Australia Used Car Market Size
|2019 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Historical Data Period
|2019 - 2022
*Disclaimer: Major Players sorted in no particular order
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Australia Used Car Market Analysis
Australia Used Car Market was valued at USD 37.68 billion in 2021, and it is projected to reach USD 53.87 billion by 2027, registering a CAGR of 6.14% over the forecast period.
The COVID-19 pandemic outbreak has caused major disruption in the automotive industry. During the pandemic, consumers are more inclined to use private transportation. However, economic differences are likely to hinder the purchase of new automobiles, and commuters are likely to opt for used cars due to economic concerns. Moreover, during this pandemic period, virtual reality, online, or digitally generated sales leads purchase new vehicles.
Over the long term, the majority of consumers prefer used cars with an average age and more kilometers driven since used cars in that segment offer an attractive and inexpensive option, with SUVs being the most popular type of automobile. Car dealers are highlighting the importance of having integrated user-friendly platforms to facilitate the used car buyer's experience. These changes and advancements are positively affecting the used automobile sector, with promising future growth.
The used automobile market is dependent on replacement buyers, car owners selling their vehicles, and used car imports, which generates a great deal of uncertainty in terms of obtaining supplies to meet market demand. As a result, these concerns are anticipated to hamper growth in the used car market in the coming years.
Australia Used Car Market Trends
This section covers the major market trends shaping the Australia Used Car Market according to our research experts:
ONLINE SALES CHANNEL IS EXPECTED TO HOLD THE HIGH MARKET SHARE IN THE UPCOMING YEAR
Rapid urbanisation, an increase in internet connectivity, and advancements in the telecom sector have resulted in much improved information flow for people. These characteristics are gradually being used by used car owners to advertise their vehicles and share information about their vehicles online. This has improved the sales process and allows more parties to sell and buy autos.
With online inventory pooling, the used car market has become a single window market, removing any regional restrictions. Despite the fact that inventory locations may be associated with many geographical regions, unique products, or distinct customers, online inventory pooling in the automobile industry has made inventory management practical, simple, and successful. This has increased the viability of Australian used car sales in recent years. Additionally, social media will play a significant role in generating leads for dealers and end users by providing adverts at a lesser cost than other traditional marketing channels. For instance,
- Carsales.com, Australia's biggest online auto marketplace, has debuted its end-to-end online digital purchasing experiences in Australia and the United States, making significant headway in both countries. They have increased the use of their online instant trade-in products in Australia and Korea, which are now key contributors to their growth.
HATCHBACK SEGMENT IS EXPECTED TO HOLD CONSIDERABLE MARKET SHARE IN THE FORECAST PERIOD.
Until recently, automobile manufacturers and dealers were primarily concerned with their new vehicle business, with used automobiles being considered as a byproduct. The market competition and the possibility of new entrants have resulted in a significant increase in used automobile dealerships. Furthermore, the enhanced quality and dependability of used cars transformed consumer attitudes and increased sales of used passenger cars. Investing in used automobile management has become one of the market's requirements, with a shrinking margin, constant rivalry, and demanding customers.
Factors such as the high cost of new vehicles, affordability concerns, an increase in demand for off-lease vehicles, and subscription services provided by franchises, leasing offices, and car dealers have been reported to drive the expansion of the used vehicle market. The used hatchback automobile category in Australia is likely to hold a significant market share, owing to the increasing popularity of SUVs over the last five years, which implies the hatchback is now out of favor. As a result, there is a growing desire for hatchbacks that offer flexibility when driving in tight places. The significant presence of top automobile manufacturers offering a varied choice of hatchback vehicle models contributes to the growth of the used car industry.
Furthermore, Participants in the market provide hatchback vehicles with small designs and high rooflines. Split-folding rear seatbacks, which are typically standard on hatchbacks, have enhanced the market value of this sector.
Australia Used Car Industry Overview
The automobile sector is witnessing collaborations, acquisitions, and partnerships throughout the globe. To keep up with the growing market, various foreign players and domestic players are focusing on the gain a considerable market share for instance,
- In September 2021,CARS24, a startup in India has recently started its operations in Australia, now allows Australians to buy used cars online in under five minutes and have them delivered to their door.
Australia Used Car Market Leaders
Cartopia Pty Ltd
*Disclaimer: Major Players sorted in no particular order
Australia Used Car Market News
- In May 2022, following an AUD 28 million seed investment in 2021, the digitally used automobile platform Carma announced the completion of a new AUD 75 million Series A fundraising round headed by General Catalyst Partners and Tiger Global. Carma, located in Sydney, will use the investment to expand its footprint along Australia's eastern seaboard by establishing offices in Melbourne and Brisbane, capitalizing on the existing demand for used cars in the country.
- The end-to-end digital used car platform provides pre-owned vehicles with integrated finance delivered directly to the customer's home, ensuring vehicle quality through an in-house examination and reconditioning procedure.
Australia Used Car Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters 5 Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Vendor Type
5.2 Fuel Type
5.3 Body Type
5.3.3 Sport Utility Vehicle and Multi-Purpose Vehicle
5.4 Sales Channel
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.2 HELLOCARS SUBSCRIPTION PTY LTD.
6.2.3 Carsguide Autotrader Media Solutions Pty Ltd.
6.2.4 Drive (Nine Entertainment Co. Pty Limited)
6.2.5 Gumtree AU Pty Limited
6.2.6 Cartopia Pty Ltd
6.2.7 Carsales.com Limited
6.2.8 Toyota Certified Pre-Owned Vehicle
6.2.9 Brighton Suzuki Brighton
6.2.10 BMW Premium Certified
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Australia Used Car Market Research FAQs
What is the current Australia Used Car Market size?
The Australia Used Car Market is projected to register a CAGR of 6.14% during the forecast period (2024-2029)
Who are the key players in Australia Used Car Market?
Car24, Gumtree, HelloCars Subscription, CarsGuide and Cartopia Pty Ltd are the major companies operating in the Australia Used Car Market.
What years does this Australia Used Car Market cover?
The report covers the Australia Used Car Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Australia Used Car Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Used Car in Australia Industry Report
Statistics for the 2024 Used Car in Australia market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Used Car in Australia analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.