Spain Used Car Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Spain Used Car Market Analysis
Spain Used Car Market was valued at USD 37.06 billion in 2021 and is expected to reach USD 58.74 billion by 2027 registering a CAGR of 7% during the forecast period (2022 - 2027).
The COVID-19 pandemic had mixed impact on the market i.e, while lockdowns and travel restrictions resulted in slowdown in demand during 2020 however on the other hand with ease of restrictions and growing consumer inclination towards used cars inwake of pandemic the demand for used cars in spain started restoring back to pre-pandemic levels.
Over the medium term, factors such as increasing car ownership, mounting penetration of the internet and high depreciation rate of new cars expected to drive the demand in the market. However, the market growth would be challenged by fluctuating prices of used cars, high maintenance and servicing costs and lack of standardization and unorganized regulations for used cars in the country.
Besides these, rising demand for affordable used cars, rising shift towards online buying, technological advancements and reduced rates for car insurance premium for used cars in the country expected to offer lucrative opportunities for players operating in the market. In addition, over last few years used electric vehicle prices continue to remain viable for consumers, and this plays a significant driving factor for electric vehicle sales. According to the last few years price analysis, used electric vehicles prices have been lower than the used hybrid vehicles, such trends to poise optimistic growth of market.
Madrid, Barcelona, Valencia, and others are some of the notable cities in Spain which expected to see optimistic trends of used cars in the country over forecast period. These countries support majority of the population and accommodate notable players operating in it offering attractive incentives. Such developments are expected to ease growth of market during the forecast period.
Spain Used Car Market Trends
This section covers the major market trends shaping the Spain Used Car Market according to our research experts:
Rising Demand for Used Cars Over New Cars to Enhance Growth of Market
Over recent years, the demand for used cars is rising significantly and is expected to have decent proliferation over coming years in wake of changing perspectives of consumers as no longer secondhand cars are stereotyped with downsized social status. Also, entry-level used cars are perceived to be safer than two-wheelers as they are less prone to accidents. Hence there is a shift towards used car buying resulting in greater customer pull. Besides these, preference for personal mobility in the post-COVID period has also been a positive factor supporting this trend.
- In February 2020, Spain's registrations fell 4.8 percent in 2021 with sales of new cars to private customers declined by 12 percent. However, there was a 17 percent leap in demand for vehicles over 20 years old. This decline in sales of new cars and growth of old cars is expected to create a positive outlook for the used car market.
In addition, the incentives offered by the government to replace older IC engine vehicles with newer ones prompted to encourage used car dealers to adopt latest electric cars into their fleet, and such instances are expected to help dealers to expand their fleet with latest models. For instance,
- In 2019, the Spanish government adopted the new edition of its electric mobility subsidy program. The program offers subsidies for the purchase of electric vehicles and plug-in hybrids, if a combustion motor vehicle at least ten years old is decommissioned. Then Spain grants 5,500 euros (+ 1,000 euros dealer bonus) for purely electric cars, but their list price may not exceed 48,400 euros.
With the rise in repalcement of older IC engine vehicles with new electric vehicles by fleet operators is anticipated to drive the influx of used cars in the market, which is likely to reduce the overall cost of used vehicles. Further, with the shoratge of new vehicles in the market, the demand for used cars is anticipated to witness steady growth during the foreacst period.
Online Booking Segment Likely to Play Key Role in the Market
The online booking segment of the market is expected to occupy a predominant position in the market during the forecast period. Consumers are moving away from traditional techniques and increasingly using internet platforms to acquire and sell used cars. Many European start-ups and auto portals are increasing their presence in Spain through mergers and acquisitions, collaborations, and various other growth strategies recognizing the industry's potential.
In addition, growing internet and smartphone penetration is encouraging the majority number of consumers to opt to buy and sell cars through online auto classifieds and social media. For instance, There were 42.54 million internet users in Spain in January 2021, and the number of internet users in Spain increased by 144 thousand (+0.3%) between 2020 and 2021. The development of online tools for sellers and buyers has made the market more competitive. In addition, the online availability of information including prices, reviews, and specifications leads to significant growth by dealers.
With the usage of technically advanced tools integrating the latest technologies like artificial intelligence and machine learning, dealers are booming their network and customer base. AI applications can evaluate the data stored in the dealer management system and aid in refining the marketing and sales strategies by modifying the car buying experience. For instance, the use of online sales channels such as CarMax, impel, seez, and others are playing vital role in country-specific growth in the market by targeting the domestic customer base. Various online channels modify their platforms to offer seamless car selling and buying experiences.
Spain Used Car Industry Overview
Spain used car market is moderately fragmented as it accommodates several regional and domestic players. Several players especially the online used car platform dealers and new entrants along with established players in the market are focusing on various growth strategies such as expansion, collaborative agreements, mergers, acquisitions, etc. to expand their customer base. For instance,
- In January 2022, Cazoo announced that it has acquired Brum Brum, a leading used car retail and subscription player for EUR 80 million in a mix of cash & Cazoo shares. Through this deal, Cazoo is expected to have a strong presence across each of the 5 largest European markets for used cars (France, Germany, Spain, Italy, and the UK).
