Market Size of Australia Used Car Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 69.90 Billion |
| Market Size (2029) | USD 113.19 Billion |
| CAGR (2024 - 2029) | 10.12 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australia Used Car Market Analysis
The Australia Used Car Market size is estimated at USD 69.90 billion in 2024, and is expected to reach USD 113.19 billion by 2029, growing at a CAGR of 10.12% during the forecast period (2024-2029).
The used car market in Australia has been growing steadily over the years and has become a key part of the automotive industry. According to industry reports, sales of used cars in Australia surpassed sales of new cars in recent years. Factors driving the growth of the used car market include affordability, availability, and consumer preferences.
The used car market in Australia is expected to continue to grow, driven by factors such as affordability, availability, and changing consumer preferences. However, the exact scope of future growth will depend on a variety of factors, including the health of the economy, consumer preferences, and government policies affecting the automotive industry.
Due to the increasing digitization and the ability of companies to provide immersive purchase experiences remotely, the Australian used car market is expected to witness significant growth. Furthermore, the rise in the value-added service offering and the variety of finance providers offering credit for used cars will also contribute to the growth of the used car market in the region. However, the higher interest rates might turn around some potential customers, restricting the market’s growth.
