New car deliveries and trade-ins are delayed too – and manufacturing had been paused by most car companies between March and mid-May 2020. 24 billion in 2019, and it is expected to register a … Solid growth in January and February wiped out by steep -30.7% decline in March as showrooms closed. The total U.S. industry market size for Used Car Dealers: Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size. For one, in the 12 months to Decemver 2019, our new car sales dipped by almost eight per cent. Used Market Update: October 23, 2020. Recently in May 2019, ten Chinese cities have been granted permission to export used cars by the country’s Ministry of Commerce. America’s Massive Used-Car Market is Getting the EBay Treatment . The Global used car market is expected to grow at a CAGR of 12.81%, during the forecast period. Used car transactions fall -14.9% in 2020 with 6,752,959 units changing hands as coronavirus lockdowns … 10 November 2020 # Used Car Sales Data # Vehicle Data Used car sales: Q3 2020 UK used car transactions grow 4.4% in Q3 as showrooms re-open, with 2,168,599 vehicles changing hands. Glenn Rowswell on 23rd December 2020. As the Indian auto industry was expected to enter the BS-VI era from April 2020, the value proposition of used cars is expected to increase, as new cars are expected to become expensive due to additional technology costs. Power. One of the key growth drivers of the market is the revision of the GST rate on used cars from 28% to 12-18%. Major OEMs are now investing in the used car segment to ramp up their revenues. ', Bauer Media Group consists of: Bauer Consumer Media Ltd, Company number: 01176085, Bauer Radio Ltd, Company Number: 1394141 Additional factors, such as a rise in income levels, increasing demand for luxury cars, shorter car ownership periods, booming import-export and a growing preference of two-wheeler owners to upgrade to small and compact cars are driving the growth of the market. As the Indian auto-industry is entering the BS-VI era from April 2020, the value proposition of the used car can grow stronger, as new cars are expected to become expensive due to additional technology costs. The latest BCA Pulse Report showed that the headline used car value rose to £10,002 in February, an increase of £162 (1.6%) compared to January. But slowly and steadily, the organized and semi-organized sectors are catching up and are expected to occupy a considerable sale towards the end of the forecast period. The US used-car market is more than twice the size of the new-car segment and is outpacing it in growth. Market for used plug-in electric vehicles stays strong with demand rising 13.6% in first quarter. The market for global used cars is fragmented. Find out if used car prices are going up or down and how they have changed over time. 16. Wholesale auction sales of vehicles up to 8 years old for the week ending Oct. 25 improved reaching approximately 89,000 units. VAT no 918 5617 01 Another area weathering the storm well are small, city cars. Mercedes-Benz and PlatON are planning store the entire lifecycle data for a vehicle. India Used Car Market - Growth, Trends, and Forecast (2020 - 2025) The Indian used car market was valued at USD 24. But there is a downward trend in prices coming up. I usually begin the year with a roundup of the top automotive trends for the upcoming year. McKinsey’s auto retail micro-market model (ARM 3 ) for used-car demand in the United States estimates that Americans buy 39.4 million used cars each year, versus 17.3 million new ones (2018), and that used-vehicle sales will increase faster than new-vehicle sales over the next five years. The Indian used car market was valued at USD 24.24 billion in 2019, and it is expected to register a CAGR of 15.12% during the forecast period (2020-2025). to price any used vehicle. Use CarGurus Instant Market Value. 12 May 2020 # SMMT News UK used car market falls -8.3% in Q1 2020 to 1.8 million transactions as coronavirus hits. To his astonishment, used-car site Carvana offered him $1,500 more than he paid for the vehicle in 2018. China currently has more than 300 million registered vehicles. It includes all major brands sold in the U.S market and you can see that the monthly brand sales trends clearly. Gap widens between new and 3-year-old used The price disparity turns more shoppers to the used market 20 $10,449 $14,951 Source: Edmunds $29,750 $37,242 $19,301 $22,291 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 New-vehicle average transaction price 3-year-old used average transaction price Overall Car Buying Trends and Analysis. The Global Used Car Market covers the latest trends and technological development in the global used car market, demand of the vehicle type, vendor type, fuel type, geography and market share of major used car dealers, retailers and platforms across the world. )), Vendor Type (Organized and Unorganized), Fuel Type (Gasoline, Diesel and Alternative Fuel Vehicles (PHEV, BEV, Ethanol, CNG, etc. According to auto industry sales data, the value of the used car market in the US grew from $77.8 billion in 2009 to $117.9 billion in 2019. Top 20 automotive trends for 2020 and beyond. Used Car Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021... India Used