Latest News- Used Car Market in UK: Organized is expected to lead the Channel segment during 2025-2029

The Used Car Market in UK is being driven by Excellent value for money proposition of used cars

The Used Car Market in UK is expected to grow at a CAGR of 6.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 39.5 billion. In the burgeoning used car market of the UK, digital touchpoints play a pivotal role in the customer journey. Vehicle manufacturers and dealers' online platforms serve as crucial interfaces for potential buyers to explore various car models. With a significant proportion of time spent by customers in the research phase, the usability and aesthetics of these websites become paramount. Numerous online used car dealerships offer tailored research services, making it essential for dealers to optimize their sites for user experience. By creating an intuitive and visually appealing online presence, dealers can effectively engage potential buyers and facilitate informed purchasing decisions. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Channel
  • Organized
  • Unorganized
• Vehicle Type
  • Compact car
  • SUV
  • Mid size
• Type
  • Petrol
  • Diesel
  • Others
• Geography
  • UK

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Excellent value for money proposition of used cars
• Reducing ownership cycle of cars
• Increasing technological innovations in passenger cars

However, the market also witnesses some limitations, which are as follows:

• Increasing preference for car subscription services
• Increase in number of on-demand taxi operators
• Stringent emission regulations to restrict sales of non-compliant used cars

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Market Scope in Used Car Market in UK Research Report

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Research Analysis Overview

The UK used car market encompasses various segments, including Hatchbacks, Sedans, and Sports Utility Vehicles. It is characterized by both organized and unorganized sectors. OEMs, banks, and dealership networks dominate the organized market, while individual sellers constitute the unorganized sector. Fuel types range from Petrol and Diesel to Hybrid and Electric vehicles. Used car management involves OEMs, leasing offices, franchises, car dealers, and leasing companies. Online sales through auto marketplaces and car subscription services are increasingly popular. The average ownership duration is around five years, with residual values and quality finance charges influencing purchasing decisions. The telecom industry and online retailing have significantly impacted the used car market.

Market Research Overview

The used car market in the UK is a significant sector within the larger automotive industry, encompassing various vehicle categories, including hatchbacks, sedans, and sports utility vehicles (SUVs). This market is segmented into organized and unorganized sectors, with organized players being dealerships and franchises, while the unorganized sector comprises private sellers. Fuel types include petrol and diesel, with Original Equipment Manufacturers (OEMs) and banks playing crucial roles in financing and supplying parts and vehicles. Market expansion will be influenced by factors such as the growing demand for electronic components, particularly in the context of the increasing sales of electric vehicles (EVs), motorcycles, and passenger cars. The integration of advanced technology in automobiles, including the proliferation of electronic control units (ECUs) and other electrical components, is a key trend driving market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/