Europe and South America Used Car Market, By Vendor Type (Organized, Unorganized), Propulsion Type (Petrol, Diesel, Electric, LPG, and CNG), Engine Capacity (Small (Below 1499 CC), Mid-Size (1500-2499 CC), and Full Size (Above 2500 CC)), Dealership (Franchised, Independent), Transmission (Manual, Automatic), Vehicle Type (SUV, Sedan, Crossover, Coupe, Hatchback, MPV, Convertible, Sports Cars, and Others), Pricing Category (High (More than USD 20,000), Medium (USD 5501-USD 20000), and Low (Less than USD 5500), Sales Channel (Offline, Online)  - Industry Trends and Forecast to 2030.

Europe and South America Used Car Market Analysis and Size

The industry encompasses the buying and selling of pre-owned vehicles across various countries within these regions. This market includes the trading of used cars through dealerships, online platforms, auctions, and private sales, involving vehicles that have been previously owned and driven. It involves various segments, including passenger cars, SUVs, trucks, and commercial vehicles, and encompasses both individual consumers and businesses involved in the buying and selling processes. Factors influencing this market include supply and demand dynamics, economic conditions, regulatory policies, technological advancements, and consumer preferences.

Data Bridge Market Research analyses that the Europe used car market is expected to reach a value of USD 639,011.39 million by 2030, at a CAGR of 6.4% during the forecast period. South America used car market is expected to reach a value of USD 99,146.78 million by 2030, at a CAGR of 4.1% during the forecast period. The Europe and South America used car market report also comprehensively covers pricing analysis, patent analysis, and technological advancements.     

Market Definition

The used car market is a dynamic sector involving the trade of previously owned vehicles across multiple countries within these regions. It encompasses a wide range of vehicle types, such as passenger cars, SUVs, trucks, and commercial vehicles, which have been previously owned by individuals or companies. This market operates through various channels including dealership networks, online platforms, auctions, and direct person-to-person transactions.

Key elements of this market include the evaluation and pricing of used vehicles, vehicle history checks, financing options, maintenance and refurbishment services, and the overall customer experience. Economic conditions, consumer purchasing power, cultural preferences, environmental regulations, and advancements in technology play a significant role in shaping the market dynamics. The growth of online platforms has also transformed the way used cars are bought and sold, providing consumers with easier access to information and a wider selection of options.

Europe and South America Used Car Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:

Drivers

• Emergence of Different E-Commerce Platform in Europe and South America Regions

E-commerce platforms have fundamentally changed the automotive retailing market to a larger extent. The increasing penetration of the internet has also facilitated an online marketplace around the world. With that, consumers have several choices including unlimited varieties, style, price, and model comparison features in the online portals. Most dealerships list new and used car details online so that customers can find information along with pictures on almost any vehicle of interest. Furthermore, if pricing and incentive information is not available, the user can just call and approach many dealers available online and get the required information about the car model. In addition, various online used car sales websites offer free or discounted after-sales service packages that cover various types of maintenance costs associated with the vehicle after purchase. 

• Increase in Transparency and Symmetry of Information Between Dealers and Customers

Online shopping is influencing the way consumers think about purchasing used cars. Consumers want the choice of configuring a vehicle to their requirements rather than accepting what’s on the lot as the only option out there. So, trust between consumers and dealers is necessary for their decision-making process to avoid any conflicts or disagreements. As with new car sales, the relationship between dealer and customer will need to be based on respect, and ease of purchase. Such an asymmetrical relationship will presume that buyers and sellers possess the same information to determine a product’s quality. In addition, the Internet is increasingly becoming the information source of choice for used vehicle buyers.  With that, nowadays customers are increasingly knowledgeable about cars, their quality, residual value, prices applied, finance charges, availability, and more frequently the exact profit margin that the dealer makes in closing a deal. Technology is also allowing dealers to find new ways to source inventory and unload wholesale units more quickly. Improvements such as these in the used car sector are further helping dealers to run their sales process more efficiently while also improving inventory flow control.

Opportunity

• Rise in Strategic Partnership and Acquisitions Between Two Companies

Coordinating and integrating various technologies is essential for achieving sustained improvements in the automobile sector. For this reason, the government is also striving through partnerships and acquisitions to accelerate the appropriate use of existing technologies in the used car market. This not only helps to make awareness and profit of the organization but also creates scope for a new invention. Also through partnerships, the company can provide all facilities including online promotions and good offers to attract buyers in the marketplace. Furthermore, this helps both companies to get recognized in the premium market. So, the increase in mergers and acquisitions in the automobile sector is creating a lot of opportunities for the used car market to grow extensively.

