Italy Used Car Market - Growth, Trends, COVID-19 Impact, and Forecast (2022-2027)

Italy Used Car Market is segmented by car type (Hatchback, Sedan, and SUV), by Propulsion (Internal Combustion Engine and Electric), and by Vendor type (Organized and Unorganized). The report covers the market size in value (USD Billion) for all the above segments.

Market Snapshot

Italy Used Car Market
Study Period: 2018-2027
Base Year: 2021
CAGR: 9 %

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Market Overview

Italy Used Car Market was valued at USD 60 Billion in 2021 and is projected to grow at USD 100.63 Billion by 2027, registering a CAGR of 9% in terms of revenue during the forecast period (2022-2027).

The outbreak of COVID-19 affected the automotive industry significantly. With supply chain disruption and transportation halt, new additions to the used car inventory were not coming into the market. This reduced the number of models available for purchase, influencing the overall purchases. However, during the later stages of 2021, the market started reverting to the pre-pandemic situation, increasing opportunities for the used car market across the country with a major push from low and mid-income consumers.

The growing 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 are expected to drive demand in the market.

Further, growing trend of digitization across the country is likely to influence positively the sales of used cars during forecast period. Moreover, factors such as surge in the demand for younger used cars, easy availability of financing options, acceptance of electric and hybrid used cars and others expected to offer new opportunities for players operating in Italian market over coming years. 

Scope of the Report

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.

Italy Used Car Market is segmented by car type, by propulsion, and by vendor type. Based on the car type, the market is segmented into Hatchback, Sedan, and SUV. Based on the Propulsion, the market is segmented into Internal Combustion engines and Electric.

Based on the Vendor type, the market is segmented into Organized and Unorganized. For each segment, the market sizing and forecast have been done on the basis of value (USD Billion). 

By Car Type
Hatchback
Sedan
SUV
By Propulsion
Internal Combustion Engine
Electric
By vendor Type
Organized
Unorganized

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Key Market Trends

Strengthening of online Infrastructure Likely to Have Positive Impact on the Market

With growing smartphone and internet penetration across the country, the used car market is getting more organized, and with the growing proliferation of the internet and smartphones used car retailers are focusing on using digitalization to make their market offerings attractive. For instance, In 2021, the number of internet users is around 54% of the country's population. It will go more than 70% of the Italian population will use a smartphone by 2025.

Facilities such as an enormous number of photos and videos on the online platform and easy online instant finance service are expected to attract more customers to buying used cars. Further, the presence of online used car platforms in the country and their active engagement strategies to drive demand in the market. Some of the major companies in Italy's online used car market include True Car, Autoscout24, Bakeca.it, Alvolante.it, Autorola Marketplace, Cargurus, and others.

Several players across the country are offering end-to-end transactions, doorstep delivery, digitalized recommendations on the basis of driving behavior and lifestyle of the customer, and digitalized test drives are attracting consumers toward the used car. For instance, In January 2022, Cazoo announced its plans of expansion into Europe by snapping up Italian digital car retailer and subscription platform Brumbrum.The online used car retailer said it would be paying EUR 80 million for it using cash and Cazoo shares, as part of deal.

Such developments and active instances with respect to used car dealers and operators, especially online players, coupled with growing digitalization are anticipated to poise notable demand in the market.

keytrend1

Rising Trend of Digitalization to Enhance the Growth of Market

Rapid digitization across the used car industry is expected to have a profound impact on sales of used cars across the country. Rising integration of advanced digital technologies in the buying process coupled with growing investments in a variety of consumer-focused digital technologies such as virtual reality, technologies focused on increasing user engagement on the shop floor, etc. expected to enhance demand in the market during the forecast period.

Several Startups are introducing digital used car business models such as Online car retailers, Aggregators, Big boy arena, and many other platforms which allow the user to buy a used car from a comprehensive product portfolio across these platforms. Major aggregators use online platforms to facilitate wholesalers, and dealers to list their offerings in one place. Notable used car platforms such as Auto1 group are entering partnerships, etc. to gain a competitive edge in the market. For instance,

  • In June 2021, Auto1 has entered the Italian market through its consumer-focused Auto Hero product. Auto Hero is a marketplace that offers a wide selection of used cars, which can be ordered online. The purchase process begins with a virtual visit to the online showroom, where consumers can choose their used car.

Further, with the introduction of automated systems that include LCD touch screens, bar codes, and RFID in customer data, auto dealerships expected to improve their business efficiency by enhancing their customer relationship and retention levels across the country.

Keytrend2

Competitive Landscape

Italy Used Car Market is a moderately consolidated one owing to the presence of several key players such as Penske Car, Carvago, Auto1.com, CAVAUTO Group, Italy Blue Auto Sales LLC, and many others. Further expansion of car dealers and key players strategies like partnerships, fleet expansions, etc. to support demand in the market. For instance,

  • In January 2022, Cazoo, one of Europe’s leading online car retailers, acquired an Italian online used car retailer and subscription platform Brum Brum for 80 million euros. Through this acquisition, Cazoo will launch its service across Italy.
  • In November 2021, Carvago expanded its facility across Italy. The company offers 700 used cars to customers across the country.
  • In July 2021, RCI Bank and Services, the Renault Group's automotive captive, acquired Bipi, a multi-brand platform that is a reference in car subscription offers for used vehicles. Bipi is present in Spain, France, and Italy.

Recent Development

  • In January 2022, General Motors launched Carvago to capitalize the inflated used car. CarBravo will draw from General Motors’ own pool of available used cars along with those of its franchised dealerships.
  • In May 2021, Clickar, the leading online website in Italy for the sale of used and off-lease vehicles, launched a new e-commerce feature in Italy. These features help consumers to purchase cars online, in an even easier.

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 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value (USD Billion)

    1. 5.1 By Car Type

      1. 5.1.1 Hatchback

      2. 5.1.2 Sedan

      3. 5.1.3 SUV

    2. 5.2 By Propulsion

      1. 5.2.1 Internal Combustion Engine

      2. 5.2.2 Electric

    3. 5.3 By vendor Type

      1. 5.3.1 Organized

      2. 5.3.2 Unorganized

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Penske Automotive Italy

      2. 6.2.2 Italy Blue Auto Sales LLC

      3. 6.2.3 CAVAUTO Group

      4. 6.2.4 Auto1.Com

      5. 6.2.5 Carvago

      6. 6.2.6 Denicar FCA

      7. 6.2.7 GoodBuyAuto

      8. 6.2.8 TrueCar Inc.

      9. 6.2.9 Autoquattro Srl.

      10. 6.2.10 Schiatti Group

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The Italy Used Car Market market is studied from 2018 - 2027.

The Italy Used Car Market is growing at a CAGR of 9% over the next 5 years.

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

The Italy Used Car Market is valued at 100 Billion USD in 2027.

Penske Automotive Italy, Italy Blue Auto Sales LLC, CAVAUTO Group, Auto1.Com, Carvago are the major companies operating in Italy Used Car Market.

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