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Written by Rahul Singh » Updated on: October 28th, 2024
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:
Sales Channel Insights:
Vendor Type Insights:
Regional Insights:
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.
Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=14018&flag=E
Key highlights of the Report:
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.
Contact Us:
IMARC Group
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Email: [email protected]
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