Saudi Arabia Automotive Repair And Maintenance Services Market Forecast And Opportunities 2019-2029, Featuring Morni KSA, Ezhalha, E.A. Juffali & Brothers, The Petromin Corporation, Aljomaih & Aljabr
Date
10/2/2024 7:31:25 AM
(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 02, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Automotive Repair and Maintenance Services Market, By Region, Competition, Forecast and Opportunities 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia Automotive Repair and Maintenance Services market was valued at USD 1.51 billion in 2023, and is expected to reach USD 2.31 billion by 2029, rising at a CAGR of 7.28%.
The Saudi Arabia Automotive Repair and Maintenance Services Market forms a crucial component of the nation's automotive industry, offering a spectrum of services that cater to the upkeep and longevity of vehicles. This market has experienced significant growth due to the country's burgeoning automotive sector, which includes a diverse range of vehicles, from passenger cars to commercial fleets. The Saudi Arabian market's repair and maintenance services encompass a broad array of offerings, including routine maintenance, diagnostics, mechanical and electrical repairs, bodywork, and painting.
These services are designed to ensure the safety, performance, and reliability of vehicles, a fundamental concern for both personal and commercial transportation. The market is characterized by its adaptability to the evolving automotive landscape. With Saudi Arabia's growing focus on sustainability and the emergence of electric vehicles (EVs), repair and maintenance services are expanding to accommodate the unique needs of these vehicles, encompassing battery diagnostics, EV-specific components, and charging infrastructure. The market is driven by a combination of factors, including an increasing vehicle parc, which boosts the demand for regular servicing and maintenance.
Additionally, the harsh desert climate and road conditions in Saudi Arabia make vehicle upkeep and maintenance a top priority to ensure longevity and optimal Saudi Arabian automotive sector is poised for significant growth, with the establishment of OEMs like Lucid Motors and Ceer Motors catalyzing the production of passenger vehicles. The Cluster's vision is to have 3-4 OEMs producing over 400,000 passenger vehicles in Saudi Arabia by 2030, with a target of achieving a local gross value add (LGVA) of 40%.
The Vision 2030 program's emphasis on clean and autonomous mobility is expected to propel the industry forward, with an anticipated growth rate of 12% by 2030. As the number of vehicles increases, so does the demand for maintenance and repair services. The market is diversifying, with services extending beyond traditional repair to include advanced paint protection, vehicle care, and quick services. The rise in vehicle ownership and the growing popularity of off-road activities in the desert landscapes further drive this demand.
The automotive repair and maintenance market in Saudi Arabia is highly competitive, with a range of service providers, from independent garages to authorized service centers. As the nation continues to invest in its automotive infrastructure and consumer awareness regarding vehicle maintenance grows, the market is poised for further expansion and innovation. This industry not only supports the longevity and safety of vehicles but also plays a vital role in the overall health of the automotive sector in Saudi Arabia, contributing to its ongoing growth and development.
Key Market Trends
Digitalization and Diagnostics
The adoption of digital technologies and diagnostic tools is becoming increasingly prevalent in the industry. Repair and maintenance providers are incorporating advanced scanning and diagnostic equipment to identify and address vehicle issues more efficiently, enhancing service quality and customer satisfaction.
EV Service Expertise
With the growing adoption of electric vehicles (EVs), repair and maintenance services are expanding to include specialized EV training and repair capabilities. This trend ensures that service providers are equipped to handle the unique needs of EVs, including battery diagnostics and charging infrastructure.
Sustainability Initiatives
The automotive sector in Saudi Arabia is embracing sustainability practices. Repair and maintenance providers are gradually incorporating eco-friendly measures, such as the proper disposal of hazardous materials, recycling, and energy-efficient operations, to align with global environmental goals.
Advanced Vehicle Technologies
Modern vehicles are equipped with advanced technologies, including ADAS (Advanced Driver Assistance Systems) and complex computer systems. Repair and maintenance services are keeping pace by training technicians to work on these technologies and providing the necessary tools and equipment.
Preventive Maintenance Programs
There is a growing emphasis on preventive maintenance programs. Service providers are offering routine check-ups and maintenance schedules to help vehicle owners proactively address issues, extend the lifespan of their vehicles, and reduce the risk of unexpected breakdowns.
