In-Depth Analysis Of The Covid-19 Impact On The Used Car Industry In Saudi Arabia: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit The global outbreak of the Covid-19 virus has led to massive disruptions in all industries, especially with sectors such as automotive, travel, hospitality & more. The looming public health crisis has claimed over 760 thousand lives globally as of 14th August 2020 and apart from that, it continues to pose a threat to the lives, livelihoods, and businesses across the world. Saudi Arabia is among the top 15 worst Covid-19 hit countries in the world. The economy was also impacted due to the lower demand for crude oil from China and other countries and falling crude oil prices since the beginning of 2020. Aside from the spread of Covid-19, the failed OPEC+ agreement and oil price dispute between Saudi Arabia and Russia also impacted the overall economic condition of the oil exports dependent economy. The Covid-19 pandemic also impacted tourism in the country as the annual Hajj to Mecca, which hasn’t been interrupted since Napoleon’s 1798 attack of Egypt was restricted to a limited number of pilgrims. The government of the Kingdom took to increasing the VAT and cutting down on the cost of living allowance for government employees to battle the financial crisis due to the drop in both oil and non-oil revenues. Effect on Used Car Demand in the First Half of 2020: The imposed lockdown in the country and the social distancing norms have impacted the used as well as new car sales. Car showrooms witnessed an approximate 80% decline in footfall in the months from April-June. Job losses among ex-pats as well as restricted international & domestic traveled to a large number of used cars entering the market from car rental companies. Stay-at-home orders amidst the pandemic reduced outdoor activities and daily travel of individuals, thus leading to nose-dive in the demand for cars till May 2020. In June 2020, prior to the tripling of VAT to 15% with effect from July 1, 2020, used car sales picked up slightly as mobility restrictions were lifted. SyarahOnline, the e-commerce service launched by Syarah, sold ~420 used & new cars prior to the VAT increment. Short Term Impact and Temporary Shifts in the Business Practices: Dealerships such as Abdul Latif Jameel are increasing their focus on online sales & maintenance services including receiving consultation, cash/financing offers & free home delivery for new cars. Similar initiatives are expected to be followed for boosting used car sales as well. Investing higher sums in digital marketing for online campaigning including advertising hygiene & sanitization procedures at showrooms and customer engagement initiatives such as online quizzes might be helpful in ensuring customer turn-around when normalcy returns. The overall used car sales are however expected to decline by ~25% in 2020 as compared to 2019. The demand is expected to remain low throughout the rest of the year due to low mobility as consumers continue to work from home. The demand for used cars is expected to recover slightly towards the end of 2020 due to the higher prices of new cars with the increase in VAT. Long Term Impact on Used Car Sales: Steady recovery is expected in 2021 as people would prefer private cars instead of public transport as a spill-over of the Covid-19 pandemic. Used car sales between individuals are also expected to pick up as an effect of the VAT increase. Also, as a result of the Coronavirus pandemic, online buying is expected to witness growth due to the shift in the buying preferences of consumers. Studies indicate that post-COVID-19, 6 out of 10 individuals in the GCC are willing to purchase a vehicle online. Dealerships are also expected to jump on the digital bandwagon by increasing their online presence either by partnering with existing auto platforms or by investing in their own dedicated used car sales websites, as in the case of some brand-authorized dealerships. This is expected to be coupled with increased value-added services such as longer warranty, easily used car finance, and more. Online auto-classified platforms are anticipated to invest in better technologies such as Artificial Intelligence and Virtual Reality in order to enhance the consumer browsing experience and increase their user base. Basis all these factors, Saudi’s used car market is expected to grow at a CAGR of 4.5% on the basis of gross transaction value during the forecast period 2019-2025. Key Segments Covered: – Saudi Arabia Used Car Market (On the basis of GTV) Saudi Arabia Used Car Market (On the basis of Sales Volume) Saudi Arabia Used Car Market Segmentation (On the basis of Sales Volume) By Market Structure Organized Unorganized By Type of Cars Sedans & Hatchbacks SUVs & Crossovers Pick-ups Luxury By Brand Toyota Hyundai GMC & Chevrolet Ford Others By Age of Vehicle Less than 1 year 1-3 years 3-5 years More than 5 years By Kilometers Driven Less than 50,000 Km 50,000-80,000 Km 80,000-120,000 Km More than 120,000 Km By Regions Central Western Eastern Southern Northern By Age Group of Buyers 18-30 Years 30-60 Years More than 60 Years By Type of Sourcing Car-Rental/Leasing Companies (including Auctions) Buy-Sell/Park-Sell Imports Trade-Ins Organized Used Car Market By Sales Channel Multi-brand Outlets/Exhibitions Authorized/Direct Dealership Outlets Unorganized Used Car Market By Sales Channel Customer to Customer (C2C) Local Dealerships Dealerships Covered Abdul Latif Jameel Motors Aljomaih Automotive Company Ltd. Al Jazirah Vehicles Agencies Co. Universal Motors Agencies Ltd. Mohamed Yousuf Naghi Motors Co. United Motors Company Gulf Advantage Automobiles LLC Others Online Auto-Classifieds/Platforms Covered Haraj Motory Syarah SaudiSale Abi Sayara Key Target Audience Car Dealerships Car Manufacturers Car-Rental and Leasing Companies Used Car Importing Companies Online Auto Classified Companies Industry Associations Regulatory Bodies Used Car Auction Companies Time Period Captured in the Report Historical Period: 2014-2019 Forecast Period: 2019-2025 Key Topics Covered in the Report: – Overview and Genesis of Saudi Arabia Used Car Industry Target Audience Demographics Trends and Growth Drivers in the Industry and Challenges Faced Saudi Arabia Used Car Market Size and Segmentations, 2014 – 2019 Ecosystem and Value Chain of Used Car Industry Customer Decision Making Parameters & Brand Perception Mapping Cross Comparisons between Major Authorized Dealerships and Online Auto-Classifieds/Platforms and Company Profiles Future Market Size and Segmentations, 2019-2025F Covid-19 Impact on the Industry, the Way Forward & Upcoming Online Business Models Analysts’ Recommendations For More Information on the research report, refer to below link: – Future of Saudi Arabia Used Car Market Related Reports by Ken Research: – Spain Used Car Market Outlook to 2023 – Growth within Car Rental Companies Coupled with Shared Vehicle Mobility Segment to drive Used Car Sales Volume in Spain France Used Car Market Outlook to 2023 – Surge in Demand for Rental Cars Backed by Increased Online Used Car Sales Qatar Auto Finance Market Outlook to 2023 –By Banks, Non Banking Financial Companies and Captives, By New and Used Vehicles Financed, By Type of Vehicle Financed (Motor Bikes, Cars and Light Commercial Vehicles) and By Loan Time Period Contact Us: – Ken Research Ankur Gupta, Head Marketing & Communications Ankur@kenresearch.com +91-9015378249 Tags: Abdul Latif Jameel Used Car Market Sales Size, Abi Sayara Used Car Sales Saudi Arabia, Al Jazirah Used Car Market Analysis, Aljomaih Automotive 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