Australia Used Car Market to Grow at a CAGR of 5.5% During 2024-2032, Aided by the Increasing Demand for Reliable and Cost-Effective Mobility Solution

The Australia used car market growth is fueled by the rising demand for sustainable and cost effective mobility solution among customers demanding reliable mode of transportation, along with the increasing popularity of SUVs in the country. A used car, refurbished for resale, can be purchased through independent dealers, rental companies, auctions, and more. This market appeals to budget-conscious buyers, first-time purchasers, and those seeking car subscription options. Compared to new cars, used vehicles offer cost savings, slower depreciation, and lower ongoing expenses like insurance and registration, attracting a wide range of consumers.

Fig: Vehicles Sales in Australia 2015-2022, Units

The rising demand for SUVs in Australia, driven by their comfort and appeal, is a key trend in the used car market. SUVs accounted for two-thirds of new vehicle sales in 2022, indicating their increasing popularity. This trend is expected to translate into higher demand for used SUVs in the future, shaping the dynamics of the pre-owned vehicle market.

Further, there is a rising preference for certified pre-owned (CPO) vehicles in Australia. CPO cars come with benefits like improved manufacturer warranty and maintenance perks, along with detailed vehicle history reports. These benefits provide confidence and support to buyers when purchasing pre-owned vehicles.

The main advantage of pre-owned vehicles is their affordability, appealing to a wide range of consumers, particularly first-time buyers and those on tight budgets.

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Market Breakup by Vendor Type, Fuel Type, Body Type, Sales Channel, and Region:

• The market is segmented based on vendor type into organized and unorganised.

• On the basis of fuel type, the market is categorised into petrol, diesel, and electric, among others.

• Based on body type, the market can be divided into hatchback, sedan, and sport utility vehicle and multi-purpose vehicle, among others.

• On the basis of sales channel, the market is categorised into online and offline.

• By region, the market is segmented into New South Wales, Victoria, Queensland, Australia Capital, and Western Australia, among others.

Key Findings of the Report:

• The allure of pre-owned vehicles is their affordability, appealing to first-time buyers and those seeking economical options. Used cars also retain value better than new ones.

• The widespread availability of used cars through multiple sales channels is aiding the market growth nationwide. Independent and franchise car dealers, rental companies, private sales, auctions, and leasing offices offer diverse options for consumers.

• The Australian used car market is poised for significant growth driven by increasing digitization enabling immersive remote buying experiences and a variety of finance options from service providers.

Key Offerings of the Report:

• The EMR report gives an overview of the used car market in Australia for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the vendor type, fuel type, body type, sales channel, and region of the Australia used car market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Australia used car market are Global Cars Aus Pty Ltd., Jowett Motor Group, BMW AG, Toyota Motor Corp., Cartopia Pty Ltd, carsales.com Ltd, Webb Auto Sales, Carsguide Autotrader Media Solutions Pty Ltd., and Southport Car Sales, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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