Germany Used Car Market is projected to be worth USD 227.64 billion by 2033 and is anticipated to surge at a CAGR of 7.41%.
A car that has been driven before but is still in good enough condition to be sold is called a used car. Used automobiles are sold through a variety of venues, including private party sales, franchised and independent auto dealers, rental car agencies, auction houses, and leasing offices. The average number of cars purchased by millennials has declined due to the high cost of car ownership and maintenance. Additionally, in an effort to cut costs, millennials are more likely to travel in used cars rather than new vehicles.
Germany Used Car Market Driving Factors and Challenges
Drivers:- High new car costs and concerns about affordability The motor vehicle sector has seen an increase in demand for advanced innovations like climate control, power steering, and anti-lock brakes. As a result, new cars are now more expensive. Furthermore, the price increase in 2019—driven primarily by mainstream passenger car segments—indicates the challenges with affordability in the new market. In the automotive industry, used car sales have increased in comparison to new car sales as a result. The market for vintage cars is expected to rise as a result.
Challenges:- Competition from New Car Sales: Volkswagen, BMW, and Mercedes-Benz are just a few of the well-known manufacturers in Germany's robust automotive sector. Customers may frequently choose new models over old ones, which can lead to fierce competition in the used automobile market. Furthermore, because they are unable to obtain cars for their customers until the owner lists them for sale, used car dealers are reliant on sellers. When the market eventually runs out of inventory, a fall in new automobile sales could hinder market growth.
Impact of COVID-19 on Germany Used Car Market
The COVID-19 epidemic prompted countries to temporarily reduce demand for both new and used automobiles. Furthermore, the global recession has had an influence on customers, resulting in a decrease in automotive sales; nonetheless, people worldwide have begun to avoid public transportation due to the risk of infection and the necessity to maintain social distance. According to the KBA, the German used-car market contracted by 6.8% in the first half of 2021.
Germany Used Car Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; 12Gebrauchtwagen.de, AUTO1.com GmbH, AutoScout24 GmbH, CarNext.com, Cazoo Ltd., Cinch Cars Limited, Driverama Germany GmbH, mobile.de, OOYYO Corporation, pkw.de Autoborse GmbH, SAAM, TASA Logística, Others.
Germany Used Car Market Segmentation:
By Vendor: Based on the Vendor, Germany Used Car Market is segmented as; Organized, Unorganized.
By Fuel Type: Based on the Fuel Type, Germany Used Car Market is segmented as; Petrol, Diesel, Electric, Others.
By Body Type: Based on the Body Type, Germany Used Car Market is segmented as; Hatchback, Sedan, SUVs and MPVs.
By Sales Channel: Based on the Sales Channel, Germany Used Car Market is segmented as; Online, Offline.
By Region: This research also includes data for Eastern, Western, Southern, Northern.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.