Car Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026). Update Chart. If used car values are set to drop in early 2021, the advice is simple – if you're buying a used car, it pays to hold on and wait. Figure 1: Change in used-car sales by dealers via automotive portals, w/w in % since February 2020. The Manheim annual Used Car Market report examines the economic underpinnings of the entire used vehicle market and sector-specific trends that influence the supply and pricing of used vehicles. Used car prices are spiking to record levels since demand is up and fewer owners have been selling during to the pandemic. But while it might appear like business as usual, peel back the raw numbers and there are some worrying trends emerging. The used car market across the world is growing rapidly. Used Market Update: October 30, 2020. They require both regular and emergency service, replacement parts, paint, cleaning, stereo system installations and a whole lot more. On global level, OEMs such as Volkswagen and Daimler have backed online vehicle sales startup such as Heycar in 2017 and 2018. The automotive aftermarket provides these parts and services, and largely flourishes during economic uncertainty. Used car transactions fall -14.9% in 2020 with 6,752,959 units changing hands as coronavirus lockdowns … 10 November 2020 # Used Car Sales Data # Vehicle Data Used car sales: Q3 2020 4. New vehicles and model updates in 2020 ; 2020 Auto Sales Forecast . But the market is dominated by small and unorganized regional players who are present in most of the nations. Buying a used car does not increase the number of cars on the road, of course. Interestingly, it's also predicting that demand will outstrip supplies of late-model and approved-used cars into 2021. Prices were generally inflated in the summer and this is an expected re-alignment. Millennials in India are tech savvy and are focusing on resale value of the vehicle rather than size and brand. Used Cars … Online classified platform OLX expects the used car market to reach USD 25 billion mark by 2023. The organisation, which closely monitors the used market, and which supplies car valuations to much of the trade says that it's not all bad news, though. 4.3 Industry Attractiveness - Porter's Five Force Analysis, 4.3.2 Bargaining Power of Buyers/Consumers, 7. Even before franchised dealers looked to 2020 as a banner year for used-vehicle ... 5 trends … Pricing heading down. Industry Trends. LUXURY TWO-DOOR SALOONS: MARKET TRENDS. While sales dipped earlier in the year, they are steadily returning to their norm, especially used cars. Report scope can be customized per your requirements. Sean Szymkowski June 5, 2020 9:22 a.m. PT Wholesale auction sales of vehicles up to 8 years old for the week ending Oct. 18 remained relatively flat at 80,000 units. CAGR of the market during the forecast period 2020-2024 Detailed information on factors that will assist used cars market growth during the next five years This report highlights market conditions and buyer and seller strategies within the used vehicle marketplace, provides an update on digital and mobile technology developments. The global used car market size was valued at USD 1,332.2 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2020 to 2027. We are always looking to hire talented individuals with equal and extraordinary proportions of industry expertise, problem solving ability and inclination. How has the trade been responding? This is going to happen as used valuations are down 2.8% on average for November  – the good news is that if you sell a luxury vehicle, valuations are resisting this fall. COVID-19 has undoubtedly impacted car-buying behavior in 2020. (Carsurance.net) US car sales by brand – Statistics and facts 18. They make revenue through commissions earned by facilitating sale of used cars on their online platforms. At the same time, used car prices are expected to decline through 2020, which means it's a good time to be a used-car buyer but not great if you're a seller. For our privacy policy go to, Audi A8 - values set to remain firm in 2021, The latest independent car advice and reviews, Expert guidance to help you buy or sell at the right price. Consumers value the health and safety of having their own vehicle, which has led many younger city-livers to buy cars this year. Used cars dominate the market in terms of annual sales. This flies in the face of what Larry Kudlow said during the Presidential Presser on CSPAN this afternoon when he stated that car sales have taken off during this 3rd quarter of 2020. Used Car Price Trends CarGurus tracks the prices of millions of used car listings every year. Tech savvy customers in the age group of 25 to 40 years are demanding features such as end to end transaction, doorstep delivery, digitalized recommendation on the basis of driving behavior and lifestyle of customer and digitalized test drives. 