In the terms of sales volume, the Middle East Used Vehicles Industry has augmented at a double digit CAGR during the forecasted period. The entire industry is gradually increasing with the great car ownership ratio, increasing urban population, effective augment in the average ticket size, speedy vehicle replacement rate and growing support of the respective region of Middle East in the terms of policy construction and regulations. Moreover, the buyers in the Middle East region are greatly price sensitive with disparaging currency over the years. The regulatory authority norms with respect to EEVs and ELV policy will positively impact the Middle East Used Vehicle Market across the region.
Not only has this, the requirement enlarged predominantly due to the growth in the number of HNI’s & per capita disposable income. Furthermore, the move in the mindset of the domestic citizenry for supporting used cars over the fresh and innovative cars also smoothed the movement. The organized premium pre owned car market across the Middle East is a micro sector that observe cut throat competition amongst the certified dealers and large semi-organized players. The cost of the cars promoted through such dealers is greater due to the several value added services suggested alongside. The Online websites effectively underwrite more than 80% in the lead generation for the sales made by the organized segment.
Advanced marketing ingenuities namely augmented existence and regular investigations to measure the customer discernment to schedule their strategies have positively impacted the market. These are attained by organizing events inviting present and prospective consumers and gathering their response over the course of the activities and appointments. As the luxury car market gets more worthwhile, several other foreign players are predicted to welcome the market.
According to the research, in the Middle East Used Vehicle Market, there are numerous key players which presently functioning more positively for leading the fastest market growth and influencing the high value of market share during the short span of time more enormously while developing the technologies of used cars, advancing the strategies of working, discounting the product, offering the effective services and delivering the better consumer satisfaction.
Not only has this, the large players in the Middle East Used Vehicle Market are positing acquiring the small enterprises, implementing the strategies of joint ventures, partnerships, mergers and acquisitions, spreading the awareness related to the applications and benefits of the used cars, establishing the e-commerce platform which further benefited for functioning across the globe and generating the high value of revenue.
The dealers in the Middle East Used Vehicle Cars compete based on the number of dealership outlets, quality checks performed, value added services, insurance and finances and portfolio of the used cars at their dealership accumulation. In future, it is predicted that used car sales volume will be fostered by growing legal authority policies regarding to the used cars, increasing urban population, growing the rate of car replacement, effective rise in the inspection checks and increasing the consumer confidence. Therefore, in the coming years, it is projected that the market of used vehicle will increase more significantly over the near future across the Middle East.
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Ankur Gupta, Head Marketing & Communications