Market Size of Europe Used Car Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 4.12 % |
Fastest Growing Market | Europe |
Largest Market | Europe |
Market Concentration | Medium |
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 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 |
Europe Used Car Market Size Summary
The used car market in Europe is currently experiencing significant growth, with a projected increase in market value over the next five years. This growth is driven by several factors, including a rising demand for affordable used cars due to their lower price and better condition, the expansion of online used car companies, and increased availability of financing and insurance options for used cars. Additionally, the development of internet-based ride-hailing services, which predominantly use used cars, is expected to further drive market growth. Other factors contributing to the market's expansion include higher income levels, increased demand for luxury cars, shorter car ownership periods, a booming import-export market, and a growing preference among two-wheeler owners to upgrade to small and compact cars. Key trends in the European used car market include the digitalization of the industry, with used car retailers using online platforms to attract customers. Tech-savvy customers, particularly in the 25-40 age group, are demanding features such as end-to-end transactions, doorstep delivery, and digitalized test drives. The use of blockchain technology in car financing is also becoming more prevalent. The COVID-19 pandemic has accelerated the trend towards online purchases, which is expected to continue to drive market growth. Germany, in particular, is seeing major growth in the used car market due to a decrease in new car sales following a ban on diesel and petrol cars. The rise in car financing and insurance options at used car dealerships is also contributing to market growth.
Explore MoreEurope Used Car Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value - USD)
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2.1 Vehicle Type
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2.1.1 Hatchback
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2.1.2 Sedan
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2.1.3 Sports Utility Vehicle
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2.1.4 Multi-purpose Vehicle
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2.2 Vendor Type
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2.2.1 Organized
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2.2.2 Unorganized
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2.3 Fuel Type
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2.3.1 Gasoline
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2.3.2 Diesel
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2.3.3 Electric
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2.3.4 Other Fuel Types (LPG, CNG, etc.)
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2.4 Country
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2.4.1 Germany
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2.4.2 United Kingdom
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2.4.3 France
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2.4.4 Italy
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2.4.5 Spain
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2.4.6 Russia
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2.4.7 Rest of Europe
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Europe Used Car Market Size FAQs
What is the current Europe Used Car Market size?
The Europe Used Car Market is projected to register a CAGR of 4.12% during the forecast period (2024-2029)
Who are the key players in Europe Used Car Market?
Lookers Plc, Emil Frey AG, Autorola Group Holding, Pendragon Plc and AUTO1.com are the major companies operating in the Europe Used Car Market.