South Africa Auto Parts and Accessories Market Size Expands at CAGR of 6.65% to Reach USD 6.5 Billion by 2030

Published | 10 October 2024

South Africa Auto Parts and Accessories Market is flourishing because of an increasing number of vehicle fleets and a rising level of disposable incomes among buyers.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated South Africa Auto Parts and Accessories Market size at USD 4.19 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects South Africa Auto Parts and Accessories Market size to expand at a CAGR of 6.65% reaching a value of USD 6.51 billion by 2030. Rising vehicle ownership and investments in electric vehicles are major growth factors for South Africa Auto Parts and Accessories Market. Automotive manufacturers are constantly innovating their products and launching lightweight, fuel-efficient, and environmentally compliant auto parts and accessories, which is expected to drive the market during the period in analysis.

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Opportunity - Growing Vehicle Ownership in South Africa

The increasing vehicle ownership across the country is expected to boost the growth of South Africa Auto Parts and Accessories Market. An increasing number of vehicle owners are to spur the demand for maintenance, customization, and replacement of auto parts and accessories. The frequent use of vehicles leads to wear and tear of auto parts and, therefore, needs regular maintenance and servicing for the smooth functioning of vehicles. In addition, technological advancements in auto parts and accessories, such as the rising integration of Advanced Driver Assistance Systems (ADAS), are also projected to propel the growth of South Africa Auto Parts and Accessories Market over the forecast period.

Impact of Escalating Geopolitical Tensions on South Africa Auto Parts and Accessories Market

Escalating geopolitical tensions could hinder the growth of South Africa Auto Parts and Accessories Market. Geopolitical conflicts result in supply chain disruption, which in turn causes shortages of auto parts and accessories in the market. Since most of South Africa's auto parts and accessories are imported, supply chain barriers lead to increased costs and delays. Government-imposed trade restrictions and supply chain disruptions result in lower profit margins for industry players, which often means that consumers bear the brunt of the increased costs. Additionally, these conflicts frequently result in shifts in trade relationships due to divestment campaigns against aggressive countries, which may negatively impact the growth of South Africa Auto Parts and Accessories Market in the coming years.

Passenger Vehicles Lead Auto Parts & Accessories Market

The passenger vehicles segment accounts for the largest market share of South Africa Auto Parts and Accessories Market by vehicle type. South Africa has about 12 million registered motor vehicles, according to IOL South Africa. The demand for regular maintenance and servicing of passenger vehicles to ensure their smooth function, fuel efficiency, and safety is influencing the growth of South Africa Auto Parts and Accessories Market as well. The other major vehicle type segments of South Africa Auto Parts and Accessories Market include commercial vehicles, light commercial vehicles (LCVs), and sports utility vehicles (SUVs).

Competitive Landscape

South Africa Auto Parts and Accessories Market is intensely competitive, as a number of companies are competing to gain a significant market share. Key players in the market include Ford Motor Company of Southern Africa, Volkswagen South Africa, Toyota South Africa Motors, Nissan South Africa, Cape Auto Spares, AutoZone, Supa Quick, and Pep Stores.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in South Africa Auto Parts and Accessories Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and South Africa Auto Parts and Accessories Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in South Africa Auto Parts and Accessories Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Scope of the Report

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