- In December 2020, e online used-car platform heycar announced that it is expanding into the Spanish market, where prospective buyers can now find used vehicles with warranties under its online platform. The heycar brand is operating in Spain under the umbrella of Mobility Trader Spain S.L., a company in which the heycar Group (Mobility Trader Holding GmbH) holds 75.1 percent of the shares and SEAT S.A. holds 24.9 percent. The shareholders of the heycar Group are Volkswagen Financial Services AG, Volkswagen AG, and Daimler Mobility AG.
Spain Used Car Market Leaders
Webycar
BERGE Toyota
iCostamapps Autotrader
VIVA AUTOS COSTA BLANCA SL
OcasionPlus
*Disclaimer: Major Players sorted in no particular order
Spain Used Car Market News
- In May 2022, Cazoo launched its used car business officially in Spain, following on from its expansion into France and Germany late 2021. As part of its expansion into Spain, in November 2021 the group bought Barcelona-based car subscription service Swipcar for EUR 30 million.
- In March 2021, Aramis Group, a European leader in online sales of used cars through its three brands (Aramis auto in France, Cli cars in Spain, and Cardoen in Belgium), announced the acquisition of a majority stake in Motor Depot Ltd, the holding company of Car Supermarket.com. Motor Depot Ltd, holding company of used car platform Car Supermarket.com, which generated more than EUR 220 million in revenues in 2020, joins Aramis Group. This transaction results in the creation of a Group generating more than EUR 1 billion in revenues commensurate with Aramis Group's ambition to be the preferred European online platform to buy a used car, after entering Spain.
- In July 2021, Allianz X, the digital investment unit of the Allianz Group, is investing in Mobility Trader Holding GmbH, the parent company of heycar, an international digital platform for quality used car sales. The Spain digital B2C-platform provides customers with a wide range of quality used car offers, as well as add-ons such as warranty and flexible purchasing options like financing or leasing.
Spain Used Car Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value USD billion)
5.1 By Vehicle Type
5.1.1 Hatchbacks
5.1.2 Sedans
5.1.3 Sports Utility Vehicles (SUV) and Multi-Purpose Vehicles (MPVs)
5.2 By Vendor Type
5.2.1 Organized
5.2.2 UnOrganized
5.3 By Booking Type
5.3.1 Online
5.3.2 Offline
5.4 By Fuel Type
5.4.1 Petrol
5.4.2 Diesel
5.4.3 Electric
5.4.4 Others
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 BERGE Toyota
6.2.2 iCostamapps Autotrader
6.2.3 ADESA Europe
6.2.4 VIVA AUTOS COSTA BLANCA SL
6.2.5 Weby Car
6.2.6 CAR OUTLET DEL AUTOMÓVIL
6.2.7 AUTO1.com GmbH
6.2.8 Impormop Venta De Maquinaria Sl.
6.2.9 Clicars Spain, SL
6.2.10 YAMOVIL
6.2.11 OcasionPlus
6.2.12 Auto Fesa
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Spain Used Car Industry Segmentation
A used car, a pre-owned vehicle, or a secondhand car, is a vehicle that has previously had one or more retail owners. Used cars are sold through various outlets, including franchise and independent car dealers, rental car companies, buy here pay here dealerships, leasing offices, auctions, and private party sales. The scope of the report covers details on the latest technologies, trends, and developments in the market
Spain Used Car Market is segmented by Vehicle type, Fuel type, Booking type, and Vendor type. By Vehicle type, the market is segmented into Hatchback, Sedan, and Sports Utility Vehicle (SUV) and Multi-Purpose Vehicles (MPVs)). By Fuel Type, the market is segmented into Gasoline, Diesel, Electric, and Others.
By Booking type, the market is segmented into Online and Offline. By Vendor type, the market is segmented into Organized and Unorganized. For each segment, market sizing and forecast have been done on basis of a value (USD billion).
| By Vehicle Type | |
| Hatchbacks | |
| Sedans | |
| Sports Utility Vehicles (SUV) and Multi-Purpose Vehicles (MPVs) |
| By Vendor Type | |
| Organized | |
| UnOrganized |
| By Booking Type | |
| Online | |
| Offline |
| By Fuel Type | |
| Petrol | |
| Diesel | |
| Electric | |
| Others |
Spain Used Car Market Research FAQs
What is the current Spain Used Car Market size?
The Spain Used Car Market is projected to register a CAGR of 7% during the forecast period (2024-2029)
Who are the key players in Spain Used Car Market?
Webycar, BERGE Toyota, iCostamapps Autotrader, VIVA AUTOS COSTA BLANCA SL and OcasionPlus are the major companies operating in the Spain Used Car Market.
What years does this Spain Used Car Market cover?
The report covers the Spain Used Car Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Spain Used Car Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Spain Used Car Industry Report
Statistics for the 2024 Spain Used Car market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Spain Used Car analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
