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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’s call for vehicle parts and additives is predicted to develop at a compound annual increase rate (CAGR) of five. Twelve 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. Automechanika Dubai 2019 is the Middle East’s biggest car aftermarket change fair and will see more than 1,800 exhibitors from 60-plus nations participate in 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 these areas’ outstanding commercial enterprise capability, with prime markets 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 can also benefit from entry to their personal reproduction of the TechSci Research file by 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 with 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, comprised the rest of the market share. Going ahead, key growth elements for the automotive aftermarket inside the vicinity include developing a call for spare parts for automobile adjustments, growing investments being made in new client engagement channels consisting of short shipping modes, and online sales of light elements.

The second-hand auto spare parts market within the Middle East has evolved into a full-fledged multi-million dollar industry, boasting over 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 and for Iran, CIS, the Indian sub-continent, and Africa. With three million-plus girl drivers hitting the roads in Saudi Arabia, the full-size boom in the call is scheduled 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: 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 in the center of the showground providing presentations and product showcases that guide the course for the nearby 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 Dubai Customs, at the side of the findings of a survey exploring improvements within the Middle East automotive industry by using worldwide studies of employer Explore. Other AA highlights encompass a chain of periods via AMENA and Tiqani and AfriConnections, which explores rising opportunities within the African aftermarket, it said. – TradeArabia News Service