Market Research Report
MENA Used Car Market, By Vehicle Type (Small Cars, Mid Cars and Luxury Cars), By End Use (Institutional Vs Individual), By Fuel Type (Petrol/Gasoline, Diesel and Others), By Country, Competition Forecast & Opportunities, 2016-2026F
|MENA Used Car Market, By Vehicle Type (Small Cars, Mid Cars and Luxury Cars), By End Use (Institutional Vs Individual), By Fuel Type (Petrol/Gasoline, Diesel and Others), By Country, Competition Forecast & Opportunities, 2016-2026F|
Published: August 1, 2021
Content info: 122 Pages
Delivery time: 2-3 business days
MENA used car market was valued over USD 57 Billion in 2020 and is anticipated to grow at a robust growth rate of 8% in terms of value during the forecast period, owing to increasing population of non-native employees who don't want to spend a fortune on new cars. A used car is a pre-owned vehicle having one or more registered owner(s). Such cars are being sold through a variety of online and offline outlets including garages, independent car dealers, rental car companies, leasing offices, auctions, and private parties. Due to being old, prices of these vehicles are depreciated on the basis of the year of manufacture, distance, vehicle condition, etc. MENA used car market stood at around 3.37 million units in the year ending December 2020. Increase in the average income of residents of countries like Saudi Arabia and United Arab Emirates is aiding the growth of used cars owing to their growing preference of luxury cars at lower prices.
MENA Used Car Market on the basis of Vehicle Type is segmented into Small Cars, Mid Cars and Luxury Cars. Most of the used car demand comes from mid size cars, non-compact Sedans and sports utility vehicles manufactured by companies like Toyota, Nissan, Mitsubishi, Hyundai, etc. Based on End Use, the MENA Used Car Market is segmented into Institutional and Individual sales. Used Cars which are owned by Institutions like cab services, offices, etc. come under Institutional segment, whereas individual segment refers to the car sold for personal use to an individual.
COVID-19 has largely affected the economies of the Middle Eastern and North African countries. Walk-ins in the car showrooms decreased and imports were halted for a certain period of time. With negative impacts on employment, consumers started contracting their spending in a lot of countries. This resulted used car market to witness a decline in the sales for the year 2020 in MENA countries.
The used car market is scattered in MENA region when comes to market competition. Abdul Latif Jameel IPR Company Limited is an authorized Toyota dealer in Saudi Arabia. Since consumers mostly prefer Toyota for new as well as used cars in most of the countries in MENA. Therefore, Abdul Latif Jameel IPR Company Limited with its widespread network of used car showrooms is the leader in MENA Used Car Market. It is followed by companies like Kayishha (SellAnyCar), YallaMotor, Al Futtaim Automotive Group LLC, Bama, CarSwitch, DubiCars, Copart Inc., etc.
Years considered for this report:
Historical Period: 2016-2019
Base Year: 2020
Estimated Year: 2021E
Forecast Period: 2022F-2026F
Objective of the Study:
TechSci Research performed primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of used car dealers and distributors present across the MENA region. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include vendors and service providers that could not be identified due to the limitations of secondary research. TechSci Research analysed product offerings, application, distribution channel and regional presence of all tractor manufacturers across MENA region.
TechSci Research calculated the market size of MENA Used Car Market using a bottom-up approach, where data for various end-user segments were recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. TechSci Research also studied various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports.
Key Target Audience:
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as used car distributors and dealers, customers, and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
In this report, MENA Used Car Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in MENA Used Car Market
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: