DUBLIN--(BUSINESS WIRE)--The "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, 2016 - 2026" report has been added to ResearchAndMarkets.com's offering.
The UAE Used Car Market was valued at USD9,590.41 million in the year 2020, and it is expected to reach a value of around USD20,630.41 million by 2026.
Increasing preference of consumers for vehicle ownership, growing disposable income, and rise in the number of the market players offering affordable, quality used cars are the primary factors driving the growth of the UAE Used Car Market in the forecast period.
High internet penetration and proliferation of smart devices make the used car companies also sell through online platforms like Copart Inc, Dubizzle Motors LLC, Al-Futtaim Groups to make their services available to a broader audience group.
The adoption of an online sales platform by the market players has made the process easier and quicker. It facilitates the process of documentation, checking buyers' eligibility and payment in a few clicks. The UAE Used Car Market is expected to magnify at an exponential rate in the forecast period owing to the adoption of online platforms and growing investments by the market players to stay ahead in the market.
The average time of keeping the vehicle by consumers is decreasing at a rapid rate. Buying used cars gives the driver feasibility to change the vehicles as used cars at lower rates than purchasing new vehicles. The introduction of used electric cars owing to growing environmental concerns and favorable government policies providing incentives and income tax rebates on purchase and manufacturing of electric vehicles is expected to create lucrative opportunities for the market growth.
The emergence of a large number of companies providing financing options in the form of loans and easy EMI to increase customers' affordability is expected to bolster the UAE Used Car Market growth in the forecast period. However, the availability of no or minimal warranty options on covering damage may hinder the growth of the UAE Used Car Market in the forecast period.
The UAE Used Car Market is segmented on the basis of the vehicle type, fuel type, end-use, regional distribution, and competitive landscape. Based on the end-use, the market is bifurcated into institutional and individual. The individual segment is expected to hold the largest market share in the forecast period, 2022-2026.
The availability of limited public transportation facilities and the presence of a large non-native population are creating the demand for used cars due to their high affordability and short ownership tenure.
Objective of the Study:
- To analyze the historical growth and the market size of the UAE Used Car Market from 2016 to 2020.
- To estimate and forecast the market size of the UAE Used Car Market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast the UAE Used Car Market based on vehicle type, fuel type, end-use, regional distribution, and competitive landscape.
- To identify drivers and challenges for the UAE Used Car Market.
- To examine competitive developments such as expansions, new product launches, mergers, and acquisitions, etc., in the UAE Used Car Market.
- To conduct pricing analysis for the UAE Used Car Market.
- To identify and analyze the profile of leading players operating in the UAE Used Car Market.
Some of the major market players operating in the UAE Used Car Market are
- 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
Report Scope:
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
UAE Used Car Market, By Vehicle Type
- Mid Cars
- Luxury Cars
- Small Cars
UAE Used Car Market, By Fuel Type
- Petrol/Gasoline
- Diesel
- Others
UAE Used Car Market, By End-Use
- Individual
- Institutional
UAE Used Car Market, By Region
- Dubai
- Sharjah
- Abu Dhabi
- Other
For more information about this report visit https://www.researchandmarkets.com/r/pahsxn
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