What is the most demanded product in the auto parts market?

Middle East Market Analysis: What is the most demanded product in the auto parts market?

In the Middle East, the most common car brands seen on the road are mostly Japanese brands such as Toyota, Nissan, Honda and Mitsubishi. Affected by local climatic conditions, the maintenance cost of Japanese car wear and tear is relatively low, making it the first choice of the general public.

According to Aranca's research report in Saudi Arabia, due to the increase in car sales, the Saudi Arabian auto parts and service market was approximately US$7.6 billion in 2018 and is expected to grow at a compound annual growth rate of approximately 6% in the next five years until 2023 Will reach 10.15 billion US dollars.

Due to adverse weather conditions, it has had a knock-on effect on the tire, lubricant and battery markets, the three major parts being the most demanded replacement parts in the auto parts market. Referring to 2018 data, tires accounted for $2.28 billion, followed by lubricants ($1.44 billion) and batteries ($380 million).

In addition, the surge in demand for improving the performance of vehicles in terms of exhaust sound, speed, appearance, etc. has also driven the demand for auto parts in the Middle East.

Oman, the United Arab Emirates, Iran, Saudi Arabia and other countries are the main markets for auto parts manufacturing, and the main demand for vehicle modification and customization mainly comes from young people in the Middle East. Customers are increasingly inclined to buy auto parts through e-commerce platforms. In Saudi Arabia, auto parts are sold through e-commerce platforms, which have established sales channels for online distribution.

The UAE is currently one of the largest auto parts markets and is considered a trading hub for the GCC and the Middle East. The UAE is also a hub for used auto parts, exporting them to the Gulf region and other Asian countries. Iran is also a well-known auto parts hub. Iran imports components and produces auto parts such as batteries, tires and car filters.