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Demand for vehicle components in vicinity to reach $39bln by using 2024

Demand for vehicle components in vicinity to reach $39bln by using 2024 1

The Middle East call for vehicle parts and additives are predicted to develop at a compound annual increase rate (CAGR) of five.12 percent in quantity terms reaching $39.59 billion in 2024, up from $28.14 billion in 2018, according to the latest file by TechSci Research.

Demand for vehicle components in vicinity to reach $39bln by using 2024 2
Automechanika Dubai 2019 is the Middle East’s biggest car aftermarket change fair and will see extra than 1,800 exhibitors from 60-plus nations participate inside the occasion from June 10 to 12 at the Dubai International Convention and Exhibition Centre Dubai, UAE.
Similarly, African calls for car elements and additives will upward thrust to $47.73 billion in 2024 from $33.17 billion in 2018. This underlines the outstanding commercial enterprise capability of these areas, prime markets being centered via Automechanika Dubai.
Mahmut Gazi Bilikozen, show director for Automechanika Dubai, said: “The Middle East and Africa are a few of the most exciting marketplaces for the automotive aftermarket in the global and Automechanika Dubai, with its trans-nearby attain is the proper platform to fulfill and interact with key players and consumers on this market.”

“With most of the leading marketplace players being found in Dubai this yr, the exhibition is an amazing place for customers, industry experts, distributors, and government representatives to get a sense of marketplace developments, trends, and the way ahead,” he said.
Visitors pre-registering for the occasion also can benefit get entry to their very own personal reproduction of the TechSci Research file utilizing clicking on a downloadable link to have key market figures at their fingertips.

TechSci Research found that tires make up the largest section of the nearby aftermarket with a 26 in step with cent percentage in 2018. This changed into followed with the aid of lubricants at eleven in keeping with cent; axle and transmission additives at three consistent with cent; air and oil filters – 2 percent; followed by suspension systems, batteries; brake pads, and brake footwear. Others, including the radiator, exhaust, and electric components, made up the rest of the market share.
Going ahead, key growth elements for the automotive aftermarket inside the vicinity include developing a call for spare elements for automobile adjustments, growing investments being made in new channels of client engagement consisting of short shipping modes, and online sales of spare elements.

The second-hand auto spare parts market within the Middle East has evolved into a full-fledged multi-million dollar industry, boasting greater than a hundred small and medium-sized companies spread throughout the area. The UAE is the main supplier of automotive spare parts within the Gulf region as well as for Iran, CIS, the Indian sub-continent, and Africa.

With an expected three million-plus girls drivers hitting the roads in Saudi Arabia, the full-size boom in the call is expected to be generated for car spare parts and components. Another aspect predicted to power market increase is the increasing localization of vehicle spare parts within the Middle East to cut down import costs and set off nearby investments.

The exhibition will cover six product sections of parts and components; electronics and structures; add-ons and customizing; repair and maintenance; car wash, care and reconditioning; and tires and batteries. The 2019 version will feature four new sub-sections of agricultural components and systems; frame and paint, motorbike elements and additives, and oils and lubricants.
A key returning highlight is the Innovation Zone, a committed place on the center of the showground providing presentations and product showcases that are guidance the course for the nearby and global automotive aftermarket.

Other features consist of the Truck Competence initiative. More than 1,000 exhibitors will exhibit their merchandise devoted to the complete price chain inside the truck region, from truck parts and accessories to workshop gadgets, body maintenance, and care.
The Automechanika Academy (AA) additionally returns, presenting key shows including Dubai’s automobile elements and accessories change in 2018 by the Dubai Customs, at the side of the findings of a survey exploring improvements within the Middle East automotive industry by using worldwide studies employer Explore.
Other AA highlights encompass a chain of periods via AMENA and Tiqani, as well as AfriConnections, which explores rising opportunities within the African aftermarket, it said. – TradeArabia News Service