Mideast car sales to get major boost: survey
Dubai, April 16, 2014
The car sales in the UAE and the rest of the Middle East, Africa and Pakistan (MEAP) region are set to get a major boost in the next two years, when nearly eight out of every 10 people will buy a new or pre-owned vehicle, said a report.
A new study by Nielsen, a global provider of information and insights into what consumers watch and buy, revealed that demand for automobiles in the MEAP region will be the strongest in the world, with 75 per cent of consumers saying they intend to buy a car in the next couple of years, said the Gulf News report.
Nielsen’s Global Survey of Automotive Demand polled more than 30,000 Internet users in 60 countries to identify where vehicle demand is greatest and find out the common motivators for car purchase.
Within the MEAP region, demand will be highest in Pakistan (78 per cent), followed by UAE, Egypt (74 per cent) and Saudi Arabia (72 per cent).
The strong demand can be attributed to the increase in consumer confidence levels and growing expatriate population, Akash Paul, executive director for consumer insights at Nielsen Africa and Middle East, was quoted as saying.
The positive business environment, competitive interest rates and ownership costs, as well as the lack of more efficient public transportation, are also lifting car demand in the region, he said.
“We expect a surge in demand based on the factors mentioned. It will also mean increased competition as consumers will expect better value for money and more importantly, after sales service,” he added.