Glasgow Insights

Saudi Arabia’s used car and aftermarket segments have experienced a renewed demand in the recent times. The used car market is expected to grow at a CAGR between 5.5%-6.3% during the period 2019-2025. The market is forecasted to generate a revenue of 28.7 billion USD by 2025. There has been a 65% decline in the sales of new cars in 2020 due to the complete lockdown owing to Covid-19. This dip in the sales of new cars continued for more than a year. As the Government imposed restrictions on movements and the economy received a setback, naturally, footfalls in car showrooms dipped. But there was a shift towards owning private automobiles as the virus continued to spread. This gave rise to the used car market as people started looking for affordable cars for daily commute and traveling long distances. Consumers highly value less-aged cars and popular brands with good resale value. Factors Influencing the Surge of Used Cars Although, to a great extent, the Covid-19 pandemic is responsible ...

Saudi Arabia’s used car and aftermarket segments have experienced a renewed demand in the recent times. The used car market is expected to grow at a CAGR between 5.5%-6.3% during the period 2019-2025. The market is forecasted to generate a revenue of 28.7 billion USD by 2025. There has been a 65% decline in the sales of new cars in 2020 due to the complete lockdown owing to Covid-19. This dip in the sales of new cars continued for more than a year. As the Government imposed restrictions on movements and the economy received a setback, naturally, footfalls in car showrooms dipped. But there was a shift towards owning private automobiles as the virus continued to spread. This gave rise to the used car market as people started looking for affordable cars for daily commute and traveling long distances. Consumers highly value less-aged cars and popular brands with good resale value. Factors Influencing the Surge of Used Cars Although, to a great extent, the Covid-19 pandemic is responsible...