Region:Middle East
Author(s):Rajat & Nishika
Product Code:KR1402
The GCC New and Used Car Market is experiencing notable growth, establishing itself as a key hub for various types of cars. Predicted to grow at a substantial rate of 6.4% from 2023 to 2028, the market is driven by factors such as a rising population, an influx of expatriates, increased income levels, and the availability of financing options. The growing population and expatriate community contribute to a larger customer base, while higher incomes enable consumers to consider a broader range of vehicles, driving market expansion.
Easy access to financing options further stimulates demand for both new and used cars. Additionally, the market's future trajectory is influenced by technological advancements, government incentives, infrastructure development, changing consumer preferences toward sustainability, and alignment with global economic trends. Together, these factors indicate a positive outlook for the GCC New and Used Car Market, highlighting sustained growth and the region's significant role in the automotive industry.
In the GCC New and Used Car Industry, top players form a diverse ecosystem. Notable clusters like Al Quoz and Al Aweer in Dubai focus on used car sales, while Dubai Auto Zone streamlines business setup. Souq Al Haraj specializes in used car sales, Motor World in Abu Dhabi emphasizes economy cars, and Ajman Auto Market is a key player. Competitiveness revolves around pricing, customer service, vehicle quality, market reputation, and technology. The future outlook is promising, driven by population growth, rising incomes, financing ease, and industry trends, positioning the GCC as a significant player in the automotive sector.
By New Car Sales: In 2023, the GCC New and Used Car Market sees significant segmentation in the new car sales segment, with Saudi Arabia leading by over 50%, followed closely by the UAE. Smaller contributions from Kuwait, Qatar, and Oman also play a role. Saudi Arabia's dominance is attributed to its strong economy, population growth, supportive government initiatives, ongoing infrastructure development, evolving consumer preferences, and alignment with global automotive trends. These factors collectively drive robust demand for new cars in the region, highlighting Saudi Arabia as a key influencer in shaping the market dynamics.
By Used Car Transactions: In 2023, the GCC New and Used Car Market's segmentation by used car transactions highlights Saudi Arabia as the predominant player, holding a substantial share of around 50%. The UAE follows closely, with smaller contributions from Kuwait, Qatar, and Oman. Saudi Arabia's dominance is influenced by its strong economy, population growth, preferences for resale markets, supportive government regulations, increasing market awareness, and growing infrastructure. These factors collectively drive a thriving market for used cars, positioning Saudi Arabia as a key influencer in shaping the used car dynamics in the region.
GCC New and Used Car Market Segmentation |
|
By News Car Sales |
· Saudi Arabia · UAE · Kuwait · Qatar · Oman · Bahrain |
By Domestic vs Re-Export Country Split |
· KSA Domestic and Re-Export · UAE Domestic and Re-Export · Kuwait Domestic and Re-Export · Qatar Domestic and Re-Export · Oman Domestic and Re-Export · Bahrain Domestic and Re-Export |
By Used Car Transactions |
· Saudi Arabia · UAE · Kuwait · Qatar · Oman · Bahrain |
UAE New Car and Used Car Market Segmentation |
|
By Domestic vs Re-Export |
· Domestic · Re-Export |
By Type of Vehicle |
· LPV · LCV · RV |
By Region |
· Dubai · Sharjah · Abu Dhabi · Others |
1.1 New Car Taxonomy
1.2 Used Car Taxonomy
2.1 GCC Auto Market Size (NC+UC Sales), 2017-2028
2.2 Market Attractiveness Matrix of GCC New Car Sales
3.1 GCC New Car Sales- Country Split, 2017-2028
3.2 New Car Sales - Domestic vs Re-Export Country wise comparison
3.3 GCC Used Car Transactions Country wise, 2017-2028
3.4 Cross Comparison of GCC Countries basis new & used car sales, 2023
3.5 Used to New Car Ratio Country wise, 2017-2028
4.1 Stages of Industry Phase
4.2 UAE Auto Market Trends and Projections
4.3 Used Car Value Proposition Analysis
5.1 UAE New and Used Car Market Segmentation by Domestic vs Re-Export
5.2 UAE New and Used Car Market Segmentation by Type of Vehicle
5.3 UAE New and Used Car Market Segmentation by Region
6.1 Cluster Profiling
6.2 Service Offerings by Cluster
6.3 Differentiating Factors for each Cluster
7.1 Revenue Streams for Physical Marketplace
7.2 Monetization Models of Digital Marketplace
Step: 1 Identifying Key Variables: Ecosystem creation for all the major entities and referring to multiple secondary and proprietary databases to perform desk research around market to collate industry level information.
Step: 2 Market Building: Collating statistics on new and used car market over the years, penetration of marketplaces and service providers ratio to compute revenue generated for GCC New and Used Car market. We will also review service quality statistics to understand revenue generated which can ensure accuracy behind the data points shared.
Step: 3 Validating and Finalizing: Building market hypothesis and conducting CATIs with industry exerts belonging to different companies to validate statistics and seek operational and financial information from company representatives.
Step: 4 Research output: Our team will approach multiple new and used cars providing channels and understand nature of product segments and sales, consumer preference and other parameters, which will support us validate statistics derived through bottom to top approach from new and used car providers.
The GCC New and Used Car Market was volumed at ~3643.2 Th units in 2023.
Technological advancements, government incentives, infrastructure development, shifting consumer preferences towards sustainable vehicles are likely to fuel the growth in the GCC New and Used Car Market.
Ajman Auto and Souq Al Haraj are some of the key players in the Market
The GCC New and Used Car Market is expected to reach 4964.4 Th units by 2028.
What makes us stand out is that our consultants follows Robust, Refine and Result (RRR) methodology. i.e. Robust for clear definitions, approaches and sanity checking, Refine for differentiating respondents facts and opinions and Result for presenting data with story
We have set a benchmark in the industry by offering our clients with syndicated and customized market research reports featuring coverage of entire market as well as meticulous research and analyst insights.
While we don't replace traditional research, we flip the method upside down. Our dual approach of Top Bottom & Bottom Top ensures quality deliverable by not just verifying company fundamentals but also looking at the sector and macroeconomic factors.
With one step in the future, our research team constantly tries to show you the bigger picture. We help with some of the tough questions you may encounter along the way: How is the industry positioned? Best marketing channel? KPI's of competitors? By aligning every element, we help maximize success.
Our report gives you instant access to the answers and sources that other companies might choose to hide. We elaborate each steps of research methodology we have used and showcase you the sample size to earn your trust.
If you need any support, we are here! We pride ourselves on universe strength, data quality, and quick, friendly, and professional service.