KSA Used Car Distributors Market Share, Revenue, Trends, Growth Drivers, Challenges, Future Strategies and Competitive Analysis 2022-2032: SPER Market Research

Saudi Arabia used vehicles offer a wide range of used cars. A used car is a previously owned vehicle that is currently being sold. Purchasing used cars provides easy access to finance alternatives, annual maintenance contracts, and lower entry pricing. The used automobile is also a useful resource for first-time drivers and those looking for a good car at a reasonable price. Many e-commerce platforms in Saudi Arabia have a large selection of used cars for sale.

According to SPER Market Research, ‘Saudi Arabia Used Car Market Size- By Market Structure, By Type of Car, By Manufacturer, By Kms Driven, By Age of Vehicle, By Age of Consumer - Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ states that the Saudi Arabia Used Car Market is estimated to reach USD XX Million by 2032 with a CAGR of XX%.

Drivers: Saudi Arabia’s used automobile industry is expected to develop significantly due to a number of variables including the country’s huge expatriate community, increased pre-owned vehicle quality, and reasonably priced used cars. The nation’s demand for luxury cars, which are more widely available in the used market and provide superior financing options, maintenance assistance, and price, further supports the preference for used cars.

The affordability, fuel economy, and reduced taxation of hatchbacks relative to sedans have contributed to a significant increase in demand for secondhand hatchbacks in particular. The popularity of hatchbacks, such as the Suzuki Swift Sports and Volkswagen Golf GTI, highlights a movement in consumer preferences towards cars with higher perceived value. The demand for the product has increased due to the growing popularity of the internet and the growth of online sales channels. YallaMotor and CarSwitch are two examples of platforms that are essential for making online transactions easier. These platforms meet the changing needs of customers by offering a wide selection of vehicles along with amenities like virtual tours and post-purchase assistance.

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Restraints:

Tripling VAT rates and rising fuel prices - Customers are becoming more cautious about purchasing cars as a result of the steadily rising cost of fuel, and demand for old cars is also decreasing. Moreover, during the evaluation period, the high rate of auto insurance had a detrimental effect on sales of used cars. Furthermore, as part of steps to resolve the fiscal imbalance between public revenues and expenditures, Saudi Arabia increased the value-added tax (VAT) rate from 5% to 15% on July 1, 2020. The demand for used cars is negatively impacted by Saudi Arabia's tripled VAT rates.

The unexpected breakout of COVID-19 has little impact on the expansion of the Saudi Arabia Used Cars Market. This is because the epidemic hampered new vehicle sales and manufacture, prompting people to switch to secondhand cars. Due to a lack of new cars from auto companies, used car sales increased in the market. Furthermore, the economic crisis presents a potential growth opportunity in the used car sector. As more people sought affordable vehicles, the demand for used cars in the country increased, accelerating overall market growth.

The Central region is expected to dominate the market due to its huge working population. Furthermore, this region is home to an enlarged commercial hub, urbanisation, and the majority of significant brand-authorized dealers with many showrooms. This has a significant impact on the demand for Saudi Arabia Used Cars Market throughout the predicted period. Major market participants include Autoworld, Carnab, Carswitch, Expact, Expatriates, Halta2ee, Haraj, Motory, Mourjan, OLX, and others.

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