How is used car Market Positioned in KSA?
Overview:
The Used Car Market in KSA has seen significant growth over the years supported by the increase in millennials population in the country along with the entry of emergent players into the market. The rising trend in used car over new cars indicates the buyer preference of purchasing used cars.
Majority of customers prefer used cars of average age, with more kilometers driven as used car at that segment offers attractive and affordable options with Sedan & Hatchback being the major choice by type of car.
Car dealers are emphasizing on providing integrated user-friendly platforms to ease the buyer’s journey of used cars. These trends and developments are changing the used car industry on a positive note with promising future growth.
The Used Car Market in KSA are segmented on the basis of total number of used car units sold with a CAGR of ~% over the period 2016-2021 with total revenue generated ~% in SAR Mn.
KSA Used Car Market Overview and Segmentation
KSA Used Car Market has grown at an increasing growth rate over the period 2017-2021 with ~% CAGR, supported by the opportunities like digital transformation, and growing trend of upgrading vehicles.
Market Segmentations:
By Market Structure: Market is dominated by unorganized dealers with majority of the cars sold in 2021 due to affordable price range.
By Unorganized Sector:
KSA used car market is equally shared by C2C and Local Dealerships as used cars are cheaper on these platforms
By Organized Sector:
The organized sectors of used car market is dominated by the Multi Brand Outlets/ Exhibitions because an individual choose to go to multi brand if they are not sure about the type of purchase.
By Mode of selling- organized:
The market is overpowered by Offline mode of selling as customers choose to walk in stores to see the car conditions and make a purchase.
By Brand: The market is conquered by Toyota brand followed by Hyundai. Toyota and Hyundai are mostly preferred brands owing to the lower depreciation rate and lower maintenance costs.
By Age of Car:
Used Car with 3-5 years dominate the market as majority of the customers prefer cars of 3-5 years old because on an average, people in KSA change cars once every 3 years
By Kilometres Driven:
The market is dominated by 80,000-1, 50,000 kms driven as consumers prefer used car with more kilometres driven at the same time maintained in good condition at attractive price.
Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTg4ODYy
Competition Landscape in KSA used car Market
The used car market in KSA is currently in Growth Stage with 2,500+ dealerships (organized as well as unorganized) operational in the industry. The competition in KSA used car market was observed to be highly fragmented market with various OEM certified, Brands Company authorized dealerships, multi-brand outlets in the industry.
Abdul Latif Jameel – Toyota, AlJomaih Automotive Company and Al Jazirah Vehicles Agencies Co. Ltd. lead the Used car market in KSA other players include Mohamed Yousuf Naghi, United Motors Company, UMA- Universal Motors Agencies (Altawkilat), SAMACO Automotive, Petromin Stellantis. Key parameters include Geographical presence, no of listings, brand availability, warranty period, after sale services, value added services and financing options
KSA used car market Future Outlook and Projections
The KSA Used Car Market is expected to grow at a double digit ~% CAGR on the basis of Revenue and ~% on the basis of Sales Volume in Units. Factors like fast increasing disposable income per household, greater supply in the market, and a move towards organized and transparent trade will drive the used-car market where growth is further supported by manufacturer’s investments in expanding the network of used cars dealers, building the brand and enabling customers to choose this option.
KSA Used Car Market
By Market Structure
Organized Sector
OEM Certified Dealers
Multi-Brand Non-Franchise Dealerships
Auction Companies
Unorganized Sector
C2C
Local Dealers
By Type of Car
Sedan and Hatchback
Suv
Pickup trucks
Luxury
By Manufacturer
Toyota
Hyundai
Ford
Chevrolet
GMC
Nissan
Kia
By Kms Driven
<50,000
50,000-80,000
80,000-150,000
>150,000
By Age of Vehicle
<1 year
1-2 years
3-5 years
>5 years
By City
Northern
Southern
Central
Western
Eastern
By Age of the Consumer:
18-34
35-54
55+
By Age of the Consumer:
Female
Male
Key Target Audience
Used Car Companies
OEMs
Multi-Brands
Online Used Car Portals
Used Car Financing Companies
Government Bodies
Investors & Venture Capital Firms
Used Car Dealerships
Used Car Industry
Used Car Manufacturing Companies
Used Car Distributors
Used Car Auction Houses
Used Car Associations
Time Period Captured in the Report:
Historical Year: 2017–2021
Base Year: 2021
Forecast Period: 2021–2026F
Companies Covered:
Online Auto-Classified
Expatriates
Expat
Haraj
Opensooq
Mourjan
Yalla Motors
Motor
SellAnyCar
Syarah
Cars Switch
Carnab
OLX
Saudisale
Halta2ee
Second Hand Car Distributors Saudi Arabia
Major Auction Companies
Abdulla Fouad Company of Public Auctions Car Sales
Sultan Nasser Auctioneers EST
Auto World (AKA Al Jazira Equipment Co.Ltd)
Saud Qahtani Auction Company
Motory
Syarah
Mozayada
Budget Saudi
Mazadhala
Major Finance Institution
Alinma Bank
Riyad Bank
ANB Leasing Bank
Emirates NBD Auto Lease Bank
Al Rajhi Bank
National Commercial Bank
Saudi Investment Bank
Bank Albilad
Al Yusr
Taajeer Finance Company
Abdul Latif Jameel
Al-Tayseer Car Finance
Major Finance Institution
Abdul Latif Jameel
Aljomaih Automotive Company
Al Jazirah Vehicle
Mohamed Yousuf Naghi
United Motors Company
Universal Motors Agencies
SAMACO Automotive
Petromin Stellantis
Multi Brands Used Car Platforms in Saudi Arabia
Key Topics Covered in the Report
KSA Automotive Market Overview
KSA Used Car Market Overview
KSA Online E-commerce Used Car Market
Market Ecosystem
Value chain Analysis
Customer Buying Journey in KSA
Decision Making Parameters for Customers
Offline and Online Business Models
Detailed Analysis on KSA Used Car Market (Market Size, 2021; Market Structure; Market Segmentations; Competition; Future Market Size, 2026; Future Trends and the Way Forward
Snapshot on Online Used Car Platforms in KSA
Snapshot of Used Car Auction House in KSA
Snapshot of Used Car Finance Market in KSA
Business Opportunity (Customer Profile Analysis)
Recommendations (Sales and Marketing Strategies, Positioning Strategies, Business Framework)
For More Information on the Research Report, Refer to Below Link:
Saudi Arabia Used Car Market: Ken Research
Related Reports:
Follow Us
LinkedIn | Instagram | Facebook | Twitter | YouTube
Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
No comments:
Post a Comment