GCC New and Used Car Market Cruises to $82 Billion by 2028: Rising Disposable Income and Expat Influx Fuel Growth: Ken Research

Gurugram, India, May 14, 2024 (GLOBE NEWSWIRE) -- Buckle up for a thrilling ride! The GCC new and used car market is poised for a record-breaking journey, projected to reach a staggering $82 billion by 2028, according to a comprehensive report by Ken Research. This press release, based on the report "GCC New and Used Car Market Outlook to 2028 - Shifting Gears for a Lucrative Future," explores the key drivers accelerating this dynamic market and offers valuable insights for auto manufacturers, dealerships, and online classified platforms. 

Growth Drivers: Filling Up the Tank for Success 

Several key trends are fueling a surge in the GCC's new and used car market: 

• Disposable Income on the Rise: A significant increase in disposable income across the GCC is expected by 2028. This translates to a growing consumer appetite for car ownership, particularly among the expanding middle class with increased purchasing power. 

• Expat Influx Greases the Wheels: The GCC's thriving economies and attractive job markets are attracting a growing expatriate population. This influx of expats creates a strong demand for both new and used cars, especially in the thriving used car segment. 

• Favorable Government Policies: The GCC governments' focus on infrastructure development and improved transportation networks is fostering a positive environment for car ownership. Additionally, initiatives promoting car financing options are making car purchases more accessible. 

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Market Segmentation: Catering to Diverse Needs 

The GCC's new and used car market can be segmented by vehicle type, sales channel, and consumer segment. Understanding these segments allows stakeholders to tailor their product offerings and marketing strategies: 

• SUVs Dominate the Road: SUVs are expected to maintain their dominant market share due to their spacious interiors, powerful engines, and suitability for the region's challenging terrain. This segment caters to families and those seeking a more adventurous driving experience. 

• Used Cars Gain Traction: The used car market in the GCC is projected to witness significant growth, reaching a projected [percentage] share of the total market by 2028. This growth is driven by affordability and a wider variety of car options available in the used car segment. 

• Dealerships Remain Strong: Traditional car dealerships remain the primary channel for new car purchases, offering a variety of financing options and after-sales services. However, online classified platforms are expected to gain traction in the used car segment, offering convenience and greater transparency. 

• Luxury Cars Attract High-End Buyers: The GCC boasts a significant population of high-net-worth individuals, driving demand for luxury cars. This segment offers lucrative opportunities for premium car manufacturers and dealerships. 

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Competitive Landscape: A Race for Market Share 

The GCC's new and used car market features a mix of established international brands, regional players, and emerging online platforms: 

• Global Giants Steer the Wheel: Leading international car manufacturers hold a dominant market share in the new car segment, leveraging their brand recognition and extensive product portfolios. 

• Regional Players Gain Momentum: Regional car manufacturers from within the GCC are increasingly capturing a larger market share, often offering competitive pricing and catering to local preferences. 

• Online Platforms Take the Fast Lane: Online classified platforms are disrupting the used car market, offering a user-friendly platform for buying and selling cars. This segment is expected to witness significant growth in the coming years. 

Recent Developments: Keeping the Engine Running 

The GCC's new and used car market is experiencing exciting developments that will keep it in high gear: 

• Digital Transformation Shifts Gears: The increasing adoption of digital technologies is reshaping the car buying experience. Online platforms offering virtual tours, car comparisons, and online financing options are transforming the market. 

• Focus on Electric Vehicles: Growing environmental concerns are driving a rise in demand for electric vehicles (EVs) in the GCC. Government initiatives promoting EV adoption and the development of charging infrastructure will be crucial for market growth. 

• Subscription Services Gain Traction: Car subscription services offering flexible car ownership options are gaining popularity in the GCC. This trend caters to consumers seeking short-term car usage and avoids the hassle of car ownership. 

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Download the full report to gain a comprehensive analysis of the GCC New and Used Car Market and its exciting future. This report equips you with the knowledge needed to navigate this dynamic landscape and position yourself for success in the flourishing GCC automotive industry.

Taxonomy

GCC New and Used Car Market Segmentation

By News Car Sales

• Saudi Arabia
• UAE
• Kuwait
• Qatar
• Oman
• Bahrain

By Domestic vs Re-Export Country Split

• KSA Domestic and Re-Export
• UAE Domestic and Re-Export
• Kuwait Domestic and Re-Export
• Qatar Domestic and Re-Export
• Oman Domestic and Re-Export
• Bahrain Domestic and Re-Export

By Used Car Transactions

• Saudi Arabia
• UAE
• Kuwait
• Qatar
• Oman
• Bahrain

UAE New Car and Used Car Market Segmentation

By Domestic vs Re-Export

• Domestic
• Re-Export

By Type of Vehicle

• LPV
• LCV
• RV

By Region

• Dubai
• Sharjah
• Abu Dhabi
• Others

For More Insights On Market Intelligence, Refer To The Link Below: –

GCC New and Used Car Market

Related Reports by Ken Research: –

UAE Used Car Market Outlook to 2028 Driven by increasing expats population and global shortage of semiconductor chips

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Malaysia Used Car Market Outlook to 2027 Driven by Growth of Online Used Car Platforms, Increased Credit Availability and Car Ownership in Malaysia

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France Used Cars Market Outlook to 2027 Segmentation by Market Structure (Organized and Unorganized Market); by Type of Used Cars (MPVs / Sedan, Economy / Hatchbacks and SUVs); By Brand (Renault, Peugeot, Citroen, and others)

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UK Used Car Market Outlook to 2026F driven by declining production of New Vehicles in UK & affordability of used Cars due to increasing cost of living in the Country

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Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
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