GCC Used Car Market

Market Overview:

The GCC used car market size is projected to exhibit a growth rate (CAGR) of 8.01% during 2024-2032. The growing purchase of personal cars, increasing emergence of professional dealerships and online platforms, and rising expatriate population consisting of individuals living and working temporarily in the region represent some of the key factors driving the market.

A used car is a vehicle that has had one or more previous owners. It comprises a wide variety of car models, including sedans, hatchbacks, SUVs, coupes, convertibles, minivans, and trucks. It serves as an alternative to purchasing new vehicles, offering potential buyers a wide range of options at varying price points. It is more budget-friendly compared to purchasing a new one since used cars have already experienced their initial depreciation. It can be bought with lower interest rates compared to new cars and is available as certified pre-owned (CPO) vehicles. It is inspected, refurbished, and certified by a manufacturer or other certifying authorities before selling. It is suitable for individuals who have a limited budget or prefer to avoid the higher depreciation that occurs in the early years of new car ownership. It serves as personal transportation for daily commuting, family trips, and general mobility. It is also utilized by businesses, such as taxi services, ride-sharing platforms, and delivery services. Furthermore, as a used car comes with a detailed maintenance history, allowing buyers to assess the condition and performance of the vehicle, its demand is rising in the GCC region.

GCC Used Car Market Trends:

At present, the increasing purchase of personal cars to commute comfortably represents one of the major factors influencing the market positively in the GCC region. Moreover, the rising impact on consumer spending due to the fluctuations in oil prices is strengthening the growth of the market. Apart from this, the growing expatriate population consisting of individuals living and working temporarily in the region is offering a positive market outlook. Additionally, rising costs of new vehicles, along with the availability of luxury secondhand cars at affordable prices, is offering lucrative growth opportunities to industry investors in the region. In line with this, the increasing adoption of improved vehicle maintenance practices is impelling market growth in the GCC region. Besides this, the rising emergence of professional dealerships and online platforms simplifying the buying process of used cars and providing detailed information about vehicles to the buyers is bolstering the growth of the market in the region. In addition, the increasing adoption of effective marketing methods by used car sellers to connect with their targeted audience is propelling the growth of the market across the region. Furthermore, the rising demand for used cars offering lower mileage as they are more reliable and require less maintenance is contributing to the growth of the market in the GCC region.

GCC Used Car Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the GCC used car market report, along with forecasts at the regional and country level for 2024-2032. Our report has categorized the market based on vehicle type, vendor type, fuel type, and sales channel.

Vehicle Type Insights:

• Hatchbacks
• Sedan
• Sports Utility Vehicle
• Others
   

The report has provided a detailed breakup and analysis of the market based on the vehicle type. This includes hatchbacks, sedan, sports utility vehicle, and others.

Vendor Type Insights:

• Organized
• Unorganized
   

A detailed breakup and analysis of the market based on the vendor type has also been provided in the report. This includes organized and unorganized. 

Fuel Type Insights:

• Gasoline
• Diesel
• Others
   

A detailed breakup and analysis of the market based on the fuel type has also been provided in the report. This includes gasoline, diesel, and others.

Sales Channel Insights:

• Online
• Offline
   

A detailed breakup and analysis of the market based on the sales channel has also been provided in the report. This includes online and offline.

Country Insights:

• Saudi Arabia
• UAE
• Qatar
• Bahrain
• Kuwait
• Oman
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, and Oman.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the GCC used car market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Report Coverage:

Key Questions Answered in This Report:

• How has the GCC used car market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the GCC used car market?
• What is the breakup of the GCC used car market on the basis of vehicle type?
• What is the breakup of the GCC used car market on the basis of vendor type?
• What is the breakup of the GCC used car market on the basis of fuel type?
• What is the breakup of the GCC used car market on the basis of sales channel?
• What are the various stages in the value chain of the GCC used car market?
• What are the key driving factors and challenges in the GCC used car market?
• What is the structure of the GCC used car market and who are the key players?
• What is the degree of competition in the GCC used car market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the GCC used car market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the GCC used car market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the GCC used car industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.