Saudi Arabia has been setting measures toward diversifying its economy away from oil, thus undertaking an ambitious way to evolve the go-to logistics hub for the area.
A volatile development pattern characterizes Saudi Arabia's Automotive & Spare Parts Logistics Market. Automotive logistics revenue totaled USD ~ Million in 2019 but declined at a CAGR of ~% during 2014-2019, largely due to the oil price shock and ensuing economic slowdown from 2016-2017. The automotive industry in Saudi Arabia is favorably dependent on imports from different countries.
Research-based companies have looked deeply into the Saudi Arabia Automotive & Spare Parts Logistics Market and found that there will be significant growth in the industry in the next few years. The Saudi Arabia automotive spare parts logistics market, provides an industry overview, including market size, market share, growth trends, and forecasts for 2023 to 2028.
The market dynamics division of the report elaborates on the present market drivers, limitations, challenges/risks, and approaching prospects. This province can affect any company's strategists and new product development division.
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Saudi Arabia Automotive Spare Parts Logistics Market segments feed the market size in revenue and sales. These details are bifurcated into two- by region and later by the government.
The data is gathered via primary interviews with industry specialists worldwide. These market estimates are also impacted by the latest social, political, and economic shifts and the current market dynamics affecting this automotive spare parts logistics market.
The next provinces of the Saudi Arabia Automotive & Spare Parts Logistics Market Outlook the market competitiveness and profile of some key market players/manufacturers. These sections are knowledgeable for understanding the competitor's product line, financials, recent developments, and the top market share owners in the industry.
Market Overview - Saudi Arabia Automotive & Spare Parts Logistics Market
Most automobile imports were observed from Japan, pursued by the USA, Germany, South Korea, and others. Most spare parts were imported from Japan, followed by South Korea, Germany and others. The UAE dominated the market with the majority market share in terms of automotive export value, followed by China, Sudan, Iraq, and others.
The automotive and spare parts logistics industry is expected to experience negative growth in 2020 due to widespread lockdown measures and transportation bans that were put in place during the initial outbreak of the pandemic. It is estimated that demand will take approximately 10-12 months to return to normal levels. The government is pumping investment into economic cities and other industrial projects to boost the economy. Additionally, the KSA government is promoting the integration of multi-modal hubs across the country and encouraging foreign investment in logistics infrastructure development. The country hopes to position itself as a hub for transportation and trade in the long term by taking these measures.
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Saudi Arabia Automotive & Spare Parts Logistics Market Outlook: Ken Research
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