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The UAE used cars market will register a strong growth of nearly 11% and the market size is estimated at US$ 22 billion in 2022.
The emergence of a large number of companies offering financing options in the form of loans and easy EMIs to increase customer affordability is anticipated to boost the growth of the UAE used car market, a comprehensive market research report by RationalStat
The report on the UAE used cars market offers details including automotive industry analysis, market share analysis, growth of the automotive industry, an overview of the competition, penetration of used cars in UAE, detailed data about the cars on the basis of fuel type, strategic imperatives, future plans and strategies, key application, potential growth driver, and competition analysis for the target players evaluated in the UAE used cars market study.
Market Overview and Dynamics: UAE Used Cars Market
The UAE used cars market was valued at US$ 20.03 billion in 2021 and is expected to reach US$ 32.07 billion by 2027 with a robust CAGR of around 11% during the forecast period. The used car market is presently expanding especially in Dubai, which gives buyers, more variety of makes and models, and more affordable prices. Dubai used car market has been on a roll for the past few years. The growing popularity of this kind of vehicle has enlarged sales and demand.
Market Drivers and Trends of the UAE Used Cars Market
The majority of ex-pats in the UAE are there on a temporary basis until their employment contract expires. Due to this, ex-pats prefer purchasing a pre-owned vehicle rather than spending a large sum of money on a brand-new vehicle, resulting in an increase in the demand for used cars over the years.
The emergence of a large number of companies offering financing options in the form of loans and easy EMIs to increase customer affordability is anticipated to boost the growth of the UAE used car market over the forecast period. However, the availability of limited or no warranty coverage options may impede the growth of the UAE used car market over the forecast period.
Dubai accounted for the highest sales of used cars in the UAE used car market in 2020 by volume and the same is expected in the forecast years as well in terms of volume. This is because the region is a hub for tourism in the country and used cars are highly purchased by car rental companies for travel and tourism purposes.
In Sharjah, the rising demand for high-value cars or supercars is the key reason for the higher rise in revenue as compared to volume. A number of operational and marketing changes are expected to happen in the market as the companies are becoming more customers centric. In other emirates, demand is expected to remain constant.
Segmental Analysis: UAE Used Cars Market
- On the basis of vehicle type, the SUV segment is anticipated to gain considerable growth due to its added perks of being a family car with off-road capabilities and a suspicious cabin.
- Based on fuel type, the petrol segment is dominating the UAE used cars market as UAE is the major producer of oil throughout the world.
Competition Analysis: Big Players Hold Major Shares in Market
Growing platforms such as cars24 have been instrumental in transforming the used car market in the UAE by providing a reliable platform for buyers and sellers to connect, they have made it easier for buyers to find the perfect vehicle at the right price and the right list of cars that are available on the website on which buyers can quickly compare different vehicles and make an informed decision. Besides this, they also offer attractive financing options and also provides an option for customers to book test drive, arrange vehicle inspection, secure financing other services such as roadside assistance.
Moreover, these players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers and acquisitions, Partnerships, and collaborations are some of the strategies followed by industry players. Some of the key developments in the UAE used cars market include,
- In January 2020, Dubicars collaborated with AlgoDriven, a technology solutions provider for the automotive industry that offers accurate and real-time data, to analyze the three million monthly searches and thousands of transactions on its website.
- In April 2021, Cars24, a leading online marketplace in India, expanded its operations to the UAE in order to meet the rising demand for pre-owned automobiles, thereby generating massive revenue in the coming years.
Some of the key players in the used cars market in UAE are Al-Futtaim, Al Naboodah Group, The Elite Cars LLC, Car Switch Dubai, dubizzle.com, YallaMotor.com, Nissan (Arabian Automobiles Company), Gargash Motors and General Trading, SellAnyCar.com FZE, Dubicars International FZ-LLC, Cars24, Al Tayer Group, Al Ghandi Auto Group, among others.
RationalStat has segmented the UAE Used Cars market on the basis of provider, types of funding, end user, and region.
- UAE Used Cars Market Value (US$ Million), Volume (‘000 Units), and Market Share (2019-2028) Analysis by Vehicle Type
- Others (Hatchback, Convertible, etc.)
- UAE Used Cars Market Value (US$ Million), Volume (‘000 Units), and Market Share (2019-2028) Analysis by Types of Fuel Type
- UAE Used Cars Market Value (US$ Million), Volume (‘000 Units), and Market Share (2019-2028) Analysis by Sales Channel
- Online (Classified Channel)
- UAE Used Cars Market Value (US$ Million), Volume (‘000 Units), and Market Share (2019-2028) Analysis by Category
- Domestic Sales
- UAE Used Cars Market Value (US$ Million), Volume (‘000 Units), and Market Share (2019-2028) Analysis by End User
- UAE Used Cars Market Value (US$ Million), Volume (‘000 Units), and Market Share (2019-2028) Analysis by Region
- Abu Dhabi
- Umm Al-Quwain
- Ras Al Khaimah
For more information about this report https://store.rationalstat.com/store/uae-used-cars-market/