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UAE Used Car Market Growth Analysis

UAE used car market is growing at a high CAGR because of the growing emergence of online and authorized platforms of used car sales and buying and the surging demand for used cars being released in the market.<br>

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UAE Used Car Market Growth Analysis

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  1. UAE Used Car Market, By Sales Channels, Trend Analysis, Competitive Market Share 2020-2027

  2. Industry Trends & Forecast Report 2027 A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the UAE used car market was worth USD 12.6 billion in the year 2020. The market is estimated to grow at a CAGR of 5.7%, earning revenue of around USD 18.3 billion by the end of 2027. UAE used car market growth can be attributed to the emergence of online and authorization platforms for used cars sale and purchase. Due to their affordable prices, used cars are gaining immense popularity in the UAE market. As an additional benefit, online used car platforms provide easy access to crucial information such as the price of a wide range of used cars, price comparisons from different vendors, mileage, appearance, and condition through pictures and visuals, etc. These factors go a long way in helping consumers make a final decision.

  3. Growth drivers Stable Fuel Prices In UAE The highly volatile prices of fuels such as petrol and diesel act as a restraint for the automobile industry in other countries. However, in the case of the UAE, fuel prices are incredibly stable. UAE was in the list of top 10 oil producers and therefore, 30% of the country’s economy is dependent on oil production and export. This ensures the constant supply of fuel for cars, eventually contributing to the growth of the United Arab Emirates used cars market.

  4. Restraints Increasing Prices of Used Cars The increasing demand for used cars in the UAE has also created a huge demand and supply gap in the market. As a result, used car prices have risen substantially, acting as a major constraint for the UAE used car market as it defeats the purpose of buying used cars.In several cases, the drivers are paying more than average to purchase second-hand vehicles. This high price of used cars is the result of a shortage of microchips, semiconductors, and other new car inventory, which has directly affected the supply of new cars.Sample Copy :https://www.blueweaveconsulting.com/report/uae-used-car-market/report-sample

  5. Impact of COVID-19 on UAE Used Car Market UAE was also shaken by the sudden outbreak of the COVID-19 pandemic, which affected a large number of people.The demand for automobiles witnessed a sharp decline due to economic constraints and dipped purchasing power of the consumers. However, the pandemic gave a boost to the used car market in the UAE. Several reasons contribute to this shift, including the desire to drive privately owned vehicles as opposed to using taxi services due to safety concerns.Furthermore, the disruption of the manufacturing and distribution of new automobiles during the pandemic period has resulted in a surge in the demand for used cars in the UAE, driving the market's growth.

  6. Recent Developments In September 2020, GTA Car Buyers, a leading car dealer, announced their new website launch to sell cars in Dubai to attract potential buyers and sellers. In February 2020, Dubizzle, a leading classified website, announced the launch of its premium Dubizzle Pro service, which provides buyers and sellers in the UAE with assistance in financing, evaluating, and photographing used cars as well as handling inquiries. Sample Copy :https://www.blueweaveconsulting.com/report/uae-used-car-market/report-sample

  7. Competitive Landscape The leading market players in the UAE Used Car market is SellAnyCar(.)com, Al-Futtaim group, Arabian Automobiles, Al-Naboodah, Elite Cars, Al Tayer Group, Carswitch, Dubizzle.com, Yalla Motors, Carmudi, and other prominent players. The prevalence of various buying and selling online channels as well as licensed dealers makes the market highly competitive as well as fragmented. To gain a competitive edge over their competitors, companies are increasingly turning to strategies such as mergers, acquisitions, partnerships, and acquisitions.

  8. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  9. Contact Us: +1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662    info(@)blueweaveconsulting.com www.blueweaveconsulting.com

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