Powered by the economic recovery of the region, the low prices of petrol and the government spending for the automobile sector, UAE automotive industry is back in form and joins the top 20 car markets in the world. The increase of smaller, fuel efficient cars has contributed effectively to the rank and so does the sale of high-end luxury cars which people in the UAE can afford because of the regions very high per capita income.
UAE has become one of the fastest growing automobile markets in the world. The market witnessed a total of 27% in 2013 with the total industry volume of vehicles reaching 310304 units in all. The GCC has recorded a total of 1.49 million sales last year. The GCC is growing at a rate of 10% and the automotive industry in UAE has grown by 19% so far this year which has made the region the fastest growing car markets in the world.
The industry volume crosses the 355000 unit mark in the year 2013 and the GCC touched the estimated mark of 1.6million. This year, the automotive industry of the region is expected to see another 15% rise which definitely confirms the well deserved rank for UAE in the top 20 car markets in the world.
Without a doubt the region sells the most number of Bentleys in the world and is one of the top markets for Rolls-Royce. The demand of Range Rovers has run high consistently in the region through years and a growth spurt is being forecasted for after the launch of the new generation model.
UAE buyers confirm their interests to purchase a certain vehicle just after car manufacturers showcase a concept model. The biggest example of the statement was the showcase of the McLaren P1 concept model during the Gulf Road Show, where a few of the interested buyers didn’t even hesitate to put up signing amounts to be the first ones to own the amazing hybrid sports car when it completed its production mode. The most amazing part is the fact that during the road show the manufacturers hadn’t even decided the price they would tag the McLaren P1 when it would complete its production mode and would be put up for sale in the showrooms in UAE. Similar response was witnessed on the showcase of the concept model of the Bentley SUV which will hit the assembly lines somewhere in 2015.
The luxury car market in the UAE is without a doubt twice the size of the market in Saudi Arabia which is considered one of the top most markets for cars in the region. Even after the global recession, the UAE automotive market has been the fastest to bounce back on its growth trajectory.
UAE’s position amongst the top 20 car markets in the world is confirmed because the region has a lot of favorable things going on for the automobile market currently. There are more and more people coming to the region as residents and that will account to the growth of the industry more.
