European Used Car Growth Opportunities

European Used Car Growth Opportunities

After facing a challenging period in 2020, with isolation measures and economic difficulties due to the COVID-19 pandemic, Europe has started getting back to normal. However, although vaccination rates have advanced, some markets are still in crisis. The automotive market, for example, has not recovered to usual levels of new car sales. Global microchip shortages and the current war between Russia and Ukraine have affected car production and stimulated the second-hand car market. The rising demand also impacted the average price of used cars, which increased in 2021 in Europe. In 2021, 32.7 million second-hand cars were sold in Europe (considering the 11 countries in the scope of the study), and 3 countries (the United Kingdom, Germany, and France) accounted for 61.2% of the sales.

In western Europe, digital transactions are expected to increase, including for used car sales. In eastern Europe, the need for trustworthy technical car inspection companies is expected to drive market growth. This Frost & Sullivan research service provides a comprehensive outlook of the used car market in Europe and offers meaningful insight for automotive companies wishing to explore this unique and competitive market.