The UAE auto market recorded more than 27 per cent year- on-year growth in the first two months of 2013 due to the strong performance of the country’s economy in the past three years following the financial crisis with expectations to record sales of 380,000 vehicles in 2013 compared to 305,000 vehicles in 2012 and 243,000 in 2011.
According to a report issued by Business Monitor International (BMI), the year-on-year growth in new vehicle sales in the UAE market is estimated at 27 per cent.
“We forecast the market to grow by an average of nearly 9 per cent year on year during our five-year forecast period to 2017. The most potent factors driving this growth will be favourable macroeconomic conditions and household spending, increased access to vehicle financing and the migration from the neighbouring states,” BMI said, reported Gulf News on Tuesday.
In the long term, the new vehicles segment will also receive some support from the growing regulations in the used cars segment, which are gaining popularity among budget-conscious consumers, BMI added.