According to a report by TechSci Research, titled “UAE Luxury Car Market by Region, Competition, Forecast and Opportunities, 2018-2028F”, the UAE luxury car market is expected to grow at an impressive rate during the forecast period due to increasing demand among the youth for luxury and sports cars. Additionally, luxury car owners can enjoy privileges such as rewards and benefits programs for certain car brands and services.
The United Arab Emirates (UAE) is a nation of car enthusiasts and it is common to see luxury or sports cars on the road. In fact, Dubai Police operates a fleet of luxury vehicles, including Bugattis, Veyrons and Lamborghinis. The number of individuals who can own their desired vehicle is higher in the UAE compared to other countries because Dubai is relatively welcoming to luxury vehicles and their owners. The city offers tax-free wages, safe roads and easy financing. As a result, there is an abundance of luxury vehicles in Dubai and other cities in the UAE, as individuals prefer to buy luxury cars over premium cars to maintain their social status.
Branding can make a big difference in consumers’ luxury car buying decisions. The characteristics and benefits of owning and using a particular brand also influence consumer preference. Technological innovation and aesthetic design in the automotive sector are driving the growth of the UAE market. Fierce competition means customers have a wide range of options to choose from. Due to low crude oil prices and high per capita income in the UAE, there are many luxury cars and buyers in the region. Importing vehicles from around the world is common due to tax exemptions. Consumer behavior towards car buying is dynamic, where changing models according to trends is common. The used car business also plays a major role in the automotive industry. At the point of purchase, brand is one of the main factors influencing the choice of luxury car consumers in the UAE.
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The UAE is one of the most preferred markets for luxury car manufacturers worldwide because the Middle East has proven to be one of the most resilient regional markets for luxury car manufacturers compared to North America and Europe in terms of growing or maintaining market share. The automotive industry in the UAE is highly competitive, with over 25 different brand dealers operating in the market. In this scenario, a company’s growth or maintaining market share largely depends on how it positions itself in the aspects most important to its customers.
Luxury vehicles are known for their advanced technology, including their safety features. These vehicles are often equipped with features such as pothole detection and automatic adaptive headlights, as well as driver assistance systems that help maintain road safety. In addition, their larger size and high build quality increase their safety rating in the event of an accident. Luxury vehicles, especially older models, are also more likely to remain in the used car market than economy cars and traditional family vehicles. Therefore, if one is looking to purchase a vehicle with a higher resale value, a luxury car may be the best option. As long as the vehicle is maintained and serviced regularly, its value will be greater after five years than that of a comparable vehicle.
In terms of propulsion type, Internal Combustion Engine (ICE) vehicles have the largest market share over electric vehicles, because fuel prices are cheaper in UAE, so people prefer to buy ICE fuel based cars. Many luxury car manufacturers have focused on producing ICE engine-based cars to launch in the UAE because these cars have higher demand among buyers and higher resale value.
In terms of vehicle type, sedans have the largest market share over hatchbacks and SUVs/MPVs. In terms of price range, mid-range luxury cars have the largest market share because they offer all the basic features at an affordable price.
Key market players in the UAE luxury car market include:
- Rolls-Royce Motor Cars Limited
- BMW AG
- Koenigsegg Automotive AB
- Automobili Lamborghini SpA
- W Motors
- Daimler AG
- Volkswagen AG
- Aston Martin Lagonda Limited
- Ferrari SpA
- Ettore Bugatti automobiles
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“The growing demand for the premium vehicle has increased the sales of luxury cars in the UAE, innovative advanced technology systems and features are always present in the vehicle, which makes buyers look for luxury cars. The demand of luxury cars is also high in the used luxury car market, people are also looking for the used luxury car in the country, due to this the resale value of the luxury cars is high in the country due to the high demand. As a result of the increased demand for luxury cars in the UAE, many car manufacturers are investing in their research and development so that they can launch new models with advanced features in the luxury car. In the United Arab Emirates, luxury cars are also imported from other countries. Due to this, many luxury car companies have started to increase their distribution channel in order to increase their sales and have a larger market share in the country. All these factors act as market drivers that will help grow the UAE luxury car market in the coming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
UAE Luxury Car Market by Vehicle Type (Hatchback, Sedan, SUV/MPV), By Propulsion (ICE, Electric), By Price Segment (Entry Level, Mid-Range, Premium Range), By Region, Competition, Forecast and Opportunities, 2028, has assessed the future growth potential of the UAE luxury car market and provides statistics and information on market structure, size, share and future growth. The report aims to provide cutting-edge market intelligence and help decision makers make sound investment decisions. Apart from this, the report also identifies and analyzes the emerging trends along with the essential drivers, challenges and opportunities present in the UAE luxury car market.
Scope of report:
In this report, the UAE luxury car market is segmented into the following categories in addition to the industry trends which are also detailed below:
- UAE luxury car market, by vehicle type:
- The UAE luxury car market, driven by:
- The UAE luxury car market, by price segment:
- Entry level
- Middle range
- Premium range
- UAE luxury car market by region:
- Dubai
- Abu Dhabi city
- Sharjah
- The rest of the United Arab Emirates
Table of Contents-
- presentation
1.1. Market overview
1.2. Highlights of the Report
1.3. Market coverage
1.4. Market segments covered
1.5. Duration of Research Considered
- Research methodology
2.1. Objective of the Study
2.2. Basic methodology
2.3. Key industry partners
2.4. Primary association and secondary sources
2.5. Forecasting methodology
2.6. Data triangulation and validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market overview
3.2. Market forecasting
3.3. Main regions
3.4. Main segments
- The impact of COVID-19 on the UAE luxury car market
- Voice of the customer analysis
5.1. Factors influencing the purchase decision
5.2. Brand awareness
5.3. Brand satisfaction level
…………continued. Explore the TOC
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About TechSci Research:
TechSci Research is a research-based management consulting firm that provides market research and advisory solutions to its clients worldwide, spanning a variety of industries. TechSci Research’s core values are value, integrity and insight. Led by a dynamic team of industry experts, TechSci Research provides its clients with high-value research and advisory services that help them identify new market opportunities, growth drivers and innovative ways to capture market share. As a result, TechSci’s client leads rather than follows market trends. Unbound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and a growing use of technology as engines of innovation to deliver unique research value. Offered as an alternative to traditional market research, TechSci Research reports not only provide data and insights, but highlight insights in a more usable and interactive format for its clients.
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