Restraint/Challenge

• Lack of Post-Sale Services for Used Car

There is no doubt that customer satisfaction is one of the essential objectives of any business not for its survival alone but its sustenance. Unfortunately, this is not easy to achieve in reality due to intense competition and customer complexity. Customer satisfaction without quality enhancement features that are valued by the customers cannot be achieved. Quality appreciation from the customers via service encounters and post-purchase evaluations if not satisfied will decline the demand for the used car eventually. Although, service quality has become a crucial aspect of every service provider's product in the market, and the automobile business is no different, with customers seeking better after-sales services for greater value for money. Undoubtedly after-sales services have become a significant aspect of automotive firms marketing strategies due to the benefits and rewards they provide in the short and long term.

Recent Developments

• In April 2023, AUTO1 Group introduced the Auto1 Group Price Index, the first European used car price index based on wholesale transaction data, revealing a record-high 25.7% year-on-year surge in used car prices in July 2022, attributed to pandemic disruptions, semiconductor shortages, and geopolitical tensions. Amid fluctuating trends, the index rebounded by 1.2% in March 2023 but declined by 5.9% year-on-year. This comprehensive index offers valuable insights into pricing dynamics within the European wholesale used car market.
• In March 2023, Emil Frey AG collaborated with iptiQ, the digital insurance subsidiary of Swiss Re, to introduce a groundbreaking digital insurance solution named "Emil Frey Protect." This strategic partnership harnesses Emil Frey's customer-centric approach in the automotive sector and iptiQ's expertise in seamlessly integrating digital insurance into consumer brands' value chains. Available to Swiss customers during car purchases and servicing, Emil Frey Protect is fully integrated into Emil Frey's digital sales and mobility platform, offering a 100% paperless experience. This innovative insurance solution enhances Emil Frey's service offerings, providing comprehensive and personalized car insurance to customers with ease, strengthening the company's position in the European and South American used car markets.

Europe and South America Used Car Market Scope

Europe and South America used car market is segmented on the basis of vendor type, propulsion type, engine capacity, vehicle type, dealership, transmission, pricing category, and sales channel. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.   

Vendor Type

• Organized
• Unorganized

On the basis of vendor type, the Europe and South America used car market is segmented into organized, and unorganized.

Propulsion Type

• Petrol
• Diesel
• CNG
• LPG
• Electric

On the basis of propulsion type, the Europe and South America used car market is segmented into petrol, diesel, cng, lpg, and electric.

Engine Capacity

• Full Size (Above 2500 Cc)
• Mid-Size (Between 1500-2499 Cc)
• Small (Below 1499 Cc)

On the basis of engine capacity, the Europe and South America used car market is segmented into full size (above 2500 Cc), mid-size (between 1500-2499 Cc), and small (below 1499 Cc).

Dealership

• Franchised
• Independent

On the basis of dealership, the Europe and South America used car market is segmented into franchised, and independent. 

Transmission

• Automatic
• Manual

On the basis of transmission, the Europe and South America used car market is segmented into automatic and manual.

Pricing Category

• High (More Than USD 20,000)
• Medium (USD 5,501 – USD 20,000)
• Low (Less Than USD 5,500)

On the basis of pricing category, the Europe and South America used car market is segmented into high (more than USD 20,000), medium (USD 5,501 – USD 20,000), and low (less than USD 5,500).

Sales Channel

• Online
• Offline

On the basis of sales channel, the Europe and South America used car market is segmented into online and offline.

Vehicle Type

• SUV
• Sedan
• Hatchback
• Convertible
• Crossover
• MPV
• Coupe
• Sports Car
• Others

On the basis of vehicle type, the Europe and South America used car market is segmented into SUV, Sedan, hatchback, convertible, crossover, MPV, coupe, sports car, and others. 

Europe and South America Used Car Market Country Analysis/Insights

Europe and South America used car market is segmented on the basis of vendor type, propulsion type, engine capacity, vehicle type, dealership, transmission, pricing category, and sales channel.

The countries covered in the Europe and South America used car market report are Germany, U.K., France, Italy, Spain, Russia, Poland, Netherlands, Belgium, Switzerland, Denmark, Finland, Sweden, Norway, Turkey and Rest of Europe, Brazil, Argentina and Rest of South America.

U.K. dominates in the Europe region due to the UK having one of the largest economies and populations in Europe, which naturally translates into a larger automotive market, including the used car segment. Brazil dominates in the South America region because many people prefer purchasing used cars due to the cost savings compared to buying new vehicles.   

The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Europe and South America brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Europe and South America Used Car Market Share Analysis

Europe and South America used car market competitive landscape provides details of the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe and South America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Europe and South America used car Market.

Some of the major players operating in the Europe and South America used car market are: AUTO1 Group, Penske Automotive Group, Inc., Lookers PLC, PENDRAGON, Emil Frey AG, Group1 Automotive, Inc., Arnold Clark Automobiles Limited, Gottfried Schultz Automobile Trading SE, Alibaba Group Holding Limited, OLX GROUP, Auto Trader Group plc., KAVAK, HELLMAN & FRIEDMAN LLC, leboncoin, mobile.de GmbH, Gumtree.com Limited, Webmotors SA, AUTONIZA, Seminuevos.com, SALFA, Unidas, Grupo Sinal among others.