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.
Key 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
Contact Us:
Ken
Research
Ankur
Gupta, Head Marketing & Communications
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