Saudi Arabia Used Car Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Size in 2023: USD 9.0 Billion
Market Forecast in 2032: USD 16.2 Billion
Market Growth Rate: 6.70% (2024-2032)
The Saudi Arabia used car market size reached USD 9.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 16.2 Billion by 2032, exhibiting a growth rate (CAGR) of 6.70% during 2024-2032.
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Saudi Arabia Used Car Market Trends:
The market in Saudi Arabia is primarily driven by the increasing affordability of used cars compared to new vehicles, which is appealing to a broad range of consumers, particularly those seeking cost-effective transportation solutions. Additionally, the rising online platforms and digital marketplaces are enhancing accessibility, enabling consumers to explore and purchase vehicles more conveniently, which is also providing an impetus to the market. Furthermore, increasing awareness regarding the environmental benefits of reusing vehicles is leading to higher purchases, which is contributing to the market expansion.
Moreover, the growing expatriate population is contributing to the increasing demand for pre-owned vehicles and is supporting market growth. In addition to this, the availability of certified pre-owned programs offered by dealerships is improving trust and transparency, thereby enhancing the market potential. Besides this, the growing requirement for luxury vehicles at competitive prices in the second-hand market is emerging as a significant growth catalyst.
Saudi Arabia Used Car Market Scope & Growth Analysis:
The scope of the market in Saudi Arabia is significantly expanding due to the emergence of subscription-based services for used vehicles, which provide flexible ownership alternatives, attracting a diverse customer base. Besides this, the favorable government initiatives promoting sustainable practices and encouraging vehicle recycling are positively influencing the market. Additionally, the growing adoption of digital tools such as augmented reality (AR) and virtual vehicle tours is revolutionizing the shopping experience and also enhancing the market scope.
Moreover, strategic collaborations between automotive dealerships and e-commerce platforms are facilitating seamless transactions, further broadening the market scope. As per the market analysis, the growing inclination towards sustainability is leading to a higher need for electric and hybrid used cars, adding a new dimension to the market offerings. Furthermore, the inclusion of innovative after-sales services, such as extended warranties and maintenance packages, is strengthening the market presence. In line with this, the diversification of inventory to include vintage and collector cars is enriching the market's appeal.
IMARCs report provides a deep dive into the Saudi Arabia used car market analysis, outlining the current trends, underlying market demand, and growth trajectories.
Saudi Arabia Used Car Industry Segmentation:
The report has segmented the market into the following categories:
Vehicle Type Insights:
Hatchback
Sedan
MUV and SUV
Sales Channel Insights:
Online
Offline
Vendor Type Insights:
Organized
Unorganized
Regional Insights:
Northern and Central Region
Western Region
Eastern Region
Southern Region
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
Key highlights of the Report:
Market Performance (2018-2023)
Market Outlook (2024-2032)
COVID-19 Impact on the Market
Porter’s Five Forces Analysis
Strategic Recommendations
Historical, Current and Future Market Trends
Market Drivers and Success Factors
SWOT Analysis
Structure of the Market
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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