Any vehicle that has previously belonged to one or more retail owners is referred to as used. It is referred to as a used car or a pre-owned car. Franchise and independent car dealers,rental car companies, buy here pay here dealerships, leasing offices, auto auctions, and private party deals are just a few places where used cars can be found.
According to SPER market research, ‘Australia Used Car Market Size– By Vendor Type, By Fuel Type, By Body Type, By Sales Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Australia Online Used Car Market is predicted to reach USD 77.94 billion by 2033 with a CAGR of 6.35%.
The growth of the country’s population and the practise of upgrading cars every one to two years have both contributed to Australia’s used car market’s consistent growth over the past several years. The Australian used car industry is also being driven by the expansion of transactional marketplaces that connect buyers with dealers, financing sources, and insurance providers and enable one-stop shopping for consumers. Online used automobile marketplaces are expanding their present models to include licenced dealers, giving the latter a reputation and fostering buyer confidence. Additionally, the Australia Used Car industry is anticipated to be driven by the use of cutting-edge technology like AI to evaluate cars online only based on photographs, 360-degree views of the interiors of cars, etc.
The expansion of the used vehicle industry is also being fuelled by elements like the high price of new cars, concerns about affordability, a rise in demand for off-lease cars, and subscription services offered by franchises, leasing offices, and auto dealers. However, the used car market is based on replacement purchasers, car owners selling their cars, and used car imports, which creates a lot of uncertainty about how supplies will be able to keep up with demand. The future expansion of the used car market is therefore expected to be hampered by these worries.
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Impact of COVID-19 on Australia Used Car Market
Furthermore, significant disruption in the automobile sector has been brought on by the COVID-19 pandemic outbreak. The pandemic makes consumers more likely to use private transport. However, due to disparities in income, buying a new car is probably out of the question, and commuters are probably going to choose used vehicles instead. Additionally, during this pandemic period, sales leads acquired through virtual reality, the internet, or digital technology buy new cars.
Australia Used Car Market key players
Additionally, some of the market key players are BMW Premium Certified, Brighton Suzuki Brighton, Cars24, Gumtree AU Pty Limited, HELLOCARS SUBSCRIPTION PTY LTD., Toyota Certified Pre-Owned Vehicle, Others.
Australia Used Car Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Vendor Type: Based on the Vendor Type, Australia Used Car Market is segmented as; Organized, Un-organized.
By Fuel Type: Based on the Fuel Type, Australia Used Car Market is segmented as; Diesel, Electric, Petrol, Others.
By Body Type: Based on the Body Type, Australia Used Car Market is segmented as; Hatchback, Multi-Purpose Vehicle, Sedan, Sport Utility Vehicle.
By Sales Channel: Based on the Sales Channel, Australia Used Car Market is segmented as; Offline, Online.
By Region: This research also includes data for Eastern Region, Northern Region, Southern Region, Western Region.
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.
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