845898). The strong demand for used cars has lifted trade-in values, a boon for some car buyers. This report highlights market conditions and buyer and seller strategies within the used vehicle marketplace, provides an update on digital and mobile technology developments. With an army of inspectors and an online marketplace, ACV Auctions is … Car Sharing Market size exceeded USD 2.5 billion in 2019 and is poised to grow at a CAGR of over 24% between 2020 and 2026. Dealerships across the co… getty. All registered in England and Wales. Company Number: LP003328 Registered Office: Academic House, 24-28 Oval Road, London, NW1 7DT. Used Car Dealers in the US industry trends (2015-2020) The Boatbuilding and Repair Services industry has grown over the past five years, despite challenging trading conditions. (Carsurance.net) 17. The growing organized and semi-organized sector is expected to bring in more revenue to the bigger organized players towards the latter half of the forecast period, thus moving the market ever slightly towards a consolidated one. Millennials are considered as the factor driving the used car market in India. Car buyers in 2020 browse for new and used vehicles online, with the majority of auto purchase research beginning on the internet. Currently, the sale of used cars is 1.3 times that of new cars in the country and the ratio is expected to reach 2:1 in the next five years. This is expected to become a large used vehicle inventory for the world in the near future. Following suite, a Chinese company in Guangzhou recently exported nearly 300 used cars to Cambodia, Myanmar, Nigeria, and Russia. The easing of car retail COVID-19 coronavirus lockdown restrictions in Austria and Germany have delivered ‘no strong signs’ of a used car market bounce back, according to Indicata.. Indicata’s Market Watch report has revealed that Austria used car sales volumes had risen to half its April norm after it became the first country to ease lockdown restrictions for the motor industry on April 12. The fall in goods and services tax (GST) on used luxury vehicles to 18 per cent has reduced the overall cost and the differential cost between the unorganized and semi-organized players in the market. The new Bond film, the growth in popularity of used EVs, the continuing appeal of diesel, the emergence of some great cars at prices more of us can afford… it’s all to play for in 2020. Self-driving cars for 2020? Valuation trends in the used car market are often among the leading indicators of the auto industry’s overall strength. The used car market evolved in the country, with the growth of the organized and semi-organized sector. To understand key trends, Download Sample Report. Used-vehicle sales in the U.S. have plunged as most Americans have been told to stay home amid the coronavirus pandemic. © 2020. Facilities such as enormous number of photos and videos on the online platform and easy online instant finance service is drawing more customers into buying used cars. Valuation trends in the used car market are often among the leading indicators of the auto industry’s overall strength. Strong demand for exports has driven industry revenue growth over the period, as demand from France and Singapore for industry products has substantially increased. With an increasing focus on EVs and autonomous vehicles in the country, China is planning to sell its registered vehicles to those countries where emission and safety norms are lenient. The pre-owned car or used car market crossed the 4 million units mark in FY 2018, which states that the used car market is 1.3 times of the new car market. Increased reliability of modern cars is helping to broaden the age... Find out more Add To Cart; The UK Car Review: An Insight into Brand Preferences and Market Trends – UK – February 2015. H Bauer Publishing are authorised and regulated for credit broking by the FCA (Ref No. They are absolutely essential to the majority of the working population, and are frequently a point of pride for their owners. The main reason for the same has been the advent of organized players in the market in developing nations, which has taken care of the trust deficit, plaguing the used car market in those countries for ages. According to the American Automotive Policy Council, the automotive industry is the largest manufacturing sector in the United States. … And the Australian car sales figures for 2019 proved our new car market, while slowing, remains about on-par with our now regular annual seven-figure feat. Used cars are going nowhere. All Rights Reserved to Mordor Intelligence. The import-export business of used cars is also prominent in Europe with France, Germany, Belgium, Spain, Netherlands and Portugal being the major countries for this business. The Asia Pacific region is expected to be the largest market followed by North America and Europe. Your email has been successfully submitted! MARKET OPPORTUNITIES AND FUTURE TRENDS, Nanakramguda Rd, Financial District, Gachibowli. Providing the most comprehensive and up-to-date information and analysis of the UK Car Review market, and the behaviours, preferences and habits of the consumer. June 29, 2020, 7:15 AM EDT 5:34. The organization’s 2018 report says that the automakers in the country have exported vehicles and parts worth over $692 billion over the past five years. Higher used car sales can spell trouble for automakers looking to move new cars with no end in sight to the COVID-19 pandemic. "Used Cars Market 2020 Global research report studies latest Used Cars industry aspects market size, share, trends, growth, business overview and Used Cars industry scenario during the forecast period (2020-2024). "