Saudi Arabia Automotive Aftermarket Market – Opportunities and Forecast, 2020-2027

1. Saudi Arabia Automotive Aftermarket Market

2. The market report by GMI Research offers a comprehensive breakdown of industry status and outlook of the country based on key players and market segments. The market report also studies the market competition landscape, market drivers, and trends, opportunities and challenges, risks and barriers, and other aspects of the market.

3. Saudi Arabia Automotive Aftermarket Market Summary The Saudi Arabia Automotive Aftermarket market is anticipated to witness strong demand in the coming years. This is mainly due to the rising support from the government to let women drive, the strong demand for commercial vehicles as a result of the expansion of the e-commerce and tourism sector, and the rising investment by the government, particularly in the infrastructure and construction sectors. Additionally, the growth of the market is also supported by the recovery in oil prices, which is improving economic growth and consumer spending. The increasing number of religious tourism for Hajj and Umrah is bringing an upsurge in demand for the commercial passenger vehicle market, which in turn, is boosting the growth of the Saudi Arabia automotive aftermarket market size.

4. Numerous exceptional advantages offered by automotive aftermarkets such as decreased per vehicle spending and easy availability of several independent aftermarket brands which offers competitive pricing will encourage many consumers to opt for automotive aftermarket services. Moreover, the rising investment in new customer engagement channels, including online sales and quick delivery options, are further surging the market growth. The government is emphasizing on economic diversification by decreasing its oil dependency and is launching numerous initiatives such as Vision 2030, smart city development, and other projects, which is projected to increase market growth. On the other edge of the spectrum, the outbreak of the COVID-19 has negatively impacted the automotive and transportation sector due to the disturbance in the supply chain and the temporary shutdown of the manufacturing plants. This factor, followed by the shift in the consumer’s preference towards purchasing essential products instead of luxury items, is reducing the demand of the automotive aftermarket market. However, according to the Saudi Arabia Automotive Aftermarket market report, the market is anticipated to bounce back in 2021 while growing at a significant rate from 2022 onwards.

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