Luxury Cars Segment to Dominate the UAE Used Car Market | TechSci Research
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Rise in income levels and surge in demand for luxury cars is expected to drive the demand for UAE used car market for the forecast period.
According to TechSci Research report, “UAE Used Car Market By Vehicle Type (Small Cars, Mid-Size Cars & Luxury Cars) By End Use (Institutional Vs Individual) By Fuel Type (Petrol, Diesel & CNG), By Region, Company Forecast & Opportunities, 2026”, the UAE used car market is expected to witness significant growth for the next five years. A used car refers to second hand owned vehicle which was previously owned by one or more vehicles. Used automobiles are refurbished and repaired to again to working conditions after which they are eligible for sale. Due to rising awareness for sustainable development, consumers are preferring to buy refurbished cars which are expected to accelerate the sales of used cars in the United Arab Emirates.
Used cars are sold through various sales channels including leasing offices, auctions, independent car stores, rental car stores, and online channels. Used cars aids in minimizing the depreciation value of the vehicle and are expected to provide cost-efficient solutions to consumers. An increase in demand for luxury cars and a preference for a short ownership period are creating lucrative opportunities for the used car market growth. An increase in adoption for advanced features in cars such as power steering system, climate control system, safety systems are contributing to the surge in the cost of vehicles which is driving away from the consumers who have limited spending capacity and therefore, are preferring used cars for the daily commute and other activities. The presence of unorganized players in the market who offer no warranty and prefer to perform malpractices such as dent removal, re-painting the car is affecting the sales of used vehicles.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities in UAE imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Manufacturing units were temporarily shut down and disruption in the supply chain was observed which led to automotive industry market decline. Consumers are preferring to travel alone to ensure maximum safety and precaution. However, the staggering economy and financial constraints may restrict the consumers to buy a new car which in turn is expected to accelerate the used car market demand in the United Arab Emirates.
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UAE used car market is segmented into vehicle type, end use, fuel type, regional distribution, and company. Based on vehicle type, market can be divided into small cars, mid-size cars & luxury cars. The luxury cars segment is expected to account for major market share for the forecast period, 2022-2026. Demand for premium cars such as luxury sedan, premium sedan, full size sedan, luxury hatchback, convertible is on rise in United Arab Emirates. Presence of disposable income and trend of owing luxury cars are the positive factors fueling the market growth. Luxury cars are comfortable and perform well in harsh and extreme weather conditions thereby are preferred by the consumers in the region.
Copart Inc., Yallamotor, SellAnyCar, CarSwitch, DubiCars, Dubizzle.com, Al Futtaim Automall, Opensooq.com are the leading players operating in UAE used car market. Service providers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several used car service providers are coming up with their technologically advanced offerings.
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“The use of emerging technologies such as artificial intelligence, big data analytics, and the internet of things to provide an interactive and user-friendly interface to consumers by the market players is boosting the used car market growth. The growth of the online sales channel and the ease and convenience of shopping on digital platforms is accelerating the demand for the used cars market. Market players are providing lucrative discounts and offer along with free home delivery, quick services, 360-degree view of cars for better inspection of cars is expected to propel the used cars market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“UAE Used Car Market By Vehicle Type (Small Cars, Mid-Size Cars & Luxury Cars) By End Use (Institutional Vs Individual) By Fuel Type (Petrol, Diesel & CNG), By Region, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of UAE used car market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of UAE used car market.
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India Used Car Loan Market, By Vehicle Type (Hatchback, SUVs & Sedans), By Financier (Banks, NBFCs (Non-Banking Financial Companies) & OEM), By Percentage of Amount Sanctioned (Up to 25%; 25-50%; 51-75%; Above 75%), By Tenure (Less than 3 Years, 3-5 Years & More than 5 Years), By Region, Competition Forecast & Opportunities, FY2027
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Created on Jun 29th 2021 04:42. Viewed 151 times.