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The used automobile market has developed significantly in recent years, owing to factors such as increased disposable incomes, technological developments, and altering consumer preferences. This expansion is ascribed to a growing middle class, a younger population, and a shift from an unorganized to an organized market structure. Globally, the used automobile industry is driven by rising demand for low-cost vehicles, developments in online sales platforms, and the availability of certified pre-owned programs. Furthermore, economic considerations such as the high cost of new vehicles and extended vehicle lifespans have made used cars a more appealing option for value-conscious consumers.
According to SPER market research, ‘Qatar Used Car Market Size- By Vehicle Type, By Vendor Type, By Fuel Type, By Sales Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Qatar Used Car Market is predicted to reach 1.21 billion by 2033 with a CAGR of 7.86%.
Drivers: Consumers' increased demand for private transportation mediums as personal discretionary income rises, the advent of online auto platforms, and rising new vehicle prices all contribute to the expansion of the used automobile industry in Qatar. With increased financial stability, people favor private transportation media to improve personal mobility convenience. The government's aggressive policy to encourage the electrification of vehicle fleets and the prohibition on petrol/diesel cars to reduce carbon emissions would boost demand for used cars in Qatar throughout the forecast period. Consumers who are ready to pay less for alternatives to new-energy vehicles are increasingly purchasing secondhand vehicles for more mobility convenience.
Restraints: One of the greatest issues facing the used car industry is the high interest rate on bank loans, as well as the different promotional offers on Chinese cars that have entered the Qatari market in recent years, which have a negative impact on demand for used cars. Some Chinese brands provide warranties of up to seven years, in-house financing alternatives and lower costs than auto brands from Europe, Asia, and the United States, in addition to sophisticated features. It was expected that demand for used automobiles will fall significantly in July 2023, following Ramadan.
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Doha dominates Qatar's used automobile industry, acting as a significant hub for automotive transactions due to its high population density and economic activity. Some significant market players are Automall Qatar, AutoZ Qatar, Oasis Cars, Qmotor, Yallamotor, Others.
Qatar Used Car Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, Qatar Used Car Market is segmented as; Hatchbacks, Sedans, Sports Utility Vehicles/Multi-Purpose Vehicles.
By Vendor Type: Based on the Vendor Type, Qatar Used Car Market is segmented as; Organized, Unorganized.
By Fuel Type: Based on the Fuel Type, Qatar Used Car Market is segmented as; LPG, CNG, Others.
By Sales Channel: Based on the Fuel Type, Qatar Used Car Market is segmented as; Online, Offline.
By Region: This research also includes data for Northern Region, Eastern Region, Western Region, and Southern Region.
For More Information, refer to below link: -
Qatar Used Car Market Forecast
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