UAE automotive aftermarket drives economy
The UAE is making great strides in becoming the driving force behind the burgeoning automotive aftermarket in the wider Middle East region according to the latest trade statistics revealed by Dubai Customs yesterday.
The statistics, which were unveiled at the Automechanika Academy, as part of the largest international automotive aftermarket trade fair in the wider region, indicated a healthy upward surge in imports and re-exports through Dubai.
According to Nassim Saeed Al Mehairi, senior manager, statistics section, strategy and corporate excellence department, Dubai Customs, the value of total trade in the automotive aftermarket, which includes imports, exports and re-exports, has grown to approximately US$2.3 billion for the first quarter of 2011, as compared with $1.4 billion in 2006 and approximately $2 billion in 2010.
This marks an 11% increase since last year, indicating clear growth in the sector.
A large part of this growth is attributed to the growth in vehicle ownership, the prevalence of a large number of vehicles in the region that need maintenance and upgrading, and the growing realisation of the benefits of regular servicing and replacement of parts and accessories in terms of reduced costs and increased efficiencies.