UK Used Car Market is expected to reach around GBP 200.0 Billion in terms of Gross Transaction Value (GTV) by the year Ending 2023: Ken Research

0


The report focuses on overall market size in terms of Gross Transaction Value (GTV), UK Used Car market segmentation by Market Structure (Organized and Unorganized Market); by Type of Used Cars (MPVs / Sedan, Economy / Hatchbacks and SUVs); by Kilometers Driven (Less than 5,000 km; 5,000-20,000 km; 20,000-50,000 km; 50,000-80,000 km; 80,000-120,000 km and Above 120,000 km); By Year of Manufacture (< 2000, 2000-2002, 2003-2005, 2006-2008, 2009-2012 and 2013-2018); and By Car Make (Toyota, Ford, Nissan, Volkswagen, Vauxhall, BMW, Honda, Kia, Lexus, Renault and Others). Major players operating in UK Online Used Car market include Carsnip, autovillage.co.uk, Auto Trader, motors.co.uk, Desperate Seller and others. Major players operating in the UK Offline Used Car market include Mazda Approved Used Cars, Pendragon PLC Group, Toyota Plus Approved Used Cars, Sytner Group, Lookers Group, Marshall Motors and others.

UK Used Car MarketKey Findings

Used car sales volume in UK is expected to increase in the future, thus growing at a positive CAGR of approximately 3%, due to increased penetration of the companies in the online portals for lead generation.

The entry of new players including used car dealers, multi-brand outlets and online aggregator’s is expected to further stimulate growth in revenues of the used car industry.

The disposable income increased at a CAGR of 3.5% during the review period 2018 to 2023. Increasing disposable income will cause certain individuals that previously wanted to purchase a used car to buy a new car as a result of his / her increased budget. This trend is further anticipated to impact growth in revenues of the used car industry in the future.

Growing Demand of Used Cars in UK: In the future, used car market will expect about 30.7% growth in demand for hybrid, plug in-hybrid and pure electric cars in accordance with the Society of Motor Manufacturers and Traders, UK. The used cars provided by the organized market go through a proper inspection process and provide many additional after sales services such as financing and insurance options and many others in the country due to which the organized market will continue to dominate the used car space in UK over long term.

Rising Competition: The used car market of UK was observed to be fragmented with rising competition from various players entering the market. Some of the major offline used car providers operating in the UK include Pendragon, Sytner, Lookers Group, and others. However, there are few factors which bring challenges in the market such as consumer uncertainty which will result downward pressure on new car registrations, having a CAGR of around 0.1% during 2018 to 2023, due to which the consumers will be less willing to upgrade one used car for another. Other factors include the government policies such as London Ultra Low Emission Zone, WLTP and Brexit which could cause fluctuations and erratic used car sales in UK.

Online Space gaining Traction: It has been anticipated that due to increased lead generation through the online car portals, the organized dealers will continue to dominate the UK used car market and is anticipated to experience a CAGR of approximately 6.0% during the review period 2018 to 2023. The used car market has a bright future in the UK. The growth of the used car market is especially due to a considerable high penetration of the finance for used cars due to the rising demand in the country.

Analysts at Ken Research in their latest publication “UK Used Car Market Outlook to 2023 – Market Structure (Organized and Unorganized Market); Type of Used Cars (MPVs / Sedan, Economy / Hatchbacks and SUVs); Kilometers Driven; By Year of Manufacture; and By Car Market)” believed that the used car industry in UK will augment owing to the rising penetration in the online used car portal, increase in organized dealership chains and stringent inspection process. This rise is expected to boost the demand for used cars in the country owing to the increased availability of financing options across the nation. The market is expected to register positive double digit CAGR of 14.0% in terms of Gross Transaction Value and around 2.5% in terms of used cars during the forecast period 2018-2023.

Key Segments Covered

Market Structure

Organized Sector

By Sales Channel (Multi-Brand Dealers and OEM-certified Dealers)

By Lead Generation (Dealerships Walk-ins and Online Car Portals)

Unorganized Sector

By Sales Channel (C2C and Local Dealerships)

By Lead Generation (Dealerships Walk-ins and Online Car Portals)

Type of Used Cars

MPVs / Sedans

Economy / Hatchbacks

SUVs

Kilometers Driven

Less than 5,000 km

5,000-20,000 km

20,000-50,000 km

50,000-80,000 km

80,000-120,000 km

Above 120,000 km

Year of Manufacture

< 2000

2000-2002

2003-2005

2006-2008

2009-2012

2013-2018

Key Target Audience

Offline Dealers

Online Portal

Organized Multi Brands Dealers

OEM Certified Dealerships

Online Portal

Private Equity and Venture Capitalist

Industry Associations

OEM Manufacturers

Automotive Manufacturers

Car Auction Companies

Time Period Captured in the Report:

Historical Period – 2013-2018

Forecast Period – 2018-2023

Online Companies Covered:

Carsnip

Autovillage.co.uk

Auto Trader Group PLC

Motors.co.uk

Desperate Sellers

Exchange and Mart

Gumtree

Inchcape PLC

Bristol Street Motors

Offline Companies Covered:

Mazda Approved Used Cars

Pendragon PLC Group

Toyota plus Approved Used Cars

Sytner Group

Lookers Group

Marshall Motors

Vertu Motors

Key Topics Covered in the Report

Introduction to the UK Used Car Market

UK Used Car Market Size, 2013-2018

UK Used Car Market Segmentation, 2018

Trends and Developments in UK Used Car Market

Issues and Challenges in UK Used Car Market

Decision Making Process in UK Used Car Market

Customer Pain Points in UK Used Car Market

UK Used Car Auction Market

Online Comparative Landscape in UK Used Car Market

Offline Comparative Landscape in UK Used Car Market

Government Regulations in UK Used Car Market

Business Model in Online Used Car /Market

Working Model in the UK Used Car Market

OLX Used Car Success Story

UK Used Car Market Future Outlook and Projections, 2018-2023

Analyst Recommendation for UK Used Car Market

For information click on the below mentioned link:

UK Used Car Market Outlook to 2023

Related Reports

Malaysia Used Vehicle Market Outlook to 2025 – By Type of Distribution Channel (Organized and Unorganized Dealers), By Mode of Selling (Online and Dealership Walk-Ins), By Type of Vehicle (Sedans, Hatchback, SUVs, MPVs, LCV and others), By Vehicle Age(0-3 years, 3-5 Years, 5-8 Years and More than 8 years), By Brand (Perodua, Toyota, Honda, Proton, Nissan and Others)

India Pre Owned Premium Car Market Outlook to 2023 – Growth Propelled by Traction from Digital Platforms, Surge in Certified Dealership, Decline in Average Car Price and Faster Launch of New Models

Contact Us:

Ken Research

Ankur Gupta, Head Marketing & Communications

Ankur@kenresearch.com

+91-9015378249

Share.

Comments are closed.