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.
Report Scope:
In this report, the UAE Used Car Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customers
5. UAE Used Car Market Outlook, 2016-2026
6. UAE Mid Used Car Market Outlook, 2016-2026
7. UAE Luxury Used Car Market Outlook, 2016-2026
8. UAE Small Used Car Market Outlook, 2016-2026
9. Market Dynamics
10. Market Trends and Developments
11. Product Benchmarking and Pricing Analysis (2021)
12. UAE Economic Profile
13. Impact of COVID-19 on UAE Used Car Market
14. Competitive Landscape
15. Strategic Recommendations
16. About the Publisher & Disclaimer
Companies Mentioned
- 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
For more information about this report visit https://www.researchandmarkets.com/r/6kvgij
