Strategic Analysis of the GCC Automotive Aftermarket, Forecast to 2025
NEW YORK, Dec. 30, 2019 /PRNewswire/ --
This study covers Class 1-3 vehicles aftermarket in terms of value ($ million) across the Guld Cooperation Council (GCC). The base year for the analysis is 2018 and the forecast period is 2019 to 2025.
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This research compiles findings from various reports published in the last two years. The study includes analyses of new vehicle sales, vehicles in operation, and parts replacement revenues in the automotive aftermarket. It discusses the growth opportunities and challenges offered by new business models and technologies, such as eRetailing, telematics, as well as electric and autonomous vehicles in the aftermarket ecosystem. It helps the reader understand the current automotive aftermarket scenario in Saudi Arabia, UAE, Bahrain, Qatar, Oman, and Kuwait and its future outlook. The scope also includes key automotive OEMs with market share, opportunity analysis for aftermarket participants, legislations that propel growth, and so on. The automotive aftermarket in GCC nations is expected to grow at a CAGR of 6.7% from 2018 to 2025 and holds a potential value of $8.66 billion, bringing significant new opportunities for participants in the value chain. Anticipated market growth can be attributed to various new trends, such as increasing number of infrastructure projects, increased focus on tourism-related activities, rising level of female drivers, demand for spare parts for vehicle modifications, low interest rates, shared mobility trends, upcoming vehicles and manufacturing plants, and so on.Moderate economic growth in GCC regions, coupled with inflation dampened new vehicle sales till 2018. With fewer vehicle purchases, vehicles in operation, average age of vehicles, and mileage are expected to increase if vehicles are kept longer, positively impacting the automotive aftermarket industry. With the economy anticipated to recover after 2020 due to an increase in government spending and major events like the FIFA World Cup 2020 and Vision 2030 driving large-scale infrastructure development, both private and commercial vehicle manufacturers are looking up to the Middle East for growth. With a growing vehicle base to cater to, the aftermarket is expected to become an important source of revenue for OEMs operating in the region. The large population of out-of-warranty vehicles, fuelled by the mature market of pre-owned vehicle sales, boosts revenue-generation opportunities for the Independent Aftermarket (IAM). GCC nations like Saudi Arabia and the UAE promote autonomous vehicle technologies and other environment-friendly technologies like electric vehicles and hybrid vehicles, and therefore, aftermarket components in these segments are expected to witness growth in the future. Early adoption of technology-based business models and services such as eRetailing, service aggregations, and telematics-based prognostics will help increase the market share of aftermarket participants.
Read the full report: https://www.reportlinker.com/p05835606/?utm_source=PRN
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