Saudi Arabia Used Cars Market to Grow at a Steady rate during 2022-2028
Published | 06 June 2022
Saudi Arabia Used Cars Market is growing at a steady rate because of the growing internet penetration, rising interest in affordable used cars along with the growing online sales platforms to make the buying process easy and quick…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that Saudi Arabia Used Cars Market is estimated to grow at a CAGR of 5.2% by the end of 2028. The lucrative growth of Saudi Arabia Used Cars Market is attributed to the growing adoption of used cars for performing daily activities and traveling long distances for adventure as well as relaxation purposes. Affordable prices and quality are increasing the preference of consumers toward used cars, which aids to fuel the growth of Saudi Arabia Used Car Market during the forecast period. Furthermore, Saudi Arabia Used Cars Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. Also, the facilities and discounts on online sales platforms are surging the demand for used cars in the country. However, the rising cost of diesel, and petrol, as well as the high vehicle insurance rate is the major restraining factor for the growth of the Saudi Arabia Used Cars Market.
Based on car type, Saudi Arabia Used Cars Market is categorized into Hatchback, Sedan, SUVs, Pick-ups and Luxury, and Others. The luxury segment dominates the market. The average age of luxury used vehicles coming into the market is between 1-2 years. Also, luxury cars are fun to drive and comfortable. But their cost is very high which is not affordable. So, many consumers prefer to buy luxury used cars for their convenience. This drives the growth of Saudi Arabia Used Cars Market during the forecast period (2022-2028). Moreover, various brands like Toyota, Hyundai, GMC & Chevrolet, Ford, and Other used cars are available in Saudi Arabia.
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Based on the type of sourcing, Saudi Arabia Used Cars Market is categorized into Car-Rental/Leasing Companies (including Auctions), Buy-Sell/Park-Sell, Imports, and Trade-Ins. The car-rental/leasing companies dominate the market share owing to the increasing demand by corporate sectors such as logistics, construction, and the oil and gas sector. Also, the increasing transportation of equipment and employee mobility. All these factors drive the market growth. The sudden outbreak of COVID-19 minimally impacted the growth of Saudi Arabia Used Cars Market. Initially, the sales declined due to the job losses among ex-pats, closure of malls, shops, businesses, and restricted international travel. However, the weak financial conditions and increased preferences for traveling by own cars to avoid the spreading of coronavirus reinforce the used cars market. Also, the shortage of new cars during the pandemic surged the demand for used cars in the country. All these factors support the growth of Saudi Arabia Used Cars Market during the forecast period (2022-2028).
The leading market players in Saudi Arabia Used Cars Market are Abdul Latif Jameel Motors, Aljomaih Automotive Company Ltd., Al Jazirah Vehicles Agencies Co., Universal Motors Agencies Ltd., Mohamed Yousuf Naghi Motors Co., United Motors Company, Gulf Advantage Automobiles LLC, Haraj, Motory, Syarah, SaudiSale, and other prominent players. The market is highly competitive and fragmented with the presence of various global and regional industry participants. The companies constantly launch new products with advanced features to gain a competitive edge over the market. Multinational corporations also invest in expanding their production capacities to meet the growing demand and boost their market penetration. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics on Saudi Arabia Used Cars Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia Used Cars Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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