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GCC New & Used Car Market Races to AED 4,964.4 Billion by 2028: Fueled by Soaring Population, Rising Incomes, and Green Ambitions – Ken Research

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Buckle up for a thrilling ride! The GCC New & Used Car Market is revving up for a remarkable journey, projected to reach a colossal AED 4,964.4 billion by 2028. Fueled by a population explosion, surging disposable incomes, and a growing embrace of eco-friendly choices, this dynamic market presents a treasure trove of opportunities for investors and industry players alike.
Key Statistics:

Market Value: Revving from AED 3,643.2 billion in 2023 to AED 4,964.4 billion by 2028
CAGR: Zooming ahead at a healthy 6.4% (2023-2028)
Population: Gearing up to reach 69 million by 2028 (currently 58 million)
Expatriate Population: A significant force driving demand, currently at 36 million
Disposable Income: Averaging AED 32,000 annually, fueling consumer spending power
Hybrid & Electric Vehicle Sales: Poised for a 150% surge by 2028, reaching 275,000 units annually

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Regional Powerhouses:

Saudi Arabia: The King of the Road, dominating with over 50% market share, driven by economic muscle and strategic initiatives.
UAE: A Close Contender, led by booming cities like Dubai and Abu Dhabi.
Kuwait, Qatar, & Oman: Each contributing significantly to the overall market growth.

Shifting Gears:

From Showrooms to Screens: The digital revolution transforms the buying experience, with 60% of car buyers relying on online platforms.
Going Green: Eco-friendly vehicles gain traction, fueled by regulations, awareness, and infrastructure advancements. Expect a 150% surge in hybrid and electric vehicle sales by 2028.

Competitive Landscape:

Diverse Players: From Al Quoz’s impressive sales to Dubai Auto Zone’s streamlined setups, the competition is fierce. Each player offers unique strengths, like Souq Al Haraj’s used car expertise and Motor World’s economy car focus.
Winning Strategies: Success hinges on competitive pricing, exceptional customer service, high-quality vehicles, a strong reputation, and embracing technology.

Deep Dive into Segments:

New Car Sales: Saudi Arabia leads the pack with over 50% market share, driven by its strong economy and evolving consumer preferences. Expect SUVs and luxury cars to see the fastest growth.
Used Car Transactions: Similar to new car sales, Saudi Arabia enjoys a 50% market share, driven by a thriving resale market and supportive regulations. Sedans and SUVs dominate, with pickup trucks gaining popularity.

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Fueling the Future:

Tech Revolution: Automation, AI, and connected car technologies will reshape the buying and ownership experience. Expect virtual test drives and predictive maintenance.
Government Push: Support for electric vehicles and infrastructure development will accelerate sustainable mobility. Look for tax breaks, charging stations, and green financing options.
Connecting the Roads: Ongoing investments in roads, ports, and logistics will enhance accessibility and open new markets.
Consumer Shift: Growing demand for eco-friendly, connected, and personalized car options will shape the future. Expect customization, autonomous features, and a focus on safety and convenience.
Global Alignment: The GCC market is poised to integrate with global trends like electric and hybrid vehicles, offering immense growth potential for adaptable players.

Unlocking Investment Opportunities:

This report is your roadmap to navigating the thriving GCC New & Used Car Market. Explore lucrative opportunities across various segments:
New Car Dealerships: Cater to the rising demand for premium and eco-friendly vehicles. Partner with leading manufacturers and offer innovative financing options.
Used Car Platforms: Leverage technology to create seamless online buying and selling experiences. Implement AI-powered valuations and virtual showrooms.
Fintech Solutions: Offer innovative financing options tailored to different segments, making car ownership more accessible.
Car Service and Maintenance: Cater to the growing demand for after-sales services and connected car solutions. Offer subscription-based models and data-driven maintenance plans.

