USD
GBP
CNY
EUR
INR
JPY
MYR
ZAR
KRW
THB
GCC Light Vehicle Aftermarket Outlook, 2021
GCC Light Vehicle Aftermarket Outlook, 2021
Innovative Business Models Propels Future Growth Potential
13-Jul-2021
South Asia, Middle East & North Africa
Market Research
$4,950.00
Special Price $3,712.50 save 25 %
Description
In 2020, the Gulf Cooperation Council (GCC) region faced significant challenges due to the COVID-19 pandemic and oil price crash. Gross domestic product (GDP) in GCC nations contracted by 5%–10% in 2020. The GCC population dropped by 3%–5% due to expatriate exodus. Every industry and sector faced multiple disruptions. The GCC light vehicle aftermarket also evolved due to a market demand decline as vehicle miles traveled (VMT) decreased, the supply chain was disrupted, and new business models (such as door-to-door service) emerged to serve the market in the new normal.
During an economic recovery, cost-efficiency is a prime purchase decision factor. For example, after establishing partnerships with 2 online platforms, a small, 6-year-old garage in Dubai grew by 30% in H2 2020 by offering cheaper service contracts targeting American vehicles to win over customers from dealer service centers nearby; China-made car tires in Kuwait gained market share from 38.0% in 2014 to over 50.0% in 2020. Overall, the market witnessed a trend of independent aftermarket brands overtaking the original equipment (OE) brands in 2020.
With the economic diversification and development of non-oil industries, the GCC region’s economy is expected to recover and grow from 2021 onward. National schemes in GCC countries, such as Saudi Vision 2030, Qatar 2030 and UAE 2030, are projected to be major long-term growth drivers. Global events like Expo 2020 Dubai (rescheduled to October 2021) and the 2022 FIFA World Cup in Qatar are likely to attract millions of visitors to the region and trigger a demand surge in multiple industries, including the light vehicle aftermarket.
Dubai’s efforts in building a smart sustainable city incorporate the Connected, Autonomous, Shared, Electric (CASE) mobility concept in automotive market. Innovation dealers use connective technology to record vehicle status remotely and help drivers book maintenance appointments. Several car-sharing start-ups in the region have major expansion plans in 2021, either for company-owned fleets or peer-to-peer sharing. Electric cars adoption is also growing in GCC countries, with Dubai registering the highest adoption currently. With mobility technology developing, the service market is expected to see many new market dynamics with the mobility industry’s advancement.
This outlook study analyzes and forecasts the development of GCC countries’ light vehicle aftermarket from 2021–2025 under various future trends and macroeconomic forces. It gives forecasts for aftermarket revenue (including by country, product type, and segment), sales, and vehicles in operation.
Author: Joslyn Li
RESEARCH: INFOGRAPHIC
This infographic presents a brief overview of the research, and highlights the key topics discussed in it.Click image to view it in full size
Table of Contents
2020–2021 Key Highlights
Impact of COVID-19 on the GCC Countries Light Vehicle Aftermarket in 2020
2020 GCC Light Vehicle Aftermarket—Actuals vs Forecast
GCC Countries Light Vehicle Aftermarket Revenue
GCC Light Vehicle Aftermarket Revenue by Segment
COVID-19 Impact on Light Vehicle Global Sales
Impact of Covid-19 on the GCC Light Vehicle Aftermarket
Top Predictions for 2021
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top Three Strategic Imperatives on the GCC Light Vehicle Aftermarket
Growth Opportunities Fuel the Growth Pipeline Engine™
Research Scope
Parts Segmentation
Product/System Segmentation
After-Service Channels*
2021 GCC Region Economic Outlook—Top Predictions
GCC Region—Demographic Highlights
Middle East—Key Economic Developments
Regulations Set to Play a Major Role in the GCC Light Vehicle Aftermarket Beyond 2020
Distribution Channel Structure
2021 GCC Region Light Vehicle Aftermarket Revenue Forecast by Country
GCC Region Light Vehicle Aftermarket Revenue
GCC Region Light Vehicle Aftermarket Revenue Forecast by Country
GCC Region Light Vehicle Aftermarket Revenue Forecasts by Product Type
Key 2021 GCC Countries Light Vehicle Aftermarket Trends
Prediction 1: Supply Chain Decentralization
Predictions 2–4: Digital Penetration in Service, Online Aggregators, and Door-to-Door Service
Prediction 5: Cheaper Alternatives
Prediction 6: Growing Market for Used Cars
Prediction 7: Electric Vehicles
Prediction 8: Shared Cars on the Rise
2021 Market Snapshot
Vehicles in Operation* Analysis and Forecast
Vehicles in Operation Analysis*—Vehicle Age
New Vehicle* Sales Analysis and Outlook
GCC Countries Light Vehicle Aftermarket Industry Revenue
Segment Outlook 2021—Genuine/OES Parts
Segment Outlook 2021—OE Parts
Segment Outlook 2021—Branded Aftermarket Parts
Segment Outlook 2021—Parallel Imports
Segment Outlook 2021—Counterfeits
GCC Countries Light Vehicle Aftermarket Diagnostics—Companies to Watch
Key Growth Opportunities for 2021–2025
2021 Predictions—Kingdom of Saudi Arabia
2021 Predictions—United Arab Emirates
2021 Predictions—Qatar
2021 Predictions—Oman, Bahrain, and Kuwait
Growth Opportunity 1: Online Car Service for Safety and Convenience
Growth Opportunity 1: Online Car Service for Safety and Convenience (continued)
Growth Opportunity 2: Affordable IAM Parts for Higher Price Sensitivity
Growth Opportunity 2: Affordable IAM Parts for Higher Price Sensitivity (continued)
Growth Opportunity 3: Service for Used Cars
Growth Opportunity 3: Service for Used Cars (continued)
Key Conclusions
Abbreviations and Acronyms Used
List of Exhibits
List of Exhibits (continued)
List of Exhibits (continued)
Legal Disclaimer
Popular Topics
| Deliverable Type | Market Research |
|---|---|
| No Index | No |
| Podcast | No |
| Author | Vitali Bielski |
| Industries | Automotive |
| WIP Number | PBB9-01-00-00-00 |
| Is Prebook | No |
| GPS Codes | 9800-A6,9801-A6 |