Demand for luxury cars to grow in the UAE

01/03/2011 - Dubai Lifestyle News Posted by Neil King
Demand for luxury cars to grow in the UAE

Demand for luxury and volume cars in the UAE is forecast to remain strong for the remainder of the year, with improvements to transport infrastructure driving the growth.

This is according to the results of a recent study by the Dubai Chamber of Commerce and Industry, which highlighted the important drivers of growth for the automotive market.

Among the factors impacting the UAE market specifically are the region's increasing population, higher incomes for residents and growing urbanisation.

The organisation explained that there is expected to be strong growth seen in the UAE automotive market as the demand for cars and related products increases.

Future forecasts for the UAE automotive market include a significant expansion in the total number of auto sales, with the Chamber of Commerce and Industry saying the region will see a Compound Annual Growth Rate of about eight per cent between 2010 and 2014.

This increase in sales is also predicted to be complemented by an overall growth in the number of individuals owning cars in the emirates, which is expected to increase to a high of about 57 per cent by 2014 as a percentage of the population.ADNFCR-2019-ID-800435893-ADNFCR