CARS24, one of the world’s fastest-growing eCommerce platforms for pre-owned cars, has launched the first “Used car market insights” that provides valuable industry insights with regard to the pre-owned car market in the UAE. The report can be downloaded from the blog section of the CARS24 website. The company takes the car enthusiasts on an explorative journey with their maiden mobility report that is packed with facts and insights.
Abhinav Gupta, CEO, Gulf Region, CARS24, while launching the report, stated that, “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”.
The CARS24, “Used Car Market Insights” report highlights the industry trends and also touches upon the global pre-owned car market. Furthermore, 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.
“With the increase in population post COVID, the number of car owners in the UAE has increased significantly, with over 34% 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 50-55%. When we look at the millennials in the UAE, more than 55% of them prefer to buy pre-owned cars online. Millennials are most enthusiastic about pre-owned cars, forming 60% of total buyers, “added Abhinav.
Globally, the pre-owned cars category is valued at USD 1.66 Trillion in 2022 – and with a CAGR of 6-7% this category is expected to touch USD 2.67 Trillion by 2030. Currently, China has the largest pre-owned car market share with over 10% (USD 167.4 billion), followed by the United States with 9% (USD 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 has the capacity to roll out close to 20,000 cars in a year,” added Abhinav.
This 1 million sq. ft. Mega Refurbishment Lab in Jebel Ali, with a total contract value in excess of AED 40 million, is one of Dubai’s largest ever leasing deals on record. The company adopts a stringent 150-point check, and each aspect of the car is reviewed with the minutest details at the MRL prior to listing the car on its platform.
“Another interesting fact the report highlights is that males in the UAE constitute 70% of total buyers, whereas female buyers are growing fast with a rate of over 60% in the first half of 2022 compared to the second half of 2021,” concluded Abhinav.
