According to a report by TechSci Research, titled “UAE Luxury Car Market By Region, Competition, Forecast & Opportunities, 2018-2028F,” the UAE luxury car market is expected to grow at an impressive rate during the forecast period due to rising demand among young people for luxury and sports cars. Additionally, owners of luxury cars 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 streets. In fact, the Dubai Police operate 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 nations because Dubai is relatively hospitable to luxury vehicles and their owners. The city offers tax-free salaries, 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 purchase luxury cars over premium cars to maintain their social status.
Brand can make a big difference in consumers’ purchasing decisions for luxury cars. The features and benefits of owning and using a particular brand also influence consumer preference. Technological innovation and aesthetic design in the automobile sector are driving the UAE market’s growth. Stiff competition means that 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 plenty of luxury cars and buyers in the region. Importing vehicles from all over the world is common due to tax exemptions. Consumer behavior towards buying cars is dynamic, with changing models according to trends being common. The used car business also plays a major role in the automotive industry. At the point of purchase, brand is one of the major factors influencing consumers’ selection of luxury cars 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 automobile manufacturers compared to North America and Europe in terms of market share growth or maintenance. The automotive industry in the UAE is highly competitive, with over 25 distributors of various brands operating in the market. In this scenario, a company’s growth or maintenance of market share largely depends on how it positions itself on the most important aspects to its customers.
Luxury vehicles are renowned 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. Additionally, their larger size and superior build quality enhance their safety rating in the event of an accident. Luxury vehicles, particularly vintage models, are also more likely to remain in the used car market than economy cars and traditional family vehicles. Therefore, if someone 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 properly 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 accounted for the largest market share over electric vehicles because fuel prices are cheaper in the UAE, so people prefer to buy ICE fuel-based cars. Many luxury car manufacturers have focused on making ICE engine-based cars for launch in the UAE because these cars have higher demand among buyers and higher resale value.
In terms of vehicle type, sedans have the highest market share over hatchbacks and SUVs/MPVs. In terms of price range, mid-range luxury cars have the highest 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 S.p.A.
· W Motors
· Daimler AG
· Volkswagen AG
· Aston Martin Lagonda Limited
· Ferrari S.p.A.
· Automobiles Ettore Bugatti
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“The growing demand for the premium vehicle has increased the sales of the luxury car in the UAE, the advanced technology innovative systems and features are always present in the vehicle which makes the buyers to look for the luxury cars. The demand of luxury cars is also high in the used luxury car market, people also look for the used luxury car in the country, due to this the resale value of the luxury cars are high in the country due to its high demand . As a result of increased demand of luxury car in UAE, many automotive manufacturers are investing in their research and development so that they can launch new models with the advanced features in the luxury car. In UAE luxury cars have also been imported from other countries. Due to this many luxury car companies have started to increase their distribution channel so that they can increase their sales and by which they can own higher market share in the country. All these factors act as drivers for the market which will help in growth of 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 & Opportunities, 2028, has evaluated the future growth potential UAE Luxury Car market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the UAE Luxury Car Market.
Report Scope:
In this report, the UAE Luxury Car Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- UAE Luxury Car Market, By Vehicle Type:
- Hatchback
- Sedan
- SUV/MPV
- UAE Luxury Car Market, By Propulsion:
- ICE
- Electric
- UAE Luxury Car Market, By Price Segment:
- Entry Level
- Mid-Range
- Premium-Range
- UAE Luxury Car Market, By Region:
- Dubai
- Abu Dhabi
- Sharjah
- Rest of UAE
Table Of Content-
1. Introduction
1.1. Market Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
4. Impact of COVID-19 on UAE Luxury Car Market
5. Voice of Customer Analysis
5.1. Factors Influencing Purchase Decision
5.2. Brand Awareness
5.3. Brand Satisfaction Level
…………continued. Explore TOC
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About TechSci Research:
TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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