Saudi Arabia Used Car Market Outlook to 2025 - Digital Enablement, Technological Advancements and Growing Demand from Smaller Cities to Drive Used Car Sales in Saudi Arabia: Ken Research
GURUGRAM, India, May 20, 2021 /PRNewswire/ --
Key Findings
- The Saudi Traffic Department introduced the facility for online transfer of ownership for sale of vehicles amidst the Covid-19 lockdown to enable transfer without requiring a periodic technical inspection. This move is expected to facilitate used car sales in the future due to increase ease for buyers & sellers.
- The adoption of online channels for purchasing cars is rapidly increasing as a spill-over of the Covid-19 pandemic. SyarahOnline, the recently launched e-commerce car service of Syarah, sold ~420 new & used cars prior to the VAT increment.
Shift towards Online Platforms: In order to tap the more consumers, many authorized dealerships are expected to increase their presence online. Along with listing of used car inventory online, some dealerships are planning to develop e-commerce platforms to sell used cars and to enable 100% online end-to-end transactions from the convenience of the homes without having to visit the showrooms.
Increasing Demand for SUVs & Crossovers: Although traditionally, sedans have dominated the used car sales in the Kingdom, recently there has been increasing demand for SUVs & crossovers. SUVs and crossovers are suitable for the hot & harsh climatic conditions in the country and have relatively longer ownership period.
Leveraging Latest Technologies: The online platforms as well as dealerships looking to expand their presence online, plan to implement latest technologies such as 360 degrees 3D view of the interiors & exteriors, artificial intelligence to leverage consumer behavioural insights and more in order to create a better user browsing experience. These technologies along with the provision of detailed vehicle history & inspected reports are expected to be a game changer in the market.
Analysts at Ken Research in their latest publication "Saudi Arabia Used Car Market Outlook to 2025- By Market Structure (Organized & Unorganized), By Type of Car (Sedans & Hatchbacks, SUVs & Crossovers, Pick-ups and Luxury), By Brand (Toyota, Hyundai, GMC & Chevrolet, Ford and Others), By Type of Sourcing, By Age of Vehicle (Less than 1 year, 1-3 years, 3-5 years & More than 5 years), By Kilometers Driven (Less than 50,000 Km, 50,000-80,000 Km, 80,000-120,000 Km & More than 120,000 Km) and By Region (Northern, Southern, Central, Eastern and Western)" observed that the used cars market in Saudi Arabia after declining post 2016, witnessed recovery in 2019 and improvement in the used to new car sales ratio. Increasing value-added service offerings, rising presence of dealerships online and introduction of Mojaz online vehicle history report are further expected to drive the industry's growth in the future. The Used Car Industry in Saudi Arabia is expected to grow at a CAGR of 4.5% on the basis of gross transaction value over the forecast period 2019-2025.
Key Segments Covered
Saudi Arabia Used Car Market (On the basis of GTV)
Saudi Arabia Used Car Market (On the basis of Sales Volume)
Saudi Arabia Used Car Market Segmentations (On the basis of Sales Volume)
- By Market Structure
- Organized
- Unorganized
- By Type of Cars
- Sedans & Hatchbacks
- SUVs & Crossovers
- Pick-ups
- Luxury
- By Brand
- Toyota
- Hyundai
- GMC & Chevrolet
- Ford
- Others
- By Age of Vehicle
- Less than 1 year
- 1-3 years
- 3-5 years
- More than 5 years
- By Kilometers Driven
- Less than 50,000 Km
- 50,000-80,000 Km
- 80,000-120,000 Km
- More than 120,000 Km
- By Regions
- Central
- Western
- Eastern
- Southern
- Northern
- By Age Group of Buyers
- 18-30 Years
- 30-60 Years
- More than 60 Years
- By Type of Sourcing
- Car-Rental/Leasing Companies (including Auctions)
- Buy-Sell/Park-Sell
- Imports
- Trade-Ins
Organized Used Car Market
- By Sales Channel
- Multi-brand Outlets/Exhibitions
- Authorized/Direct Dealership Outlets
Unorganized Used Car Market
- By Sales Channel
- Customer to Customer (C2C)
- Local Dealerships
Dealerships Covered
- Abdul Latif Jameel Motors Aljomaih Automotive Company Ltd. Al Jazirah Vehicles Agencies Co. Universal Motors Agencies Ltd. Mohamed Yousuf Naghi Motors Co. United Motors Company Gulf Advantage Automobiles LLC Others
Online Auto-Classifieds/Platforms Covered
- Haraj
- Motory
- Syarah
- SaudiSale
- Abi Sayara
Key Target Audience
- Car Dealerships
- Car Manufacturers
- Car-Rental and Leasing Companies
- Used Car Importing Companies
- Online Auto Classified Companies
- Industry Associations
- Regulatory Bodies
- Used Car Auction Companies
Time Period Captured in the Report
- Historical Period: 2014-2019
- Forecast Period: 2019-2025
Key Topics Covered in the Report
- Overview and Genesis of Saudi Arabia Used Car Industry
- Target Audience Demographics
- Trends and Growth Drivers in the Industry and Challenges Faced
- Saudi Arabia Used Car Market Size and Segmentations, 2014 - 2019
- Ecosystem and Value Chain of Used Car Industry
- Customer Decision Making Parameters & Brand Perception Mapping
- Cross Comparisons between Major Authorized Dealerships and Online Auto-Classifieds/Platforms and Company Profiles
- Future Market Size and Segmentations, 2019-2025F
- Covid-19 Impact on the Industry, the Way Forward & Upcoming Online Business Models
- Analysts' Recommendations
- Syarah Used Car Sales Saudi Arabia
- Haraj Saudi Arabia Used Car Sales
- Motory Used Car Sales Saudi Arabia
- Abi Sayara Used Car Sales Saudi Arabia
- Emerging Models in Saudi Arabia Used Car Market
- Trends & Developments Saudi Arabia Used Car Market
- SaudiSale Used Car Sales
- Online Used Car Models Saudi Arabia
- Future Growth Saudi Arabia Used Car Market
- Covid-19 Impact Used Car Sales Saudi Arabia
- Used Car Sales Decline Saudi Arabia 2020
- Abdul Latif Jameel Used Car Market Share
- Aljomaih Automotive Used Car Sales
- Al Jazirah Used Car Sales Saudi Arabia
- Universal Motors Used Car Sales Saudi Arabia
- Riyadh Used Car Sales Market
- Jeddah Used Car Sales Market
- Dammam Used Car Sales Market
- Saudi Arabia Popular Used Car Brands
For more information on the research report, refer to below link:
Saudi Arabia Used Car Market Outlook to 2025
Related Reports
The market was observed in its growth stage along with approximately 7% CAGR in terms of used car sales volume during the review period 2013-2018. Factors such as augmented carpooling, amplified online penetration by the dealership companies, availability of the financing and insurance options which makes it convenient and easy for the customers and provides a pleasant experience to the buyers of the used car.
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