Europe Used Car Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The report covers the Used Car Market in Europe and the market is segmented by vehicle type (hatchback, sedan, sports utility vehicle, and multi-purpose vehicle), by vendor type (organized and unorganized), by fuel type (gasoline, diesel, electric, and others), and by country (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe). The market size and forecasts are provided in terms of value (USD Billion) for all the above segments.

Europe Used Car Market Size

Europe Used Car Market Size
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Study Period 2018 - 2028
Base Year For Estimation 2022
CAGR 4.12 %
Fastest Growing Market Europe
Largest Market Europe
Market Concentration Medium

Major Players

Europe Used Car Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Europe Used Car Market Analysis

Europe's used car market was valued at USD 60.02 billion in the current year, and it is expected to grow to a value of USD 85.14 billion in the coming five years, registering a CAGR of 4.12% in terms of revenue during the forecast period.

Over the medium term, rising demand for affordable used cars owing to their low price and better conditions across the region is likely to witness major growth in the market. The rapid expansion of online used car companies, rising used car dealerships, and availability of used car financing and insurance options resulted in major growth for the market.

The rapid development of internet-based ride-hailing services has contributed to transportation in cities and, at the same time, has significantly impacted existing travel modes in cities. Ride-hailing services significantly use used cars for their services, which in turn is anticipated to witness major growth in the market.

The rise in income levels, increasing demand for luxury cars, shorter car ownership periods, booming import-export, and a growing preference for two-wheeler owners to upgrade to small and compact cars also drive the growth of the market.

Europe Used Car Market Trends

Online Infrastructure witnessing major growth

The used car market is getting more organized because used car retailers are using digitalization to make market offerings attractive. Facilities such as an enormous number of photos and videos on the online platform and easy online instant finance service are drawing more customers into buying used cars.

Tech-savvy customers in the age group of 25-40 years are demanding features such as end-to-end transactions, doorstep delivery, a digitalized recommendation based on the driving behavior and lifestyle of the customer, and digitalized test drives. Players in the market are providing flawless and smooth access to car specifications, performance reports, and inventory information to customers to assist them in making informed decisions.

Blockchain technology has already brought about a wide variety of developments in various sectors, and the car financing sector seems to be next. For instance, In 2021, Auto1 FT, the leading financial partner of the automotive industry, is eliminating all manual input and paper processes in its core business, car financing.

OEMs and online platforms have brought a new level of clarity to the highly unorganized activity of buying and selling used cars. Online sales are becoming popular among the young generation as they offer a smooth journey and offer the best price to buy. Online stores offer a wide range of product categories and allow customers to purchase goods.

In addition, the COVID-19 pandemic changed consumer behavior and accelerated the trend toward online purchases, which is likely to witness major growth for the market across the region. Such trends in the market indicate active online penetration and, hence, simultaneous developments across the used car market in Europe.

Europe Used Car Market, Revenue (%), By Vendor Type, 2022

Germany Witnessing Major Growth

Germany is witnessing major growth in the used car market in terms of revenue owing to a fall in new car sales due to the ban on diesel and petrol cars. The government of Germany is planning to entirely ban diesel and petrol cars in the country by 2030, which has led to falling new car sales and older used cars. Rising penetration between multi-brand dealerships and OEM-certified dealerships across the country helps to boost the market during the forecast period.

Growing adoption of car financing and insurance options at used car dealerships in Europe will lead to significant growth in the market. The rise in demand for sports utility vehicles across Germany is likely to see growth in the future.

The growing popularity of sourcing channels across Germany, like buy-sell, park-sell, and trade-in, is witnessing major growth in the market. The buy-sell model is gaining popularity. In this model, the used car dealer buys the used cars from the seller and stores them in its inventory, later sold to the buyers of the used car. This is likely to witness an increase in the number of dealerships adopting the buy-sell model entirely for sourcing used cars at their dealerships.

Several used car industries are introducing new marketplaces, including B2B or B2C, Traditional Brics and Clicks marketplace, Broker Marketplace, Online car retailers, and many others. Such marketplaces serve as a platform connecting sellers and buyers, where both interact directly to complete the transaction. Traditional Brics and Clicks are essentially the online sales channel of traditional car dealers, car rental companies, and car leasing companies, which sell both new and used cars.

The above-mentioned development across the country is likely to witness major growth for the market during the forecast period.

Europe Used Car Market : Germany Used Car Sales (Thousand Units), 2018-2022

Europe Used Car Industry Overview

Several key players, including Lookers Plc, Pendragon PLC, AUTO ONE Group, Autorola Group Holding, Emil Frey AG, and others, dominate Europe's Used Car Market. The used car market is anticipated to witness a large number of used car dealers in both the organized and unorganized industries, owing to the growing demand for customers. Rising adoption of various growth strategies, such as expansion, partnerships, etc., to improve their presence and revenue shares in the market. For instance,

In June 2022, TrueCar Inc. acquired Digital Motors. This acquisition is intended to accelerate TrueCar's plan to deliver a robust digital car buying and selling experience with its TrueCar+ marketplace.

