Market Opportunities for Used Cars in Saudi Arabia, 2020
According to the demographic survey conducted by the General Authority of Statistics, most Saudi families own at least two cars (~92% have at least one car and >56% have more than one car). It has been observed that Saudis use their car for a range of activities including daily commute to schools, offices and shopping. Long-distance travelling and desert safari are preferred weekend getaways for them. Saudis refrain from options such as carpooling and opt for any convenient transport system. Used Car market in KSA is US$ 16.8 billion in revenue (0.9 million units) in 2019, based on 9-year car parc. The market is estimated to grow at a CAGR of 6.3% in the next 6 years to reach US$ 24.3 billion in 2025. The KSA Used Car market will be propelled by multiple factors such as: younger generation of Saudi’s entering the workforce, lifting the ban on women drivers, the fall in disposable income and middle-income expatriates looking for better bargains- these all will lead ...