In the past six months, the cars sold on the OLX platform amounted to Rs. 370 billion, with an average of Rs. 61 billion in monthly sales The Pakistan chapter of OnLine eXchange, also known as OLX Group, released the ‘Vehicle Category Report’, outlining the state of the automobile industry in the country and more specifically the behaviors and automobile choices of the people online.
According to Pakistan’s Board of Investment, the automobile industry of Pakistan contributes an average of 2.8% to the GDP of the country.
Moreover, it brings about Rs. 30 billion to the national exchequer in terms of taxes and duties. “This isn’t surprising, seeing that the automobile sector plays a prominent role in the development of the economy,” the report outlined.
Pakistan’s automobile sector is a leader in product and process technologies in the manufacturing sector. Industry analysts have a positive outlook for the industry in the upcoming years, predicting a rise in demand for cars up to 17% in 2021 and 24% in 2022.
The top city in terms of automobile trading is Karachi as per the released report, which also says that the ads posted on the platform are viewed by more than 80,000 buyers daily.
Similar to the trend that is presented by daily ads, Karachi boasts the most buyers visiting the platform i.e. 19,038 buyers, followed by Lahore with its 15,168 buyers.
The most preferred cars among Pakistanis – based on the frequency of researches – are Suzuki (35%), Toyota (25%), Honda (17%), Daihatsu (7%), Nissan (5%), Mitsubishi (4%), Hyundai (2%), and Kia and Mazda (at both 1%).
“The popularity of automobile brands between buyers and sellers is almost similar, where Suzuki, Toyota, Honda, and Daihatsu are the top brands traded, however, Mitsubishi and Nissan have switched positions in terms of buyer preference where the former is preferred by the buyers rather than the latter,” the report said, adding:
The OLX Autos Category boasts average liquidity of 86%, this means that out of all the car ads posted on OLX, 86% of them get sold or simply put sellers on average get at least 4 or more buyer replies on their ads.