Market Size of Russia Used Car Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Russia Used Car Market Analysis
Russia Used Car Market was valued at USD 40 Billion in 2021 and is projected to grow at USD 56.74 Billion by 2027, registering a CAGR of 6% in terms of revenue during the forecast period (2022-2027).
The Covid-19 pandemic initially resulted in a slowdown in demand, as the country imposed lockdowns and travel restrictions to control the spread of the virus during 2020. However, restrictions eased by 2021, and demand for used cars started picking up pace and is expected to continue over the forecast period. Further, the ongoing Russia-Ukraine war has halted OEM production and a surge in new vehicle prices across the country, which in turn is likely to enhance the demand for used cars. The rise in new vehicle costs will further diminish new vehicle affordability for many consumers, which in turn increase the demand for used vehicles in coming years.
Over the long term, The growing preference of consumers toward personal mobility is likely to increase the demand for personal vehicles. Flexible payment options through online platforms have encouraged industry participants to offer used cars at a reasonable cost. Flexible finance options provided by car dealers across the country likely to further enhance used car sales.
Further, in wake of the notable internet penetration rate in Russia, the sued car companies are adopting various business models and are focusing on increasing the visibility of the online marketplace for providing better opportunities to the customer to conduct proper research before delving into buying an used car product. Such developments are expected to offer lucrative opportunities for players in the market.
