CARS24, one of the world’s fastest-growing eCommerce platforms for pre-owned cars, has launched the first “Used car market insights” that provide valuable industry insights into to the pre-owned car market in the UAE.
The CARS24 “Used Car Market Insights” report highlights industry trends while touching upon the global pre-owned car market. The report focuses on the preferred mode of payment, the car buyer’s checklist, gender and feedback from the used car customers, their preferred brand, the type of car the UAE consumers prefer, and several other interesting insights.
Abhinav Gupta CEO – CARS24 Gulf Region
“There was a big gap with regard to data on the pre-owned car industry in the UAE. With our very first report, we are delighted to bridge that gap and provide much-needed insights into the pre-owned car industry. It is also encouraging to know that by 2025, for every new car bought in the UAE, 3 pre-owned cars will be purchased. We at CARS24 can vouch for that because, in just over 365 days in the UAE, we’ve added 10,000 plus happy customers.”
“In just over a year, CARS24 has redefined the pre-owned car industry in the UAE with its superior tech capabilities that include unique vehicle appraisal technology, AI-enabled pricing algorithms that give the accurate market price of a vehicle, and a scaled infrastructure that ensures seamless execution,” Mr. Gupta added.
“With the increase in population post COVID, the number of car owners in the UAE has increased significantly, with over 34 percent of the total population. If you narrow it down to the individual emirates, then Dubai, Abu Dhabi, and Sharjah are currently the top 3 cities for pre-owned cars. Car enthusiasts in Dubai have shown the most interest in pre-owned cars in the first half of 2022. From 2021 H2 to 2022 H1, the number of people interested in pre-owned cars has increased by 50 to 55 percent. When we look at the millennials in the UAE, more than 55 percent of them prefer to buy pre-owned cars online. Millennials are most enthusiastic about pre-owned cars, forming 60 percent of total buyers,” Mr. Gupta stressed.
Globally, the pre-owned cars category is valued at $1.66 trillion in 2022, and with a CAGR of 6 to 7 percent this category is expected to touch $2.67 trillion by 2030. Currently, China has the largest pre-owned car market share with over 10 percent, totaling $167.4 billion, followed by the United States with 9 percent, amounting to $160.4 billion.
“In keeping with this growing demand, CARS24 has launched its Mega Refurbishment Lab in the UAE to ensure impeccable quality control, as per international industry standards. Our MRL can roll out close to 20,000 cars in a year. Another interesting fact the report highlights is that males in the UAE constitute 70 percent of total buyers, whereas female buyers are growing fast with a rate of over 60 percent in the first half of 2022 compared to the second half of 2021,” Mr. Gupta highlighted.