Conclusion:
The GCC New & Used Car Market is poised for a vibrant future, fueled by a confluence of positive factors. As disposable incomes rise, populations grow, and technological advancements redefine the industry, the market is set to witness continued expansion and diversification. With a focus on sustainability, digitalization, and evolving consumer preferences, the GCC car market presents a lucrative landscape for innovative and adaptable players. So, fasten your seatbelts and prepare to navigate this exciting terrain – the GCC New & Used Car Market is waiting to propel you forward!
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Taxonomy
GCC New and Used Car Market Segmentation
By News Car Sales
Saudi Arabia
UAE
Kuwait
Qatar
Oman
Bahrain
By Domestic vs Re-Export Country Split
KSA Domestic and Re-Export
UAE Domestic and Re-Export
Kuwait Domestic and Re-Export
Qatar Domestic and Re-Export
Oman Domestic and Re-Export
Bahrain Domestic and Re-Export
By Used Car Transactions
Saudi Arabia
UAE
Kuwait
Qatar
Oman
Bahrain
UAE New Car and Used Car Market Segmentation
By Domestic vs Re-Export
Domestic
Re-Export
By Type of Vehicle
LPV
LCV
RV
By Region
Dubai
Sharjah
Abu Dhabi
Others
For More Insights On Market Intelligence, Refer To The Link Below: –
GCC New and Used Car Market
Related Reports by Ken Research: –
UAE Used Car Market Outlook to 2028 Driven by increasing expats population and global shortage of semiconductor chips
UAE used car market to witness growth slowdown in 2023 due to improved conditions in the new car market related to semiconductor shortages. Reduced waiting periods for new cars shift consumer preference, but strong demand in the used car market persists, especially for mid-level cars.
Malaysia Used Car Market Outlook to 2027 Driven by Growth of Online Used Car Platforms, Increased Credit Availability and Car Ownership in Malaysia
Malaysia Used Car Market will expand at a CAGR of 8.5% between 2022 and 2027 owing to the rising middle class and online used car platforms the boom in the number of online auto-classified platforms and the traction of the consumers towards online platforms will contribute to the inclining used car sales in the country.
France Used Cars Market Outlook to 2027 Segmentation by Market Structure (Organized and Unorganized Market); by Type of Used Cars (MPVs / Sedan, Economy / Hatchbacks and SUVs); By Brand (Renault, Peugeot, Citroen, and others)
The France Used Car market is forecasted to continue exponential growth after the outbreak of COVID-19 pandemic worldwide. One of the main trends driving market expansion is the need for a personal automobile by people, particularly in the aftermath of the covid-19 pandemic’s spread across countries. Though the market is fragmented competitive with a few niche players control the dominant share.
UK Used Car Market Outlook to 2026F driven by declining production of New Vehicles in UK & affordability of used Cars due to increasing cost of living in the Country
The UK Used Car Market is expected to generate  ̴ GBP 273 Billion by 2026F, with a CAGR of around 11.4% during 2022- 2026F owing to government regulations, increased, online presence of new emergent players, increasing smartphone & internet penetration & a growing middle class population.
The post GCC New & Used Car Market Races to AED 4,964.4 Billion by 2028: Fueled by Soaring Population, Rising Incomes, and Green Ambitions – Ken Research appeared first on HIPTHER Alerts.

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Klarna says its AI assistant does the work of 700 people after it laid off 700 people

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The Swedish fintech, which was criticized for its handling of a dramatic staff reduction in 2022, is touting new efficiencies powered by OpenAI.

