Overview:
The Used Car Market in Australia has seen significant growth in last 5 years supported by increase in millennials population in the country and also with the entry of emergent players into the market. Increase in used to new car indicates the buyer preference of used car over new cars.
Majority of customers prefer used cars of average age, with more Kilometers driven as used car at that segment offers attractive and affordable option with SUV being the major choice by the type of car.Car dealers are emphasizing on providing integrated user-friendly platforms to ease the buyer’s journey of used cars. These trends and developments are changing the used car industry on a positive note with promising future growth.
The Used Car Market in Australia t is segmented on the basis of total number of used car units sold with a CAGR of ~% over the period 2016-2021 with total Revenue generated ~% in USD Bn.
Australia Used Car Market Segmentation
Australia used car market is at growing stage and has a high potential with growth opportunities like digital transformation, and growing trend of upgrading vehicles.
By Market Structure:
Market is dominated by unorganized dealers with majority of the cars sold 2021 due to affordable price range.
By Unorganized Sector:
Australia used car market is dominated by the C2C transaction contributing majority of the car sold in 2021.
By Organized Sector:
The organised sectors of used car market is dominated by the OEM certified franchisee dealers.
By Type of Car:
The market for used car has been dominated by SUVs with more preference among users.
By Manufacturers:
Manufacturer A accounted for major share in used car market total volume sales in units being popular brand among customers.
By Kilometres Driven:
Consumers prefer used car with more kilometres driven but maintained in good condition at attractive price
By Age of Car:
Used Car with 2-6 years age indicates the consumers need for average aged cars with better brand and resale value rather than other segments of age.
By region:
New South Wales and Victoria with highest number of Used Car Sales Volume, accounts for combined 5~0% of the total Used Car Volume Sales in Australia.
By Transmission:
Used cars with automatic manuals are dominating the market.
By Fuel:
Used cars with petrol fuel are dominating the used car market in Australia followed by diesel and hybrid
By Age of Customer:
People from the age group of 35-54 years are the majority of customers that have highest number of used car purchase in the market.
By Income Level:
Majority of the used car customers are those who are earning more than $50K.
By Source of Lead Generation:
Online platforms generated majority of the leads, by virtue of access to a large inventory base and easier user interface that gives user a number of choices to choose from.
By Consumer preference for an online search:
Majority of the car customers prefer to search used car for the discovery of the vehicle.
By how buyers search on online classified:
Majority of the car customers prefer to search used car for the discovery of the vehicle.
Australia Used Car Auction Market
Australia used car auction market is growing from last couple of years and expected to grow in future. Public Banks, Auction Houses act as a Major Source of Used Cars for across Australia for Independent Used Car Dealers.
Australia Used Car Finance Market
Australia used car financing is expected to increase its penetration. There are a lot of new companies coming up in this area. Prices are going up significantly for used cars, especially after COVID. Therefore, financing is more necessary than ever.
Australia Online E-commerce Used Car Market
Online E-commerce is an asset light way of sourcing vehicles to sell anytime, anywhere using any device. The Australia online e-commerce used car market has significant potential to grow.
Competition Landscape in Australia used car Market
The competition in Australia used car market was observed to be moderately fragmented. Toyota, Ford and Holden leads the used car market in Australia other players include Mazda, Mitsubishi, Nissan, Hyundai, Mercedez Benz, Volkswagen, Subaru, BMW, kia and other.
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Companies in Used Car Market in Australia are competing based on No. of Branches/Showrooms/Dealerships, Used Car Sales, Inventory Turnaround, Warranty, Value added, Bestselling model, Revenue (Mn) and Online Presence
Other companies include Volkswagon Certified Pre-Owned, Nissan Certified Pre-Owned, Subaru Certified Used Cars, Mercedes Benz Certified, Suzuki, Land Rover Approved, Audi Approved Plus, Porshe Approved etc.
Australia used car market Future Outlook and Projections
The Australia Used Car Market is expected to grow at a double digit ~% CAGR on the basis of Revenue and ~% on the basis of Sales Volume in Units. With the market at rebound stage, factors such as attractive pricing, government pivotal role, easy financing option, digital advancement, tech-enabled value services by companies will drive the used car market in the near future.
KEY FACTORS CONSIDERED IN THE REPORT
- Australia Automotive Market Overview
- Australia Used Car Market Overview
- Australia Used Car Auction Market
- Australia Used Car Finance Market
- Australia Online E-commerce Used Car Market
- Market Ecosystem
- Value chain Analysis
- Customer Buying Journey in Australia
- Decision Making Parameters for Customers
- Offline and Online Business Models
- Detailed Analysis on Australia Used Car Market (Market Size, 2021; Market Structure; Market Segmentations; Competition; Future Market Size, 2026; Future Trends and the Way Forward
- Snapshot on Online Used Car Platforms in Australia
- Snapshot of Used Car Auction House in Australia
- Snapshot of Finance Market in Australia
- Business Opportunity (Customer Profile Analysis)
- Recommendations (Sales and Marketing Strategies, Positioning Strategies, Business Framework)
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