UAE Used Car Market

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UAE Used Car Market, By Sales Channels, Trend
Analysis, Competitive Market Share 2020-2027
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Industry Trends Forecast Report 2027 A recent
study conducted by the strategic consulting and
market research firm BlueWeave Consulting revealed
that the UAE used car market was worth USD 12.6
billion in the year 2020. The market is estimated
to grow at a CAGR of 5.7, earning revenue of
around USD 18.3 billion by the end of 2027. UAE
used car market growth can be attributed to the
emergence of online and authorization platforms
for used cars sale and purchase. Due to their
affordable prices, used cars are gaining immense
popularity in the UAE market. As an additional
benefit, online used car platforms provide easy
access to crucial information such as the price
of a wide range of used cars, price comparisons
from different vendors, mileage, appearance, and
condition through pictures and visuals, etc.
These factors go a long way in helping consumers
make a final decision.
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Growth drivers Stable Fuel Prices In UAE The
highly volatile prices of fuels such as petrol
and diesel act as a restraint for the automobile
industry in other countries. However, in the case
of the UAE, fuel prices are incredibly stable.
UAE was in the list of top 10 oil producers and
therefore, 30 of the countrys economy is
dependent on oil production and export. This
ensures the constant supply of fuel for cars,
eventually contributing to the growth of the
United Arab Emirates used cars market.
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Restraints Increasing Prices of Used Cars The
increasing demand for used cars in the UAE has
also created a huge demand and supply gap in the
market. As a result, used car prices have risen
substantially, acting as a major constraint for
the UAE used car market as it defeats the purpose
of buying used cars.In several cases, the drivers
are paying more than average to purchase
second-hand vehicles. This high price of used
cars is the result of a shortage of microchips,
semiconductors, and other new car inventory,
which has directly affected the supply of new
cars.Sample Copy https//www.blueweaveconsulting
.com/report/uae-used-car-market/report-sample
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Impact of COVID-19 on UAE Used Car Market UAE
was also shaken by the sudden outbreak of the
COVID-19 pandemic, which affected a large number
of people.The demand for automobiles witnessed a
sharp decline due to economic constraints and
dipped purchasing power of the consumers.
However, the pandemic gave a boost to the used
car market in the UAE. Several reasons contribute
to this shift, including the desire to drive
privately owned vehicles as opposed to using taxi
services due to safety concerns.Furthermore, the
disruption of the manufacturing and distribution
of new automobiles during the pandemic period has
resulted in a surge in the demand for used cars
in the UAE, driving the market's growth.
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Recent Developments In September 2020, GTA Car
Buyers, a leading car dealer, announced their new
website launch to sell cars in Dubai to attract
potential buyers and sellers. In February 2020,
Dubizzle, a leading classified website, announced
the launch of its premium Dubizzle Pro service,
which provides buyers and sellers in the UAE with
assistance in financing, evaluating, and
photographing used cars as well as handling
inquiries. Sample Copy https//www.blueweavecons
ulting.com/report/uae-used-car-market/report-sampl
e
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Competitive Landscape The leading market players
in the UAE Used Car market is SellAnyCar(.)com,
Al-Futtaim group, Arabian Automobiles,
Al-Naboodah, Elite Cars, Al Tayer Group,
Carswitch, Dubizzle.com, Yalla Motors, Carmudi,
and other prominent players. The prevalence of
various buying and selling online channels as
well as licensed dealers makes the market highly
competitive as well as fragmented. To gain a
competitive edge over their competitors,
companies are increasingly turning to strategies
such as mergers, acquisitions, partnerships, and
acquisitions.
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