According to data from the US Bureau of Economic Analysis and the US Census Bureau, the goods and services deficit increased by $1.9 billion, from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the deficit of goods and services in February was due to $2.7 billion increase in goods deficit to $93 billion already Services surplus up $0.8 billion to $22.4 billion. Compared to the same period in 2022, the deficit in goods and services has narrowed this year $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14 billion more was spent on imports.
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Market Bits of knowledge
The Middle East auto parts market is assumed to develop at a CAGR of around 7% during the time period i.e. 2023-28. The high income population and increasing influx of migrants and tourists, especially in the UAE, would drive most of the market expansion. As a result, ever-increasing vehicle production and sales in the Middle East are increasing demand for various automotive components such as brake parts, batteries, lubricants, tires and filters.
In addition, a growing focus by the government on diversifying the economy away from the oil and gas sector is driving a number of ongoing and future infrastructure development projects in the region, resulting in an expansion of the construction sector and construction, increasing sales of commercial and OTR vehicles. and the promotion of sales of automobile components.
Additionally, the ever-growing online business area attributable to the transportation industry and coordinated operations is another prominent viewpoint that supports the auto parts market in the district. It is attributed to the increasing use of heavy commercial vehicles, which often wear out auto parts such as brakes and tires.
Another factor that is driving the e-commerce sector and in turn promoting the expansion of the auto components market is the growing trend of consumers to buy their desired spare parts online. The largest end-user of the Middle East auto parts market is the aftermarket, mainly because more and more people are buying used cars, which need repairs and replacement of old auto spare parts and spent
The district’s youth population is driving the development of interest in tuned and altered vehicles, i.e. causing the growing creation and import of different auto parts, especially in countries like Oman, UAE, Iran and Saudi Arabia, where additional parts of imported vehicles are progressively changed to improve vehicle performance.
As a result, these factors point to a significant expansion of the Middle East auto components market from 2023 to 2028, which will eventually lead to profitable opportunities for both automakers and auto parts manufacturers to generate significant benefits in the coming years.
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Market segmentation by vehicle type:
The Middle East auto components market is dominated by passenger cars, followed by commercial vehicles, OTR two-wheelers, and buses. Catering to the ever-increasing preference of consumers for private vehicle ownership, the high living standards of the population and the convenience of commuting by private vehicle are due to the expansion of the passenger vehicle fleet.
In addition, the increase in the number of automobile production plants and the lifting of Saudi Arabia’s ban on the use of motor vehicles by women drivers are other significant factors that are increasing the demand for ‘automobiles and, consequently, the increase in production and sales of automotive components worldwide. Middle East
In response to the growing trend toward vehicle customization for enhanced comfort and technological conveniences, major automakers are actively incorporating new features into their product offerings. In addition, the Middle East auto components market is bolstered by the increasing number of tourists and migrants, particularly in Saudi Arabia, the United Arab Emirates, and Qatar.
On the other hand, OTR (Off-the-Road) vehicles are also experiencing an increase in demand in the Middle East. This is mainly due to the growing building and construction industry in the region, and the governments of several countries are actively trying to diversify their economies away from the oil and gas industry. The recent FIFA World Cup cited an increasing use of OTR vehicles such as rollers, bulldozers, excavators and trucks in various construction works, as well as the frequent replacement of their spare parts and components in due to its greater wear and tear. . This has played a phenomenal role in stimulating the growth of various construction activities.
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Based on the type of part:
Batteries, brake components, filters and lubricants. Among all auto parts, tires dominate this market. This is due to the increasing availability of tires in a variety of price ranges, including budget, economy and premium, all of which offer excellent driving experiences on a variety of terrains and high performance, as well as the increasing focus by manufacturers on developing high-end tires to meet changing consumer demands for improved efficiency and durability.
Numerous tire manufacturers are entering the market and increasing their production capacities to meet the growing requirements of various automobile end users as an increasing number of automobile manufacturers establish manufacturing facilities in the Middle East.
In addition, the region’s tire production and sales are being boosted by governments’ active efforts towards economic diversification, which are leading to substantial investments in infrastructure projects and an ever-increasing number of construction projects . The Middle East auto components market is also driven by the growing demand for commercial vehicles for public transport and sports cars for off-road and adventure activities as a result of the growing tourism industry in the UAE united
Country projection
Topographically, the Center East auto parts market spans:
United Arab Emirates, Saudi Arabia, Kuwait, Oman, Iran, Israel, and Qatar are the Middle East nations with the best prospects for the automotive components market between 2023 and 28. Filters, Lubricants, Filters, Components brakes, batteries, and tires are just some of the auto parts that are increasingly being sold in the country. This is mainly due to significant technological advances throughout the automotive industry, a significant increase in used car sales following the COVID-19 pandemic, an increasing focus on technologies to optimize processes and changes in consumer preferences.
The UAE auto components industry is also experiencing phenomenal growth thanks to innovations and digitization trends. Online platforms are making it easier to connect auto component suppliers with fleet owners, operators and garages, increasing demand in the aftermarket and the UAE auto components market as a whole.
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