Middle East automotive market projected to grow 20% yearly over next five years

The automotive sector in the Middle East remains upbeat despite turbulence in many countries in the region. Almost every car maker has reported sales growth in double digits, ranging between 20 and 40 per cent in the region.

?Majority of these brands expect over 25 per cent growth in 2013,? said Ibrahim Mohammad Al Janahi, Deputy CEO of Jafza and Chief Commercial Officer of Economic Zones World (EZW), the parent company of Jafza. He was speaking at the recently held EZW Customer Forum for Jafza companies in automotive industry at the EZW Business Park.

?The automotive aftermarket in the GCC countries in 2012 was equally vibrant and estimated to have grown between 15 and 20 per cent. By 2016, the Aftermarket sector is predicted to hit $14.4 billion,? Al Janahi said. He was referring to a recent report by Frost and Sullivan.

According to the Frost and Sullivan report, the total consumption within the automotive aftermarket in the GCC countries in 2012 posted more than 15 per cent growth to reach $7.5 billion (Dh27.5 billion). With consumption worth $2 billion (Dh7.4 billion), UAE was the second largest automotive market in the GCC after Saudi Arabia.

via Middle East automotive market projected to grow 20% yearly over next five years | GulfNews.com.

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