Thursday, September 29, 2022

Email id: support@kenresearch.com, Contact Us : +91-9015378249

Home Automotive, Transportation and Warehousing Automotive and Automotive Components Increase In Number of Women Drivers Is Set to Drive Used Car...

Increase In Number of Women Drivers Is Set to Drive Used Car Market In Saudi Arabia: Ken Research

Introduction

A used car is the second-hand vehicle that is accessible for resale. Several outlets such as franchise and independent car dealers, auctions, rental car companies, private party sales and leasing offices sell used cards.

Report Analysis

According to the report analysis, ‘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)states that the used car industry in Saudi Arabia has augmented at a CAGR of 0.8% on the basis of gross transaction value over the duration 2014-2019 and deducted at a CAGR of -2.4% on the basis of sales volume. The departure of expats from the country and the economic instability underwritten to the decline in sales throughout 2016-2017. The addition of women drivers and the high levels of disposable income in the country are one of the foremost growth drivers of the industry. Boom in the number of online auto-classified platforms and the traction of the customers towards online platforms is underwriting to the inclining used car sales around the country.

Saudi Arabia Used Car Market _ Infographic

Market Segmentation

By Market Structure: The industry in Saudi Arabia is greatly unorganized owing to the preference of customers towards peer-to-peer sales, greatly facilitated by online auto-classified platforms. The organized market entails of large authorized brand dealerships as well as multi-brand outlets and exhibitions.

By Car Brands: Toyota continues to register the used car market in Saudi Arabia owing to higher preference of the customers towards the brand for its reliability and low maintenance. Also, the easy accessibility of spare parts and greater residual value of Toyota cars underwrites to the higher sales. Hyundai underwritten the second highest sales volume during 2019.

Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=MzU2NTUy

By Age of Vehicle: Three- to five-year-old used cars were witnessed to register the used car sales in the country during 2019. As the installment duration for cars purchased on finance is nearly 3-5 years after which individuals usually prefer to sell off their cars. 1–3-year-old vehicles underwritten the second highest sales volume as great number of these cars found their manner to the used car market when car rental companies de-fleet their prevailing fleet.

By Regions: The central region involving the capital of Riyadh registered for the greatest number of used car sales in the country during 2019 owing to the concentration of young working population across the region. The western region underwritten the second highest used car sales. Most of the foremost authorized dealers have several showrooms in these regions.

Future Outlook

The used car industry is projected to recover from the Covid-19 pandemic and observe growth by 2025. The growing demand from smaller cities such as Jazan, Arar among others is predicted to propel the growth of the industry. The increasing traction towards online platforms is projected to compel dealerships to enlarge their existence online. Online platforms are projected to leverage latest technologies such as artificial intelligence & virtual reality to improve user browsing experience. The complete used to new car sales ratio in the country is also projected to improve during the future.

For More Information on the research report, refer to below link:-

Saudi Arabia Used Car Market

Related Reports:-

USA Used Car Market Outlook to 2026 – Driven by an influx of digital players along with consumer demand for personal mobility and affordable pricing

SEA Used Car Market Outlook to 2026F: Driven by Covid-19 led shift in User’s Preference towards Private Vehicles and Growing Penetration of Online Used Car Platforms

Australia Used Car Market Outlook to 2026F – Driven by the consumer shift to online platforms and supply chain issues for new vehicles with an increasing trend of upgrading vehicles

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249

RELATED ARTICLES

Global Hydrogen Tube Trailers Industry Analysis: Ken Research

Buy Now The Global Hydrogen Tube Trailers Market has attained phenomenal growth in the past few years. The report accounts for the industry’s latest market...

Malaysia Automotive Aftermarket Service Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecast Till- 2025: Ken Research

Buy Now Malaysia Multi Brand Aftermarket Industry Overview: Malaysia's automotive aftermarket service sector sales were USD xx Bn in 2020, with a CAGR of 2.9% from 2015...

Kenya Logistics and Warehousing Market Outlook to 2023: Ken Research

Buy Now Market Overview Logistics are very crucial to the economic performance of every economy. Like other African countries, Kenya has structural issues with its logistical...

Most Popular

Global Electrical Discharge Machining Market, Industry Analysis and Forecast: Ken Research

Buy Now Electrical Discharge Market has grown at a bit rate within the past few decades. The report insights into the market shares, revenues, and...

The shift in the overall consumer behavior, along with the rise of digital payment solutions, is resulting in buy now, pay later (BNPL) becoming...

Buy Now UAE News The concept of delayed payment is not new. We all have credit cards, which de-facto are ‘Buy Now, Pay Later’ tools. Unfortunately,...

The Emerging Trends of RNA Sequencing Analysis Industry: Ken Research

Buy Now The Global RNA Sequencing Analysis Market has grown at a significant growth rate in the past few decades. The report insights into the...

Global Borates Market Research Report, Companies, Sales, Revenue, Issues and Challenges in the Market – Ken Research

The Global Borates Market has grown at a significant growth rate in the past few decades. The report insights into the market shares, revenues,...