Bus part supplier Wenzhou Trans Cosy Analysis of Auto Parts Market in Middle East and Africa
Hello, everybody, let’s have a trip to Middle East for the Auto parts.
The size of the automotive market in the Middle East, the first is Iran. Iran’s auto industry position as an important industry by the country. So Iran’s production target in 2025 is 3.12 million vehicles.
According to research data from Frost & Sullivan, the car sales in the Middle East in 2015 were 3.2 million units, which will increase to 4.4 million units in 2020, and the number of cars in the region will also increase from 34.8 million units in 2015 to 4,450 units. During the same period, the auto parts market will increase from US$12.98 billion to US$17.27 billion. And it is with an annual growth rate of 6%.
Analysis of the automobile market in the Middle East
- The automobile manufacturing industry in the Middle East is relatively backward. The only means of transportation in the Middle East is automobiles. Therefore, a large number of various types of automobiles need to import every year. Therefore, as far as the entire Middle East (including North Africa) is concerned. Automobiles (including motorcycles) And spare parts are generally in short supply. there is a greater demand and profit space.
- Some data show that the car ownership in the Middle East is growing about 4% every year. The per capita ownership ranks first in the world.
- According to the per capita GDP income, the auto market in the Middle East can devide into two categories. First, the per capita GDP of the six Gulf countries is relatively high. Except for Oman, which has a per capita GDP of 8,300 US dollars. Other Gulf countries have a per capita GDP of more than 10,000 US dollars. These countries have strong automobile consumption power, high requirements for the grade and quality of automobiles. And frequent updates of automobiles. Second, except for the Gulf countries, other Middle Eastern countries pay more attention to the price and practicality of cars.
- At present, the imported cars in the Middle East mainly come from Japan (48%), Europe (26%), the United States (17%), South Korea and other regions (9%).
The auto parts market in the Middle East is vast and the demand is large
- Most of the raw materials in the manufacturing industry in the Middle East rely on imports, the labor cost is higher than that of general developing countries, the production efficiency is not high, and the scale is not large, which makes the regional automobile and motorcycle industry lack of competitiveness.
- The high car ownership rate brought about by low fuel prices has also made the region a developed auto parts market.
- 60% of auto parts import from Middle East countries are using to replace old parts.
- Local residents are keen on car trade-ins, and the second-hand market is booming.
- The climate in the Middle East is very dry, and long journeys require standing auto parts and repair tools in case of emergency.
We are professional supplier of Daewoo bus parts, welcome to discuss with me if you have any questions.
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