Used car market insights UAE H1 2022
The automobile sector is a diverse, multibillion-dollar sector with much-unrealised potential, even more so in the used automotive market. With its cutting-edge technological capabilities, which include unique vehicle inspection technology, AI-enabled pricing algorithms that provide the accurate market price of a vehicle, and a scaled infrastructure that ensures seamless execution, CARS24 has redefined the used car market in the UAE in less than a year. We’re elated to share our Used Car Market Insights UAE H1 2022 report where we conducted an in-depth study of the market trends that would bridge that gap and provide much-needed insights into the pre-owned car industry.
Abhinav Gupta, CEO of Cars24 UAE says, “With our very first Used Car Market Insights UAE H1 2022 report, we are delighted to share some valuable industry insights regarding the pre-owned car market in the UAE. In just over a year CARS24 has redefined the pre-owned cars industry in the UAE and in just over 365 days we found 10,000 plus happy customers."
Let’s take you on an explorative journey with our maiden Used Car Market Insights report packed with facts and insights. Read on.
MONEY ON THE ROAD
Pre-owned automobile sales are predicted to reach USD 2.67 trillion by 2030, with a CAGR of 6-7% from their current global value of USD 1.66 trillion in 2022. The pre-owned automobile industry in the UAE, one of the most important in the world, is now valued at USD 14 billion and is forecast to rise quickly to USD 20.5 billion by 2025 with an anticipated CAGR of 10-12%.
In the UAE, 3 used automobiles will be acquired for every new car by 2025. Over 34% of people in the UAE now possess a car, a considerable rise from previous statistics. Dubai, Abu Dhabi, and Sharjah were the three cities that expressed the highest interest in the pre-owned automobile market, respectively.
WHO IS BEHIND THE WHEEL?
In the UAE, there has been a significant, positive movement in terms of both gender & generation. Men continue to make up a whopping 70% of customers in the used automobile industry. However, a 60% increase in female buyers was also seen in H1 2022.
Millennials account for more than 60% of industry consumers of which more than 55% of them prefer to buy pre-owned cars online., and a decent 40% growth was seen in the generation. At the same time, the Genz buyers of used cars climbed by 2 times in 2022 H1.
USED CAR FINANCING
Many customers want to finance when buying a used car, but it is highly challenging to secure loans for used automobiles through conventional channels like banks, which discourages many customers from buying a used car. But because CARS24 offers loans to prospective purchasers, we have better loan penetration, demonstrating what a profitable industry this is.
More than 60% of consumers who opted for the financing option had an income less than AED 15,000, and 65% of used automobile buyers preferred financing options over other options.
Male clients in the sector made up 90% of those who picked the financing option, but the number of female customers who financed their cars increased by 80% between 2022 Q1 and 2022 Q2.
All purchasers' average loan value was AED 61,000.
UAE POPULAR CHOICE
More than 36% of clients who bought used cars did so for a price between AED 50,000 and AED 80,000. More than 51% of used-car owners choose SUVs because they are affordable and comfy, and they typically come in the colour white. In 2022 H1, Nissan and Toyota were the two most popular brands.
From Jul’21 - Jun’22, people showed interest in used cars during the months
of Mar’22 followed by Aug & Nov’ 21.
USED CARS CUSTOMER'S VOICE
Check out the complete research below to learn more about the findings and developments:
Used-car-market-insights-UAE-H1-2022
Check out the press release:
The-leading-pre-owned-car-brand-CARS24-launches-the-UAE’s-first-Used-car-market-insights
The automobile sector is a diverse, multibillion-dollar sector with much-unrealised potential, even more so in the used automotive market. With its cutting-edge technological capabilities, which include unique vehicle inspection technology, AI-enabled pricing algorithms that provide the accurate market price of a vehicle, and a scaled infrastructure that ensures seamless execution, CARS24 has redefined the used car market in the UAE in less than a year. We’re elated to share our Used Car Market Insights UAE H1 2022 report where we conducted an in-depth study of the market trends that would bridge that gap and provide much-needed insights into the pre-owned car industry.
Abhinav Gupta, CEO of Cars24 UAE says, “With our very first Used Car Market Insights UAE H1 2022 report, we are delighted to share some valuable industry insights regarding the pre-owned car market in the UAE. In just over a year CARS24 has redefined the pre-owned cars industry in the UAE and in just over 365 days we found 10,000 plus happy customers."
Let’s take you on an explorative journey with our maiden Used Car Market Insights report packed with facts and insights. Read on.
MONEY ON THE ROAD
Pre-owned automobile sales are predicted to reach USD 2.67 trillion by 2030, with a CAGR of 6-7% from their current global value of USD 1.66 trillion in 2022. The pre-owned automobile industry in the UAE, one of the most important in the world, is now valued at USD 14 billion and is forecast to rise quickly to USD 20.5 billion by 2025 with an anticipated CAGR of 10-12%.
In the UAE, 3 used automobiles will be acquired for every new car by 2025. Over 34% of people in the UAE now possess a car, a considerable rise from previous statistics. Dubai, Abu Dhabi, and Sharjah were the three cities that expressed the highest interest in the pre-owned automobile market, respectively.
WHO IS BEHIND THE WHEEL?
In the UAE, there has been a significant, positive movement in terms of both gender & generation. Men continue to make up a whopping 70% of customers in the used automobile industry. However, a 60% increase in female buyers was also seen in H1 2022.
Millennials account for more than 60% of industry consumers of which more than 55% of them prefer to buy pre-owned cars online., and a decent 40% growth was seen in the generation. At the same time, the Genz buyers of used cars climbed by 2 times in 2022 H1.
USED CAR FINANCING
Many customers want to finance when buying a used car, but it is highly challenging to secure loans for used automobiles through conventional channels like banks, which discourages many customers from buying a used car. But because CARS24 offers loans to prospective purchasers, we have better loan penetration, demonstrating what a profitable industry this is.
More than 60% of consumers who opted for the financing option had an income less than AED 15,000, and 65% of used automobile buyers preferred financing options over other options.
Male clients in the sector made up 90% of those who picked the financing option, but the number of female customers who financed their cars increased by 80% between 2022 Q1 and 2022 Q2.
All purchasers' average loan value was AED 61,000.
UAE POPULAR CHOICE
More than 36% of clients who bought used cars did so for a price between AED 50,000 and AED 80,000. More than 51% of used-car owners choose SUVs because they are affordable and comfy, and they typically come in the colour white. In 2022 H1, Nissan and Toyota were the two most popular brands.
From Jul’21 - Jun’22, people showed interest in used cars during the months
of Mar’22 followed by Aug & Nov’ 21.
USED CARS CUSTOMER'S VOICE
Check out the complete research below to learn more about the findings and developments:
Used-car-market-insights-UAE-H1-2022
Check out the press release:
The-leading-pre-owned-car-brand-CARS24-launches-the-UAE’s-first-Used-car-market-insights
