According to UAE-based auto marketplace DubiCars, growth in EV listings was one of the most notable trends on the site in 2023: Listings of EV and hybrid vehicles rose by 45.6% and 64.6% year on year (y-o-y), respectively.
The company’s review of trends in the automotive industry last year also noted a significant increase in demand for Chinese car brands, particularly Chery, Baic and Jetour. In 2022, Chinese brands accounted for 0.5% of all leads on the site, but this figure increased 5x to 2.7% last year. More broadly, DubiCars added 42 new car manufacturers and 252 new models to its database last year.
For 2024, DubiCars predicted that demand for Chinese marques and EVs would continue to grow. It noted that Dubai’s Green Mobility Strategy 2030 was targeting 10% of all vehicles to be either EVs or hybrids by 2030. Moreover, the Dubai Electricity & Water Authority is aiming to install more than 1,000 charges in the emirate by 2025.
DubiCars expects used car prices to fall this year due to an increase in supply. According to Glenn Harwood, co-founder of AlgoDriven, its valuation partner, “With an average 15% drop in used car prices in 2023 and similar forecast projected for 2024, we are seeing the market return to how it performed pre-Covid. More supply has entered the market and that’s why prices are starting to fall.”
DubiCars notes that 36.0% of private sellers on its site and app price their cars above market value, while 47.0% price them higher than similar cars listed by dealers on DubiCars. It noted that private sellers who price their cars higher than those of dealers on DubiCars receive 25% fewer leads.
DubiCars CEO Craig Stevens noted that the used car market of the UAE was worth $5.6 billion U.S. in 2022 and was on track to be worth $9.2 billion by 2028.
Founded in 2014 by Pierre Siri, the majority shareholder of DubiCars now is Michael Lahyani, co-founder and CEO of Dubai-based proptech company Property Finder. DubiCars currently has 52 employees and exports vehicles all around the world.