Saudi Arabia Used Car Market Research Report 2024-2032, Industry Growth, Share, Size and Forecast

Saudi Arabia Used Car Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Size in 2023: USD 9.0 Billion

Market Forecast in 2032: USD 16.2 Billion

Market Growth Rate: 6.70% (2024-2032)

The Saudi Arabia used car market size reached USD 9.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 16.2 Billion by 2032, exhibiting a growth rate (CAGR) of 6.70% during 2024-2032.

Saudi Arabia Used Car Market Trends:

The market in Saudi Arabia is primarily driven by the increasing influx of expatriates. Additionally, economic fluctuations and changes in purchasing power have driven consumers toward more cost-effective alternatives, such as second-hand vehicles. Furthermore, a shift in consumer preferences, focusing on better value for money, is promoting the used car market.

Besides, the government's efforts to diversify the economy have improved market stability, encouraging more transactions. Online platforms and digital dealerships have also simplified the buying and selling process, making used cars more accessible. Moreover, the introduction of new finance options for pre-owned vehicles has supported consumer affordability. Additionally, increased transparency in vehicle history reporting has built trust, which is accelerating Saudi Arabia used car market growth.   

Saudi Arabia Used Car Market Scope & Growth Analysis:

The market scope is broadening due to the rising demand for electric and hybrid vehicles in the used car segment, driven by environmental awareness and favorable government policies. Moreover, continual advancements in technology, such as online car marketplaces and mobile applications, are facilitating smoother transactions, expanding the market reach. The market scope is also growing due to increasing collaborations between local dealers and international players, which is introducing more variety and reliability into the sector.

Additionally, regulatory reforms aimed at ensuring better safety standards for used cars are making consumers more confident in their purchases, further propelling market prospects. Furthermore, the availability of certified pre-owned programs by major automakers is broadening the market’s scope by enhancing the appeal of used vehicles. Besides, consumer demand for luxury vehicles at affordable prices is also a strong factor in shaping the market dynamics, as it attracts a wider audience of buyers seeking premium quality at reduced costs.   

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Saudi Arabia Used Car Industry Segmentation:

The report has segmented the market into the following categories:

Vehicle Type Insights:

• Hatchback
• Sedan
• MUV and SUV

Sales Channel Insights:

• Online
• Offline

Vendor Type Insights:

• Organized
• Unorganized

Regional Insights:

• Northern and Central Region
• Western Region
• Eastern Region
• Southern Region

Competitive Landscape:

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

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Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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