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Saudi Arabia Automotive Radiator Market Size Was Valued at USD 87.4 Million in 2021 and is Expected to Reach USD 120.2 Million in 2028, With a CAGR of 4.74% During the Forecast Period 2022-2028.

Infograph - Saudi Arabia Automotive Radiator Market Size Was Valued at USD 87.4 Million in 2021 and

By Infinium Global Research Feb, 2024

Saudi arabia automotive radiator market size was valued at USD 87.4 million in 2021 and is expected to reach USD 120.2 million in 2028, with a CAGR of 4.74% during the forecast period. The rise in automobile demand is anticipated to play an important role in influencing the growth of the automotive radiator market during the forecast period. Saudi Arabia has the largest automotive industry in the Middle East. According to the Saudi Ministry of Commerce and Industry, new automotive sales in Saudi Arabia account for an estimated 52 percent of all vehicles sold in the Middle East region in 2020.  The total vehicles sold in Saudi Arabia in 2019 and 2020 were 556,000 and 436,000, respectively. Furthermore, increasing disposable income will augment the market growth. The growing consumer spending is majorly attributed to the increasing disposable income. According to the Saudi Central Bank (SAMA), consumer spending in Saudi Arabia was estimated at nearly SAR 315 billion in the first quarter of 2021, growing from about SAR 300 billion in the fourth quarter of 2020. Moreover, setting up a new assembly and manufacturing plant of automotive radiators in Saudi Arabia will create a lucrative growth opportunity. The development of a sustainable manufacturing-based economy from oil – Automotive has been identified as the major growth opportunity for the market growth during the forecast period. Favorable trade agreements by the government of Saudi Arabia are also driving market growth. However, high Service Life of the Radiator is expected to hamper the growth of the market. The technological advancements in manufacturing technology and material science have made radiators more reliable and their service life has increased. In general, the service life of the radiator systems ranges from about ten years subject to proper operation and regular maintenance. Therefore, the high maintenance-free and service life of the modern radiator system is expected to act as a restraint for new sales in the aftermarket.

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