Extreme weather conditions and rising youth population is expected to drive the Saudi Arabia used car market throughout the forecast period.
According to TechSci Research report, “Saudi Arabia Used Car Market By Vehicle Type (Small Cars, Mid-Size Cars & Luxury Cars) By End Use (Institutional Vs Individual) By Fuel Type (Petrol, Diesel & CNG), By Region, Company Forecast & Opportunities, 2026”, Saudi Arabia used car market is expected to grow at a steady rate during the forecast period. The rise in presence of the youth population who are under 30 years of age is generally not capable of buying new cars thereby accelerating the demand for the used car in the region. Government authorities hiked the price of VAT from 5% to 15%, which impacted the cost of buying a new vehicle tremendously. Interested consumers traded their existing cars with the new ones which resulted in surplus sales of used cars. Saudi Arabian women are now allowed to drive vehicles on their own due to the removal of the ban on women driving and rising numbers of women driving their own cars are paving the way for the used car market growth as they are more cost-effective than the new cars. Launch of government initiatives to support the sales of fuel-efficient vehicles and offer an incentive program to authorized dealers. Original equipment service providers along with dealers are providing offers and certifications on used cars which are expected to boost the sales of used cars. Also, the offering of pre- and post-purchasing options along with options of value-added services is expected to attract consumers in buying the used car in Saudi Arabia.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities-imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. The government imposed the closure of shopping malls, restaurants, and public parks. The growing economy faced a setback which resulted in lower used car sales. Stores were temporarily shut down and disruption in the supply chain was observed which impacted the used car sales market adversely.
However, the introduction of VAT by leading authorities is aiding to increase the general pricing and decrease the purchasing power of consumers subsequently which may pose a challenge in the growth of Saudi Arabia used car market.
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Saudi Arabia used car market is segregated into vehicle type, end use, fuel type, regional distribution, and company. Based on vehicle type, market can be divided into small cars, mid-size cars & luxury cars. The luxury cars vehicle type segment is expected to account for major market share for the forecast period, 2022-2026. Consumer preference shift towards owning a vehicle and increasing affordability are driving the growth of this segment. High demand for SUVs and crossover is suitable for both hot and harsh climatic conditions and have relatively longer ownership period than the other cars. On the basis of regional analysis, the northern & central region is expected to witness growth in the next five years due to presence of large pool of youth population and working consumers who are able to afford the used cars.
Kayishha, Yallamotor, SaudiSale, Abdul Latif Jameel Motors, Abi Sayara, Olx Saudi Arabia (Dubizzle), Carmudi.com, Copart Inc., among others are some of the leading players operating in Saudi Arabia used car market. Companies operating in the market are using strategies such as joint ventures, product launches, mergers, and research collaborations to boost their share and increase their geographic reach.
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“The growth of the e-commerce industry for selling used cars in Saudi Arabia is creating lucrative opportunities for the growth of the market as major players are openly providing customer-friendly interface along with the plethora of options to choose from by the listing of used car inventory online. To tap more consumers and widen the reach of cars, authorized dealers are engrossing themselves to make their presence online such as the launch of an e-commerce car service platform named SyarahOnline, which sold a large number of used cars. Market players are offering discounts along with the facility of online end-to-end transactions without having the hassle to visit the showrooms is expected to propel the market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Used Car Market By Vehicle Type (Small Cars, Mid-Size Cars & Luxury Cars) By End Use (Institutional Vs Individual) By Fuel Type (Petrol, Diesel & CNG), By Region, Company Forecast & Opportunities, 2026”, has evaluated the future growth potential of Saudi Arabia used car market and provides statistics & information on market size, 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 Saudi Arabia used car market.
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