In May 2022, Renault sold its majority stake in the Russian car brand Lada. The company has sold its 68 percent in AvtoVaz, Lada's parent company, for one rouble.

Europe Used Car Market Leaders

  1. Lookers Plc

  2. Emil Frey AG

  3. Autorola Group Holding

  4. Pendragon Plc

  5. AUTO1.com

*Disclaimer: Major Players sorted in no particular order

Europe Used Car Market Concentration

Europe Used Car Market News

  • March 2022: Toyota Motors Europe (TME) announced a major new contract with INDICATA Europe to roll out its used car pricing data to 13 countries over the next two months. INDICATA developed a bespoke reporting suite for TME that tracks all the online used Toyota and Lexus adverts from its dealer networks across Europe and presented it into an easy-to-read dashboard for each country.
  • March 2022: Inchcape announced that it pulled out of the Russian market as a result of the ongoing conflict in Ukraine. The company stated that in light of the current circumstances, they concluded that the Group's ownership of its business interests in Russia was no longer tenable.
  • March 2022: TrueCar Inc. launched a new online car-buying marketplace called TrueCar+. TrueCar+ was to provide consumers with a more flexible and personalized car buying experience for new and used vehicles.

Europe Used Car Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size in Value - USD)

    1. 5.1 Vehicle Type

      1. 5.1.1 Hatchback

      2. 5.1.2 Sedan

      3. 5.1.3 Sports Utility Vehicle

      4. 5.1.4 Multi-purpose Vehicle

    2. 5.2 Vendor Type

      1. 5.2.1 Organized

      2. 5.2.2 Unorganized

    3. 5.3 Fuel Type

      1. 5.3.1 Gasoline

      2. 5.3.2 Diesel

      3. 5.3.3 Electric

      4. 5.3.4 Other Fuel Types (LPG, CNG, etc.)

    4. 5.4 Country

      1. 5.4.1 Germany

      2. 5.4.2 United Kingdom

      3. 5.4.3 France

      4. 5.4.4 Italy

      5. 5.4.5 Spain

      6. 5.4.6 Russia

      7. 5.4.7 Rest of Europe

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Auto One Group

      2. 6.2.2 Pendragon Plc

      3. 6.2.3 Autorola Group Holding

      4. 6.2.4 Lookers Plc

      5. 6.2.5 Emil Frey AG

      6. 6.2.6 Penske Automotive Group

      7. 6.2.7 Gottfried-schultz

      8. 6.2.8 wellergruppe

      9. 6.2.9 AVAG Holding

      10. 6.2.10 Fahrzeug -werke LUEG AG

      11. 6.2.11 Auto Empire Trading GmbH

      12. 6.2.12 Arnold Clark Automobiles Limited

  7. 7. Market Opportunities and Future Trends

Europe Used Car Industry Segmentation

A used car is a pre-owned vehicle that has previously had one or more retail owners. These cars are sold through a variety of outlets through independent dealers, online sales channels, and others.

Europe's used car market is segmented into vehicle type, vendor type, fuel type, and country. Based on the vehicle type, the market is segmented into Hatchbacks, sedans, Sports Utility vehicles, and Multi-purpose vehicles. Based on the vendor type, the market is segmented into organized and unorganized. Based on the fuel type, the market is segmented into gasoline, diesel, electric, and other fuel types. Based on the country, the market is segmented into Germany, the United Kingdom, France, Italy, Spain, Russia, and the Rest of Europe. 

For each segment, the market sizing and forecasts have been done based on the value (USD).

Vehicle Type
Hatchback
Sedan
Sports Utility Vehicle
Multi-purpose Vehicle
Vendor Type
Organized
Unorganized
Fuel Type
Gasoline
Diesel
Electric
Other Fuel Types (LPG, CNG, etc.)
Country
Germany
United Kingdom
France
Italy
Spain
Russia
Rest of Europe

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Europe Used Car Market Research FAQs

The Europe Used Car Market is studied from 2018 - 2028.

The Europe Used Car Market is growing at a CAGR of 4.12% over the next 5 years.

The Europe Used Car Market is valued at 60 Billion USD in 2018.

The Europe Used Car Market is valued at 85 Billion USD in 2028.

Europe is growing at the highest CAGR over 2018 - 2028.

Europe holds highest share in 2022.

Lookers Plc, Emil Frey AG, Autorola Group Holding, Pendragon Plc, AUTO1.com are the major companies operating in Europe Used Car Market.

Used Car in Europe Industry Report

Statistics for the 2023 Europe Used Car market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Used Car analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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