Key Findings
- Expansion in internet services (~98% internet
penetration in 2021) coupled with increasing number of women drivers have
collectively given a boost to development of Used Car industry in KSA.
- Number of used car sold in KSA increased from
2021 to 2026, owing to KSA’s increasing disposable income, internet
infrastructure, increased online presence of used car dealers and
advancement in technology is going the drive the market in the future.
Saudi Arabia Used Car Market Growth
Growth of
Online Platforms: The last
decade has witnessed the entry of various online auto classified platforms in
the country such as Carnab and Motary. The internet penetration in the Kingdom
stood at ~98% in January 2021, highlighting the growing presence of consumers
online. The majority of the leads for offline dealerships were also observed to
be generated online. The traction towards online platforms has led to brands
& local dealerships partnering with these platforms to list their used car
inventory online.
Central
& Western Region Dominating Sales: The central
& western regions, particularly the cities of Riyadh & Jeddah were
observed to account for the majority of the used car sales in the country.
These regions also account for a large proportion of the working and ex-pat
population in the country and act as a business hub. Most large brand-authorized
dealers have multiple showrooms in these regions.
Impact of
COVID-19 on Used Car Sales Market: COVID-19 has
severely impacted the automotive industry in Saudi Arabia, including the used
car sales market. During the months from April-June, 2020 the footfall in
showrooms declined by ~80%. Job losses among ex-pats and restricted
international travel led to a surge in the supply of used cars from rental
companies. Sale of Used Cars expected to increase mainly from tier 2 and 3
cities as consumers prefer to have their own vehicle as compared to travelling
in Public Transport System. Companies are expected to increase their presence
online to boost their pre-owned car sales.
Analysts at Ken Research in their
latest publication “Saudi Arabia Used Car Market Outlook to 2026F-
Driven by Boom in Online Platforms and Increase in Internet and Smartphone
Penetration” observed that post pandemic, Saudi Arabia will be
in a growth phase in the used car market in Middle East region. Moreover, the
rise in the online platforms and increasing penetration of internet has
resulted in higher demand of used cars through online platforms in the country.
Therefore, industry is expected to demonstrate strong growth in the future led
by growth of online used car platforms that provide convenience to both buyers
and sellers and makes the entire process smoother. The Saudi Arabia Used Car
Market is expected to grow at a CAGR of 10.2% on the basis of GTV over the
forecast period 2021-2026F.
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
Request for Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTg4ODYy
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
- YallaMotors
- Motory
- SellAnyCar
- Syarah
- CarsSwitch
- Carnab
- OLX
- Saudisale
- Halta2ee
Major
Auction Companies
- Abdulla Fouad Company of Public Auctions Car
Sales
- Sultan Nasser Auctioneers Est
- AutoWorld (AKA Al Jazira Equipment Co.Ltd)
- Saud Qahtani Auction Company
- Motory
- Syarah
- Mozayada
- budgetsaudi
- Mazadhala
KSA Used Car Market Finance Companies
- 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
Key Topics
Covered in the Report
- KSA Automotive Market Overview
- KSA Used Car Market Overview
- Second Hand Car Startups Companies in KSA
- 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)
Related
Reports
Contact Us:-
Ken
Research
Ankur
Gupta, Head Marketing & Communications
