Snapshots of MENA’S Car Market
The automotive industry is witnessing changes directly related to consumer and market trends. People are becoming more demanding and increasingly aware of technical and technological advancements and expect these to be present in the vehicle of their choice. On the other hand, the automotive market is being subject to new car brands that are gaining awareness and having a good market share.
The majority of adults in the region drive cars and the highest penetration rate is in the Emirates, which could be due to the fact that most of its residents are employed. Residents of the Emirates tend to own more than one car unlike residents of Kuwait, Saudi Arabia and Lebanon who only own one.
Old car brands still top the charts with Toyota being the most known brand in Kuwait and Lebanon, while Nissan stands out in Emirates and Saudi Arabia. As for the cars owned, Toyota is the top brand in the gulf while Honda is number one in Lebanon.
A lot of people are willing to purchase cars in the coming two years, and tend to consider purchasing brand new vehicles except in Lebanon, where people prefer to buy used ones mainly due to the purchasing power and the dynamic used car market there.
When planning to buy a car, reliability is the key that people consider followed by reasonable prices. In Saudi Arabia, people also focus on cheap maintenance, whereas in Lebanon, people care a lot about low fuel consumption.
In order to sell a car, recommendations from family and friends is the top factor considered followed by professional magazines and the Internet.
Digging into the psychographic profile of car users, those people tend to be more image-driven and career-oriented, with a will to refine their professions while remaining in the spotlight.