption of the online sales platform for availing aftermarket services among consumers will upsurge the demand for the automotive aftermarket in UAE.

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Top Market Players

Various notable players operating in the GCC Automotive Aftermarket market include Toyota Motor Corporation, Continental Almutlak, Delphi Technologies, DENSO Corporation, Michelin, ACDelco (General Motors), Robert Bosch, FZE, GoodYear, Nissan Motor Co., Ltd. and (Motorcraft) Ford Motor Company, among others.

Key Developments:

• • In 2021, Nissan KSA developed the latest online service in their mission to incorporate digitalization across their operations and services, providing customers with the convenience of booking their car servicing needs online.
  • In 2020, Continental officially announced the launch of an automotive aftermarket web portal for users across the globe. The company is bundling information about its product and service portfolio for the automotive aftermarket in a new online portal. This strategy has helped in the surge for the automotive aftermarket in Saudi Arabia, which has pushed online sales.

Segments covered in the Report:

The GCC Automotive Aftermarket industry has been segmented based on Replacement Part, Vehicle Type, and Countries. Based on Replacement Part, the market is segmented into tire, battery, brake parts, filters, Lighting components, electronic components, lubricants, engine components, clutch parts, and Others. Based on Distribution Channel, the market is segmented into Commercial  Vehicles and Passenger Vehicles.

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Key questions answered in this research report:

• • At what pace is the GCC Automotive Aftermarket market growing? What will be the trend in growth in the future?
  • What are the key drivers and restraints in the GCC Automotive Aftermarket market? What will be the impact of drivers and restraints in the future?
  • Which Replacement Part generated maximum revenues in 2021 and identify the most promising Replacement Part during the forecast period?
  • What are the various distribution channels of the GCC Automotive Aftermarket market, and how are they poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2021
Market Forecast Period	2022-2028
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Replacement Part, By Vehicle Type, By Countries
Regional Coverage	GCC
Companies Profiled	Toyota Motor Corporation, Continental Almutlak, Delphi Technologies, DENSO Corporation, Michelin, ACDelco (General Motors), Robert Bosch, FZE, GoodYear, Nissan Motor Co., Ltd. and (Motorcraft) Ford Motor Company, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

 

Market Segmentation

GCC Automotive Aftermarket Market by Replacement Part

• • Tire
  • Battery
  • Brake parts
  • Filters
    • Air Filter
    • Oil Filter
    • Others
  • Lighting components
  • Electronic components
  • Lubricants
  • Clutch Parts
  • Engine Component
    • Timing Belt
    • Spark Plugs
    • Others
  • Others

GCC Automotive Aftermarket Market by Distribution Channel

• • Passenger Vehicles
  • Commercial Vehicles

    GCC Automotive Aftermarket Market by Countries

• • UAE Automotive Aftermarket Market All-Up (Option 1: Free 25% Customization)
  • Saudi Arabia Automotive Aftermarket Market All-Up (Option 2: Free 25% Customization)
  • Oman Automotive Aftermarket Market All-Up (Option 3: Free 25% Customization)
  • Kuwait Automotive Aftermarket Market All-Up (Option 4: Free 25% Customization)
  • Rest of GCC Automotive Aftermarket Market All-Up (Option 5: Free 25% Customization)

GCC Automotive Aftermarket Leading market players (Option 6: As a part of free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Toyota Motor Corporation
  • Continental Almutlak
  • Delphi Technologies
  • DENSO Corporation, Michelin
  • ACDelco (General Motors)
  • Robert Bosch, FZE
  • GoodYear
  • Nissan Motor Co., Ltd.
  • (Motorcraft) Ford Motor Company