Market Size of Germany Used Car Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.12 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Germany Used Cars Market Analysis
Germany used car market was valued at USD 113.2 Billion in 2021, and it is expected to reach a value of USD 171.03 Billion by 2027, registering a CAGR of 7.12% during the forecast period (2022 - 2027).
Due to the global COVID-19 pandemic, countries were forced to temporarily reduce demand for both old and new vehicles. Furthermore, the global economic slowdown has affected consumers, resulting in a decrease in car sales; however, due to the risk of infection and the desire to maintain social distance, people all over the world have begun to avoid public transportation. According to the KBA, the used-car market in Germany contracted by 6.8 percent in the first six months of 2021. However, dealerships in the country could only reopen on a conditional basis in March 2021. This naturally had a greater impact on the new-car sector, with registrations down 24.8 percent in the first half. In December 2020, Schwacke predicted that slightly more than seven million used cars would be sold in 2021, roughly the same as in 2020. Furthermore, this volume of transactions would be less than 200,000 units short of the 7.2 million cars that changed hands prior to the pandemic.
Over the long term, market has grown significantly in recent years, with price competition among new players being one bright spot in the used car industry. The inability of customers to purchase new cars has become one of the reasons for the increasing volume of used car sales, which is complemented by investments made by industry participants to establish their dealership network in the market. These dealership networks aided market participants in brand development and the viability of used car options.
However, the used car dealer is relying on the seller since the dealer cannot obtain cars to serve their customers unless the owner sells it in the market. If new car sales fall, the market will run out of supplies after a while, this might hamper the market growth.