Klarna is bullish on bots.
One month after taking its OpenAI-powered virtual assistant global, the Swedish buy-now, pay-later company has released new data touting its ability to handle customer communications, make shoppers happier, and even drive better financial results.
The app-based AI chatbot already handles two-thirds of all customer service chats, the company said Tuesday—some 2.3 million conversations so far—with the virtual assistant earning customer satisfaction ratings at the same level as human agents. Klarna, which is expected to go public this year and will need all the hype it can get at a time when investors have been generally frosty toward IPOs, estimates that the chatbot could help improve its profits by $40 million in 2024.
Announcing a partnership with OpenAI early last year, Klarna said it was one of the first companies to integrate the firm’s groundbreaking ChatGPT technology into a plug-in for shopping. The natural-language interface initially helped customers choose items and make other shopping-related decisions based on personalized queries, a feature Klarna described as “smooth shopping.”
The company has continued to build out its AI offerings since then. Its app-based assistants are now available to customers worldwide and handle a variety of tasks including refunds, cancellations, and even disputes.
Klarna boasted in its announcement on Tuesday that the AI assistant “is doing the equivalent work of 700 full-time agents.”
That statement may raise eyebrows for anyone who remembers the middle of 2022, when the company laid off roughly the same number of employees, then about 10% of its staff. At the time, CEO Sebastian Siemiatkowski cited economic uncertainty, inflation, and the likelihood of a recession as reasons for the cuts. He was criticized for his handling of the staff reduction after he shared a public spreadsheet on LinkedIn that contained the names of many of the laid-off workers.
Fast Company asked Klarna how the company arrived at its calculation for its AI assistant’s human-equivalent productivity. The company said the number of equivalent jobs the AI could perform wasn’t related to the layoffs. In a statement, a spokesperson said the company’s customer service is supported by four to five large third-parties that collectively have over 650,000 employees, and that it offers customers the option to speak with human agents if that’s what they prefer.
“This is in no way connected to the workforce reductions in May 2022, and making that conclusion would be incorrect,” the statement read. “We chose to share the figure of 700 to indicate the more long-term consequences of AI technology, where we believe it is important to be transparent in order to create an understanding in society. We think [it’s] important to proactively address these issues and encourage a thoughtful discussion around how society can meet and navigate this transformation.”
Companies have used chatbots for years to handle low-level customer queries and other interactions, although these tools are expected to become more versatile in the wake of advancements in artificial intellegence.
Source: Fast Company

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ASTRI fully supports Budget to invest in the future

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The Hong Kong Applied Science and Technology Research Institute (ASTRI) welcomes the Financial Secretary’s robust and actionable initiatives outlined in the latest Budget, reinforcing Hong Kong’s status as a leading international hub for innovation and technology (I&T). These strategic moves are designed to enhance the city’s appeal for investment and talent, catalysing the growth of I&T ecosystem with a focus on fostering a green future and advancing digitalisation, injecting fresh impetus into Hong Kong’s high-quality development.
ASTRI is at the forefront with a cache of mature innovative technologies, ranging from AI, Blockchain, Cybersecurity, Digital Twins, Eco-Tech, FinTech and Micro-electronics, that are ready for commercialisation and adoption. These technologies are poised to expedite the green and digital transformation of local businesses, and support Hong Kong to develop as an international green financial centre and establish a highly efficient data ecosystem.
Realise I&T commercialisation
Ir Sunny Lee, Chairman, ASTRI, expressed gratitude for HKSAR Government’s unwavering support towards innovation and technology, bringing new partners and investments for the sector.  ASTRI is committed to collaborating with the government, and developing more applied technologies that positively impact the business and society, with a focus on commercialisation and industrialisation for the greater good.
He added that the I&T sector is actively engaged in the national development plan, seizing “Greater Bay Area” (GBA) and “Belt and Road” (B&R) opportunities, and promoting high-quality development with a focus on technological advancement and green sector. “With ASTRI’s newly-opened office in Shenzhen Futian District, we will further promote GBA companies to adopt Hong Kong-invented innovative technologies to upgrade and transform. With the advanced Hong Kong platform, we aim at helping technologies developed in the region to go global, tapping into B&R countries and beyond.”
Focus on Fintech and Green Tech
Dr Denis Yip, Chief Executive Officer, ASTRI said he is pleased that more resources will be allocated on supporting I&T sector, building I&T ecosystem and strengthening collaboration among government, industry, academia and research institutes, investing the future together. “Technology and finance are the twin engines for the city’s economic development. ASTRI-develop fintech and green tech would revolutionalise traditional industries, and promote the development of new sector such as digital assets, bringing new opportunities for I&T companies and new areas of growth.”
Dr Yip stressed that apart from promoting green finance and digitisation, ASTRI is also committed to the development of the whole I&T ecosystem. He added that three alliances have been set up in the past year, namely, Microelectronics Technology Consortium, Smart Mobility Technology (C-V2X) Alliance and Fintech and ESG Alliance. The fourth one on ConTech and PropTech is on the way, facilitating knowledge transfer and technology innovation. ASTRI will also facilitate industrial transformation and economic growth through I&T. Looking ahead, ASTRI will continue incubating new blood through various talent programmes, expanding the I&T talent pool in the city.
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Natural Personal Care Ingredients Market worth $7.9 billion by 2028 – Exclusive Report by MarketsandMarkets™