Mobile Repair Services
Mobile repair services, where technicians travel to the customer's location for minor repairs and routine maintenance, are becoming more popular. This convenient and flexible approach caters to busy lifestyles and reduces downtime for vehicle owners.
Online Booking and Transparency
Repair and maintenance services are increasingly offering online booking and transparent pricing models. Customers can schedule appointments and receive cost estimates online, enhancing convenience and trust in the service provider.
Regional Insights
The Northern & Central region of Saudi Arabia is the leading market for automotive repair and maintenance services. This dominance is attributed to several key factors. The region is home to major cities like Riyadh, the capital, which is the largest city in the country with a high population density and significant economic activities. The high number of vehicles in Riyadh leads to increased demand for repair and maintenance services. The region's robust infrastructure and well-developed road networks facilitate the growth of automotive services. The presence of numerous automotive dealerships and service centers enhances the accessibility and availability of repair services for a large customer base.
Additionally, the high disposable income and greater awareness of vehicle maintenance among residents contribute to the region's market leadership. The Northern & Central region also benefits from government initiatives and investments aimed at improving transportation infrastructure, further boosting the automotive sector. The concentration of businesses and industries in this region, requiring regular maintenance of commercial and fleet vehicles, also plays a crucial role in driving the demand for automotive repair and maintenance services. Overall, the combination of population density, economic activity, infrastructure, and government support positions the Northern & Central region as the leading market for automotive repair and maintenance services in Saudi Arabia.
Key Market Players
Abdul Latif Jameel IPR Company Morni KSA Ezhalha E.A. Juffali & Brothers (Juffali Automotive Company) Al Jazirah Vehicles Agencies Co. Ltd. The Petromin Corporation Aljomaih group (ACDelco Service Centers) Haji Husein Alireza & Co. Ltd. Mohamed Yousuf Naghi & Brothers Group Aljabr Group
Key Attributes:
Report Attribute | Details |
No. of Pages | 88 |
Forecast Period | 2023 - 2029 |
Estimated Market Value (USD) in 2023 | $1.51 Billion |
Forecasted Market Value (USD) by 2029 | $2.31 Billion |
Compound Annual Growth Rate | 7.2% |
Regions Covered | Saudi Arabia |
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
4. Impact of COVID-19 on Saudi Arabia Automotive Repair and Maintenance Services Market
5. Voice of Customer Analysis
5.1. Brand Awareness
5.2. Brand Satisfaction
5.3. Factors Affecting Purchase Decision
6. Saudi Arabia Automotive Repair and Maintenance Services Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Service Type Market Share Analysis (Repair and Maintenance)
6.2.2. By Vehicle Type Market Share Analysis (Two-Wheeler, Passenger Car, LCV, and M&HCV, Others)
6.2.3. By Service Provider Market Share Analysis (Automobile Manufacturers, Franchise General Repairs, Locally Owned Repair Shops)
6.2.4. By Regional Market Share Analysis
6.2.5. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2023)
6.3. Saudi Arabia Automotive Repair and Maintenance Services Market Mapping & Opportunity Assessment
6.3.1. By Service Type Market Mapping & Opportunity Assessment
6.3.2. By Vehicle Type Market Mapping & Opportunity Assessment
6.3.3. By Service Provider Market Mapping & Opportunity Assessment
6.3.4. By Regional Market Mapping & Opportunity Assessment
7. Saudi Arabia Repair Services Market Outlook
7.1. Market Size & Forecast
7.2. Market Share & Forecast
8. Saudi Arabia Maintenance Services Market Outlook
8.1. Market Size & Forecast
8.2. Market Share & Forecast
9. SWOT Analysis
10. Market Dynamics
11. Market Trends and Developments
12. Policy & Regulatory Landscape
13. Saudi Arabia Economic Profile
14. Competitive Landscape
Abdul Latif Jameel IPR Company Morni KSA Ezhalha E.A. Juffali & Brothers (Juffali Automotive Company) Al Jazirah Vehicles Agencies Co. Ltd. The Petromin Corporation Aljomaih group (ACDelco Service Centers) Haji Husein Alireza & Co. Ltd. Mohamed Yousuf Naghi & Brothers Group Aljabr Group
15. Strategic Recommendations
15.1. Key Focus Areas
15.1.1. Target Region
15.1.2. Target Vehicle Type
15.1.3. Target Service Provider
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Saudi Arabian Automotive Repair and Maintenance Services Market
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