Market Research Report
Used Car Market (by Type, Sales Channel & Country) in Europe (ex-UK): Insights & Forecast with Potential Impact of COVID-19 (2021-2025)
|Used Car Market (by Type, Sales Channel & Country) in Europe (ex-UK): Insights & Forecast with Potential Impact of COVID-19 (2021-2025)|
Published: July 20, 2021
Content info: 101 Pages
Delivery time: 1-2 business days
Europe used car market is predicted to reach US$960.98 billion in 2025, progressing at a CAGR of 5.27% over the period 2021-2025. Factors such as growing population, increasing car ownership, expanding urbanization, mounting penetration of internet and high depreciation rate of new cars would drive the growth of the market. However, the market growth would be challenged by fluctuating prices of used cars, high maintenance & servicing costs and lack of standardization & unorganized regulations. A few notable trends include escalating demand for affordable used cars, accelerating shift towards online buying, technological advancements and reduced rates for car insurance premiums.
Europe used car market has been segmented on the basis of type and sales channel. In terms of type, Europe used car market can be bifurcated into B2C (business-to-consumer) transactions, B2B (business-to-business) transactions and financing. Whereas, the market can be split into franchised dealers, independent dealers and others such as peer-to-peer, on the basis of sales channel.
The fastest growing market in the region is Germany due to escalating demand for affordable used cars owing to their low price and excellent condition, increasing number of online used car companies in the country, rapid expansion of used car dealerships, availability of used car financing and insurance options and mounting penetration of internet enabling the availability of information of the used car resulting in growing customer inclination towards used car. Further, the sudden outbreak of COVID-19 has created an unfavorable impact on the market as the great lockdown has halted various industrial activities, causing supply chain disruption and travel restrictions, thus, affecting the demand in the used car sector.
Scope of the report:
Key Target Audience: