Oman Used Car Market Share 2023- Upcoming Trends, Revenue, Growth Strategy, Business Challenges, Opportunities and Future Competition Till 2033: SPER Market Research
A used car is a pre-owned car that can be sold again. Used automobiles are sold through a variety of venues, including private party sales, franchised and independent auto dealers, rental car agencies, auction houses, and leasing offices. Because personal cars are more expensive to buy and maintain, millennials have a lower rate of car ownership. Furthermore, millennials prefer to drive older automobiles since they want to save money on their transportation. Furthermore, the high cost of new cars prevents many individuals from purchasing them, which increases the market’s sales of used automobiles. Additionally, this opens up the market to various expenditures made by industry players to set up their dealership network.
According to SPER market research, ‘Oman Used Car Market Size– By Fuel Type, By Vendor, By Vehicle Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Oman Pre-owned Car Market is predicted to reach USD 1.54 billion by 2033 with a CAGR of 4.2%.
Over the extended forecast period, the used car demand in Oman is expected to thrive due to economic affordability, a diverse vehicle fleet, and preferences for family and personal use. The market has experienced substantial growth driven by a combination of factors, including partial economic disruptions in the new car segment, value-for-money offerings, and increasing digitization facilitating remote purchasing experiences. The expansion is further fuelled by the surge in value-added services, diverse finance providers supporting used car credit, and growing trends such as upgrading from two-wheelers to smaller cars. However, the potential impact of higher interest rates could act as a hindrance to market growth.
The growth of the used car market faces obstacles due to lax regulations and high depreciation rates. The global demand for used vehicles has been negatively impacted by the COVID-19 pandemic, as it diminished the appeal of public transportation. The presence of disorganized competitors further hinders industry expansion, lacking warranties for used cars. Some vendors resort to deceptive practices like concealing damage through repainting, causing skepticism among potential buyers. The prevalence of fraud and the substantial market share held by unorganized dealers pose significant threats to the used car market’s expansion.
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Impact of COVID-19 on Oman Used Car Market
Furthermore, the automotive industry has seen a significant disruption in sales and operations because to the COVID-19 epidemic. The used car market was impacted by the industry upheaval as well. Customers are expected to favour private vehicles over shared ones in the aftermath of the coronavirus epidemic, nevertheless. This is therefore expected to fuel the used automobile market’s expansion during the projected period.
Oman Used Car Market Key Players:
Additionally, some of the market key players are Best Cars, Dubizzle Group, OTE Group, Volkswagen Certified Used Cars, YallaMotors.com, Others.
Oman Used Car Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
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This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Oman Used Car Market Future Outlook
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