Emphasis on Vendor Type (Organized and Unorganized); Vehicle Type (SUVs, Sedan, Hatchback, and Others); and Country
The MENA Used Car Market was valued at USD 49.45 Billion in 2022, growing at a CAGR of 6% during the forecast period from 2023-2030. The MENA region has been experiencing significant urbanization over the past few decades, Consumer preferences for sustainability and a growing awareness of environmental impact have also fueled the demand for used electric and hybrid cars. Moreover, the depreciation of new cars within the first few years makes used cars an attractive option, providing cost-conscious buyers with reliable and affordable alternatives. The market’s trajectory is further shaped by regulatory changes, financing options, and the overall health of the automotive industry. For instance, Autorola A/S and Al-Futtaim Automotive have come together to launch a new joint-venture – Autorola Middle East & North Africa (Mena) Holding Limited – to reinvent the region’s B2B used-car market. This joint venture will introduce an integrated and end-to-end digital platform for the industry.
Some of the major players operating in Carmudi , Yallamotor., Dubicars.com, AutoTraders, Reserved Motory., Expat Motors, CarSwitch, KAVAK., CarReport & Al-Futtaim. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst vendor type, the organized segment is expected to grow with a significant CAGR during the forecast period (2023-2030).”
Amongst vendor types, the market is segmented into organized and unorganized. Organized segment held a significant share of the market in 2022. Organized vendors bring a structured approach to the buying and selling process, offering potential buyers a sense of trust through detailed vehicle histories, thorough inspections, and often, warranty options. This trend is particularly appealing to consumers seeking a hassle-free experience and assurances regarding the condition and legitimacy of the used cars they are interested in purchasing. As organized vendors gain prominence, they contribute to the maturation and professionalization of the MENA used car market.
“Saudi Arabia dominated the market.”
The adoption of used cars in Saudi Arabia has witnessed significant growth in recent years. This shift can be attributed to various factors, including economic considerations and changing consumer preferences. As the cost of living rises and individuals seek more economical transportation solutions, the appeal of used cars becomes evident. Moreover, the Kingdom’s efforts to diversify its economy and reduce dependence on oil have spurred a growing middle class, contributing to increased demand for affordable yet reliable transportation. The expanding availability of a wide range of used cars, coupled with advancements in online platforms facilitating easy transactions, has further fueled this trend. Additionally, as consumers become more environmentally conscious, the sustainability aspect of extending the lifespan of vehicles is gaining traction. The confluence of economic, social, and environmental factors is driving the growing adoption of used cars in Saudi Arabia, reshaping the automotive landscape in the region.
MENA Used Car Market Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumptions
3. Market Synopsis
4. Executive Summary
5. Mena Used Car Market Revenue (usd Bn), 2020-2030f
6. Market Insights By Vendor Type
7. Market Insights By Vehicle Type
8. Market Insights By Country
9. Mena Used Car Market Dynamics
10. Mena Used Car Market Opportunities
11. Mena Used Car Market Trends
12. Demand And Supply-side Analysis
13. Value Chain Analysis
14. Competitive Scenario
15. Companies Profiled
16. Disclaimer
Research Methodology for the MENA Used Car Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the MENA used car market were the three major steps undertaken to create and analyze the adoption of MENA used car in major countries. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the MENA used car market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the MENA used car market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the MENA used car market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as vendor type, and vehicle type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the MENA used car market. Further, we conducted factor analysis using dependent and independent variables such as vendor type, and vehicle type of the MENA used car market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the MENA used car market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the MENA used car market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Key Stakeholders of Smart home appliances Market in the MENA Region
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the MENA used car market. The data was split into several segments & and sub-segments post studying various parameters and trends in the areas of the vendor type, and vehicle type of the MENA used car market.
The main objective of the MENA used car Market Study
The current & future market trends of the MENA used car market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional and country level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the MENA used car market?
Q2: What are the driving factors for the growth of the MENA used car Market?
Q3: Which segment has the largest share of the MENA used car market by Vehicle Type?
Q5: Which country will dominate the MENA Used Car market?
Q6: Who are the key players operating in the MENA used car market?
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