Saudi Arabia Passenger Car Accessories Market size
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The Saudi Arabia passenger car accessories market was valued at USD 4 billion in 2022 and is projected to grow at a CAGR of 5.40% between 2024 and 2028, reaching an estimated USD 5.62 billion by 2028.
The passenger car segment is identified as the fastest-growing in the Saudi Arabian automotive components market.
Saudi Arabia passenger car accessories market is anticipated to register a robust CAGR during the forecast period.The rise in the expenditure capacity of consumers is fueling the demand for comfort and luxury among consumers.
High sales and production of passenger cars and increased integration of electronic systems in passenger cars for enhanced driving experience are the key driving factors. Also, the rise in the number of market players offering innovative products and development of passenger car accessories aftermarket is expected to bolster the Saudi Arabia passenger car accessories market growth throughout the forecast period.
Increased Sales of Passenger Car Drives the Market Growth
The Saudi Arabian passenger car market was worth 13,028.60 million in 2021. The growth in road infrastructure and increasing disposable income of consumers is encouraging them to purchase passenger cars. The prohibition on women driving was removed in 2017, which boosted the number of female drivers. Rising number of travelers using passenger cars because of unusual weather conditions and shifting demand towards private vehicle possession is likely to drive Saudi Arabia passenger car accessories market. Upscale automobile models provide greater comfort, convenience, quality equipment, and technologically superior passenger car interior accessories. The strong demand for luxury cars due to the growing per capita income of consumers is likely to spur the sales of passenger car accessories throughout the country.
Ongoing Technological Advancement Fuel the Market Growth
Players in the market are employing new-age technologies to boost the convenience of passengers and drivers. Technological developments like Bluetooth connectivity that provides a hand-free mode to drivers are gaining steam in the passenger car accessories market in Saudi Arabia. Players are also providing passengers with customizable control options in the car to earn customer interest. Most of the individuals are interested in fitting sophisticated electronic systems like music systems video systems in the passenger car and like those electronic accessories which can be paired with smartphones. The increase in investment by the market players in research and development processes and the production of high-performance passenger cars are anticipated to drive the Saudi Arabia passenger car accessories market growth during the next five years.
Advent of Light-weight Materials Supports the High Market Demand
As there is increasing need to reduce fuel consumption, the need for lightweight materials is also growing with a high growth rate. Original equipment manufacturers use high-strength steel and thermoplastic in the production of passenger car accessories to minimize passenger car weight overall. Lightweight materials bring the driving dynamics of passenger cars into motion to minimize environment pollution and the cost of fuel. Passenger car accessory companies are investing to ensure the optimal use of light materials, which is likely to open up enormous growth prospects for Saudi Arabia passenger car accessories market in the forecast period.
Market Segmentation
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The Saudi Arabia passenger car accessories market is segmented into location, vehicle type, demand category, sales channel, regional distribution, and company. Based on location, the market is divided into interior accessories and exterior accessories. Based on vehicle type, the market is divided into hatchback, sedan, and SUV/MPV. Based on demand category, the market is divided into OEM and replacement. Based on sales channel, the market is divided into online and offline. To analyze the market based on the region, the Saudi Arabia passenger car accessories market is studied in major regions namely North & Central region, Southern region, Western region, and Eastern region.
Market Players
Harman International Industries Inc
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Attribute |
Details |
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Base Year |
2022 |
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Historic Data |
2018 – 2021 |
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Estimated Year |
2023 |
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Forecast Period |
2024 – 2028 |
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Quantitative Units |
Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028 |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Segments covered |
· Location · Vehicle Type · Demand Category · Sales Channel |
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Regional scope |
Northern & Central, Southern, Eastern, Western |
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Key companies profiled |
Adient Plc, Continental AG, Denso Corporation, Robert Bosch Gmbh, Harman International Industries Inc. |
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Customization scope |
10% free report customization with purchase. Addition or alteration to regional & segment scope. |
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Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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