UAE Used Car Market to Surpass USD20,630.41 Million by 2026
Lower price of used car and
cheap fuel price in the country to drive the demand for UAE used car market for
the forecast period.
According to TechSci Research report, “UAE
Used Car Market - By Region, By Company Forecast & Opportunities, 2026”,
UAE used car market was valued at over USD9590 million in 2020 and is forecast
to grow at a CAGR of 13% to reach USD20630 million by 2026. Increasing average
age of vehicles and lower prices of used cars are propelling the growth of the
market. Companies like Copart Inc., Dubizzle Motors LLC, Al-Futtaim Group,
etc., have launched digital platforms for buying and selling used cars as well
as provide servicing and warranty facilities along with easy, instant and
paperless loan experience to their customers. This enables the potential buyers
to simply enquire about their required car over the website in a few clicks,
post which the dealer can check the buyer’s eligibility and generate
transactions with minimum hustle. The online platform also allows the users to
browse through multiple car models and compare different parameters like age of
the car, price, color, etc., before arriving at a purchase decision.
Another factor for the increasing demand for used cars
is its growing demand from shared mobility companies. One of the major drivers
for the UAE used car market is the rising demand for second-hand cars from
shared mobility companies. Shared mobility services like ride-hailing,
ride-sharing, car sharing, car rental, etc., are becoming increasingly popular
among the UAE citizens as well as the tourist population because of the
inherent convenience it provides. This makes it essential for fleet owners to
develop a comprehensive fleet of cars for shared mobility purposes to meet user
demand. In doing so, most of these fleet owners opt for second-hand cars
instead of purchasing new cars as they are comparatively low priced. Thus, the
growth of shared mobility services in the UAE is projected to significantly
propel the market demand for used cars through the forecast period.
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Pages and an in-depth TOC on "UAE Used Car Market”.
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UAE
used car market is segmented into vehicle, end use, region, and company. Based
on vehicle type, market can be divided into small cars, mid cars & luxury
cars. The luxury car segment accounted for a market share of 28.64%, in volume
terms, in 2020. Luxury cars comprise high-end sedans and high-profile sports
utility vehicles (SUVs). High-end sedans are anticipated to aid the growth of
the country’s used passenger car market over the course of the next five years
due to higher status symbol, comfort, more passenger-carrying capacity, and
easier finance options available. Moreover, the segment is also expected to
hold a significant share in terms of value as these cars are much highly
priced.
Leading
players operating in the UAE used car market include:
- CarSwitch DMCC
- Abdul Latif Jameel IPR Company Limited
- SellAnyCar.com
- YallaMotor.com
- Al-Futtaim Group
- Global Cars Trading FZ LLC
- Dubicars International FZ-LLC
- Copart Inc.
- Dubizzle Motors LLC
- Sun City Motors LLC
Al-Futtaim
Group is the leading player in the UAE used car market accounting for a market
share of 10.45% in 2020 in terms of total used cars sold. The company has a
robust portfolio of used cars including major automobile brands like Toyota,
Nissan, Hyundai, Mitsubishi, Renault, Lexus, Mazda, Honda, etc. The company
also has a strong dealer/distributor network ranging across various regions in
the country, which further allows it to enjoy competitive edge over other
companies.
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“Dubai
works as a gateway for used car market in the UAE. In 2020, the region
accounted for a major share of 47.14% in terms of units sold. Majority of the
used car market in the UAE is import driven. Since the region has best-in-class
port facilities like the Jebel Ali, Port Rashid and Al Hamriya, it is able to
maintain efficient supply chain relationship with the world for the import of
used passenger cars in the UAE. Moreover, the increasing operations of shared
mobility companies like Uber Technologies, Inc., Didi Chuxing Technology Co.,
Lyft, Inc., Ekar, etc. have generated higher demand for used cars in the
country, as they offer cost benefits to the fleet owners.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“UAE Used Car Market By Vehicle
(Small Cars, Mid Car, Luxury Cars), By Fuel (Petrol/Gasoline, Diesel, Others),
By End Use (Institutional, Individual), By Region (Dubai, Abu Dhabi, Sharjah,
Rest of UAE), Competition, 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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