The approachability of changed financing choices, flourishing growth of the online classified and auction market, and upward smartphone and internet penetration led to the augmentation in sales during recent past years. The addition of women drivers and the high levels of disposable income around the country are some of the primary growth drivers of the industry.
Saudi Arabian women are now permitted to drive vehicles on their own owing to the removal of the ban on women driving and growing numbers of women driving their own cars are paving the manner for the used car market growth as they are more cost-efficient than the new cars. Inauguration of government initiatives to assist the sales of fuel-efficient vehicles and propose an incentive program to authorized vendors. Original equipment service vendors along with dealers are delivering offers and certifications on used cars which are predicted to foster the sales of used cars. Also, the proposal of pre- and post-purchasing choices along with options for value-added services is predicted to fascinate consumers in purchasing a used car in Saudi Arabia.
According to the SPER market research, ‘Saudi Arabia Used Car Market Size- By Market Structure, By Type of Car, By Manufacturer, By Kms Driven, By Age of Vehicle, By Age of Consumer- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that KSA Used Car Distributors Market is predicted to reach USD XX billion by 2032 with a CAGR of XX%.
Over the medium-term forecast duration, aspects such as the advanced quality of used cars, the great number of expatriates, and cost-effective accessible for used cars are predicted to stand as primary propelling factors of the market. However, shortage of trust throughout the used car purchase and shortage of standardization are predicted to function as foremost restraints to the growth of the market.
Although Saudi is the fifth largest country around Asia and one of the foremost countries in the Middle East. The region has always favored the acceptance of used/pre-owned cars due to the growing requirement for the luxury car which are reasonable in the used car segment. Clients in Saudi Arabia choose used cars over pre-owned ones as these cars propose them healthier prices, inexpensive financing, and aftermarket maintenance sustenance. Players involving organized and unorganized members proposing the vehicles deliver the consumer engagement program and propose competitive discounts to encourage the sales of used cars in Saudi Arabia.
Many multi-brand and independent dealerships are projected to develop their online existence in order to contribute to the online used vehicle market. Some dealerships are contributing to their own websites, Instagram pages, and other advertised sites in addition to advertising used car inventory on internet marketplaces. For example, companies such as YallaMotor, OLX Saudi Arabia, CarSwitch, Hatla2ee, Expatriates, and many more, are seen to propel the majority of used car sales that are highlighted online.
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KSA Used Car Distributors Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Market Structure: Based on the Market Structure, Saudi Arabia Used Car Market is segmented as; Auction Companies, C2C, Local Dealers, Multi-Brand Non-Franchise Dealerships, OEM Certified Dealers, Organized Sector, Unorganized Sector.
By Type of Car: Based on the Type of Car, Saudi Arabia Used Car Market is segmented as; Luxury, Pickup Trucks, Sedan and Hatchback, SUV.
By Manufacturer: Based on the Manufacturer, Saudi Arabia Used Car Market is segmented as; Chevrolet, Ford, GMC, Hyundai, Kia, Nissan, Toyota.
By Type of Kms Driven: Based on the Type of Kms Driven, Saudi Arabia Used Car Market is segmented as; <50,000, >150,000, 50,000-80,000, 80,000-150,000.
By Age of Vehicle: Based on the Age of Vehicle, Saudi Arabia Used Car Market is segmented as; >5 years, 1-2 years, 3-5 years.
By Age of Consumer: Based on the Age of Consumer, Saudi Arabia Used Car Market is segmented as; 18-34, 35-54, 55+.
By Region: This report also provides the data for key regional segments of Northern, Southern, Central, Western, Eastern.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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