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Saudi Arabia Vehicle Repair and Maintenance Market to Grow With a 5.92% CAGR through Forecast Period.
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Growing automotive industry facilitates the growth of the Saudi Arabia Vehicle Repair and Maintenance Market.
According to TechSci report on, “Saudi Arabia Vehicle Repair and Maintenance Market -By Company, Forecast & Opportunities, 2017- 2027F”, Saudi Arabia vehicle repair and maintenance market may flourish with an impressive 5.92% CAGR during the forecast period to achieve a market value of USD1882.94 Million by 2027. The market growth can be attributed to growing demands for regular servicing and maintenance of vehicles in the country by the consumers. Rising disposable income among the population also facilitates the growth of the Saudi Arabia vehicle repair and maintenance market in the upcoming five years. Rapidly growing demands for passenger cars and commercial vehicles further support the growth of Saudi Arabia vehicle repair and maintenance market in the next five years. A surge in demand for premium vehicles also influences market growth. Premium vehicles already cost heavily over the consumer's pocket. However, the disposable income among the population is high due to rapid growth in the country's economy; the premium vehicles demand higher maintenance and repair, thus substantiating the growth of the Saudi Arabia vehicle repair and maintenance market in the next five years.
Climate, geography, and atmosphere are the major factors that influence any automotive's life. With increasing off-road activities, the desert lands of the country play a vital role in influencing the growth of the Saudi Arabia vehicle repair and maintenance market in the forecast years. Higher wear and tear in the automotive parts thus considerably facilitate market growth in the forecast period.
Browse over 38 market data Figures spread through 99 Pages and an in-depth TOC on "Saudi Arabia Vehicle Repair And Maintenance Market"
The Saudi Arabia vehicle repair and maintenance market is segmented by service area, vehicle type, service provider, channel, customer segment, regional distribution, and competitional landscape. Based on service area, the market is further segmented into automotive mechanical and electrical parts, automotive body parts, tire, paint, interior parts, glass, paint protection and coating services, maintenance service, vehicle care services, and quick services. Automotive mechanical and electrical parts are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years due to expensive parts of the vehicles that demand replacement, repair, etc. Moreover, the automotive mechanical and electrical parts are the integral parts that cannot be afforded to be repaired and maintained through local repair shops. Increasing sales of the premium vehicles further influence the consumer to opt for experienced servicing centers over local repair shops, thereby aiding the market's growth.
By vehicle type, the market is fragmented into passenger cars, heavy commercial vehicles, light commercial vehicles, and medium commercial vehicles. Passenger cars are anticipated to lead the market segment and hold the largest revenue shares of the market in the upcoming five years due to a sudden increase in the demand for women driving. After the ban on female driving was uplifted, the demands for personal car ownership roared. Moreover, demands for the in-expensive premium passenger car also influence the market growth.
Based on service provider, the market is bifurcated into automobile manufacturers, franchise general repairs, and locally owned repair shops. By channel, the market is differentiated between online and offline. Based on customer segment, the market is distinguished between B2B and B2C. The market is also discussed among the regions of the country as in Al-Riyadh, Eastern Region, Makkah Al-Mokarramah, Aseer, Al-Qaseem and others.
A partial list of major market players of the Saudi Arabia vehicle repair and maintenance market includes:
- Abdul Latif Jameel IPR Company Limited
- SMC Auto Service Broker LLC
- E.A. Juffali & Brothers (Juffali Automotive Company)
- Al Jazirah Vehicles Agencies Co. Ltd.
- Petromin Corporation
- Al Jomaih Group (ACDelco Service Centers)
- Haji Husein Alireza & Co. Ltd.
- Mohamed Yousuf Naghi & Brothers Group
- Aljabr Group
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“The potential of the online services and integration of the internet of things with the service provider would facilitate the growth of the Saudi Arabia vehicle repair and maintenance market in the future five years. Technological advancements like user-friendly applications to order repair and maintenance services would act as a bridge to the futuristic anticipated market growth. Concerns for the abrupt failure of vehicles or service demands in case the consumer is stranded would also fuel the market growth. With increasing inclination toward electric vehicles, new players may bring in expert executives that may provide emergency services as well as visitations, that would help with the brand establishment for the new market entrants,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
The spread of the novel coronavirus created a crisis across the country. COVID-19 pandemic is the fourth crisis hitting the country over the last decade, following the uprisings of Arabs, declining oil prices of 2014-2016, and a resurgence of protests in 2019. The COVID-19 pandemic impacted the country differently compared to other crises. According to the General Authority of Statistics published, the Gross Domestic Product (GDP) of Saudi Arabia went down by 1.0% in the first Quarter of 2020 compared to that of 2019. Additionally, in Q2 2020, the Gross Domestic Product (GDP) decreased by 7.0% compared to the same period of 2019. Moreover, the country's unemployment rate increased to 15.4% in the second quarter of 2020, growing by 3.1% more than in the second quarter of 2019, leaving a negative impact on consumer spending. Also, petroleum refining activities in the country declined sharply by 24.2% in Q1 2020 compared to Q1 2019. All these factors negatively influenced the vehicle repair and maintenance market growth in 2020. However, the market is showing positive signs of recovery owing to factors such as growing government support, increasing sales of used vehicles, etc.
Removal of Ban on Women Driving Drives the Market Growth
In June 2018, Saudi Arabia's government announced curbing the ban on women driving and allowing women the right to drive motor vehicles on public roads. The women-to-drive campaign finally registered its victory. The removal of the ban on women driving resulted in an increasing number of women drivers on Saudi roads, uplifting the sales of passenger car in the country. A significant ratio of the Saudi Women population is hitting roads with four-wheelers, and several women with foreign licenses have already obtained Saudi driving licenses. Relatively many women in the country are learning to drive. All the above factors are expected to increase the sales of vehicles in the country, which will further boost the vehicle repair and maintenance market in Saudi Arabia over the coming five years.
Growing Employment Drives the Market Growth
According to the World Bank, 84.28% of Saudi Arabia’s population is categorized as an urban population, while most of them are classified as the service class. Saudi Arabia registered employment to population ratio of 72.79% in 2019, which increased from 72.69% in 2018. The growth in employment in Saudi Arabia is consequently increasing consumer spending. As a result, people are spending well on maintaining and servicing their vehicles. Furthermore, most Saudi families own personal vehicles and prefer using passenger cars for daily commuting to their offices. As offices in Saudi Arabia are open five days a week, passenger cars are highly utilized in the country for commuting to workplaces and outings, which in turn is generating the need for regular maintenance and servicing of the vehicles. The employment growth and rise in consumer spending integrated with the continuously expanding urban population are leading to an increase in the utilization of vehicles in the country, which in turn is generating the need to service the vehicle more frequently, driving the vehicle repair and maintenance market of Saudi Arabia.
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