Spain Used Car Market Size (2024 - 2029)

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 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).