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The report “Natural Personal Care Ingredients Market  by Type (Emollients, Surfactnats, Rheology Modifiers, Preservatives, Active Ingredients), Application (Skin Care, Hair Care, Make-up, Oral Care), and Region – Global Forecast to 2028″, Natural Personal Care Ingredients Market size was USD 5.3 billion in 2022 and is projected to reach USD 7.9 billion by 2028, at a CAGR of 8.3%, between 2023 and 2028.
The market is projected to grow because of the evolving lifestyle across globe. These natural Ingredients play a crucial role in various skin care, hair care, oral care, make-up, and other applications such as foundations, serums, shampoos, bath soaps, shower gels, creams, face masks, sun care products, lip balms, lipsticks, color cosmetics and others. In addition, due to the increasing population, increasing demand for natural ingredients, technological advancements and changing consumer preferences the demand for natural personal care ingredients can increase due to various applications.
Browse in-depth TOC on “Natural Cosmetics Ingredients Market”

198 – Tables        
68 – Figures
241– Pages

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“Surfactants are projected to register the highest CAGR, in terms of value, of the global natural personal care ingredients market during the forecast period.”
Surfactants are expected to grow rapidly in the natural personal care ingredients market due to increased demand for sustainable products in cosmetics and personal care, as well as their use in pharmaceuticals. They function as surface-active agents, meaning they help reduce surface tension between different substances, allowing them to mix more effectively. Therefore, surfactants are crucial in skincare, haircare, and cosmetics like creams and lotions. Also, the rising awareness of natural ingredients in personal care boosts the demand for natural surfactants. Thus, surfactants are widely used in applications such as skin care, hair care, make-up, oral care, and others, which will increase demand for them in the future.
“The hair care is estimated to be the second-largest application of natural personal care ingredients market, in terms of value, during the forecast period.”
As individuals tackle with a different hair-related issues, ranging from hair loss and thinning to dryness and damage, the demand for effective solutions continues to rise. Combined by the diverse array of hair types, each with its unique needs, such as curly, straight, fine, or coarse, the market for tailored hair care products grows rapidly. Moreover, escalating levels of pollution, characterized by airborne toxins and particulate matter, further exacerbate hair woes, triggering issues like scalp irritation, dullness, and accelerated hair aging. Consequently, the hair care application within the natural personal care ingredients market stands composed for sustained growth, driven by the imperative for complete solutions that address these multifaceted challenges while prioritizing natural and sustainable ingredients.
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“Europe is estimated to be the largest market for the natural personal care ingredients market, in terms of value, during the forecast period.”
The adoption of natural personal care ingredients in this region has increased due to changing environment, concerns about increasing health hazards linked to synthetic ingredients, and shift in lifestyle preferences towards eco-conscious and sustainable products. Moreover, The European region is estimated to be the second-fastest growing regions in the world, with rising disposable incomes. This is creating a favourable environment for the growth of the natural personal care ingredients market. Accordingly, Europe will be the largest market for natural personal care ingredients market during the forecast period.
The key players profiled in the report include BASF SE (Germany), Croda International Plc (UK), Ashland Inc. (US), The Lubrizol Corporation (US), Evonik Industries AG (Germany), Dow Inc. (US), Symrise AG (Germany), and others.
Browse Adjacent Market: Specialty Chemicals Market Research Reports & Consulting
Related Reports:
Green Preservatives Market – GLOBAL FORECAST TO 2028
Biosurfactants Market – GLOBAL FORECAST TO 2028
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