DUBLIN, June 29, 2023 /PRNewswire/ — The “UAE Luxury Car Market, By Vehicle Type (Hatchback, Sedan, SUV/MPV), By Propulsion (ICE, Electric), By Price Segment (Entry Level, Mid-Range, and Premium-Range), By Region, Competition Forecast & Opportunities, 2028” report has been added to ResearchAndMarkets.com’s offering.
The UAE luxury car market is anticipated to grow at a robust CAGR in the forecast period, 2024-2028
Changing consumer preferences from sedans to SUVs and the rise in the per capita income of consumers are the primary driving factors for the UAE luxury car market.
Also, the expansion of the product portfolio by the market players and the growing popularity of used luxury cars among consumers are expected to create lucrative growth opportunities for the UAE luxury car market in the next five years.
High Demand for Comfort and Convenience Drives the Market Growth
Luxury vehicles offer features like entertainment systems, integrated seat massagers, and automatic safety features and are manufactured using high-quality materials to give an excellent finish to the interior and exterior of the car. The increased demand for a comfortable riding experience among consumers and the enhanced comfort offered to consumers are expected to bolster the UAE luxury car market growth for the next five years.
Increasing Popularity of Used Cars Fuel the Market Demand
Consumers have started to buy used car luxury vehicles as they are affordable and readily available. The user can frequently change the luxury vehicles in search of better-performing luxury vehicles. The availability of easy financing options in the market, low entry costs, and annual maintenance costs accelerate the demand for used luxury vehicles among consumers.
Furthermore, the market players are adopting online platforms the expansion of their consumer base and boost their sales. Due to high internet penetration and the proliferation of smart devices, there is growing popularity of e-commerce channels among…