Europe Used Car Market Forecast by 2033

Market Size in 2024: USD 62.5 Billion
Market Forecast in 2033: USD 93.5 Billion
Market Growth Rate 2025-2033: 4.11%

The Europe used car market size was valued at USD 62.5 billion in 2024. Looking forward, the market is expected to reach USD 93.5 billion by 2033, exhibiting a CAGR of 4.11% from 2025-2033. The market is witnessing steady growth driven by rising demand for affordable vehicle ownership, increased adoption of online sales platforms, and greater availability of certified pre-owned options.

Europe Used Car Market Growth Drivers

Growth of Online Platforms

The European used car market is witnessing a significant shift toward digitalization, with online platforms emerging as a key sales channel. These platforms offer buyers access to a vast range of vehicles with transparent pricing, vehicle history reports, and virtual inspection tools. The convenience of browsing, comparing, and purchasing cars online has gained traction among tech-savvy consumers. For instance, in August 2024, AutoScout24, a prominent European online automotive marketplace, announced its acquisition of TRADER Canada. This strategic move extends AutoScout24’s reach beyond Europe, incorporates dealer software and financing solutions, and bolsters its status as a leading global player in online automotive marketplaces, driving further innovation and expansion.

Increasing Demand for Low-Emission Vehicles

The rising focus on sustainability is driving demand for low-emission vehicles in the European used car market. Government regulations and incentives, including tax benefits and subsidies for environmentally friendly vehicles, are encouraging consumers to choose hybrid and electric pre-owned cars. This trend supports Europe's dedication to lowering carbon emissions and achieving its environmental goals. For instance, in April 2024, the European Parliament passed legislation aimed at cutting CO2 emissions from heavy-duty vehicles. The regulation introduces phased targets for reducing emissions from trucks and buses, supporting Europe's climate objectives and accelerating the shift towards zero-emission vehicles by 2040 to promote sustainability. The availability of certified pre-owned low-emission vehicles with warranties further boosts consumer confidence. Advancements in battery technology and the expanding infrastructure for electric vehicles also support this growing segment, making low-emission cars a pivotal trend in shaping the future of the used car market.

Preference for Compact and Fuel-Efficient Cars

Consumers in Europe maintain a clear inclination toward smaller, fuel-efficient vehicles within the used car segment. Hatchbacks and small SUVs dominate due to their practicality, lower maintenance costs, and suitability for urban driving. Economic considerations, including rising fuel prices, further reinforce this trend. For instance, in 2024, natural gas prices in Europe surged to their peak following Ukraine's acquisition of the final transit hub for Russian gas entering Europe. This led to a three-day price increase, surpassing €40 (USD 43.71) per megawatt-hour for the first time since December 4, 2023. Manufacturers and dealerships are responding by offering certified pre-owned vehicles with improved fuel efficiency and modern safety features. Additionally, compact vehicles are gaining traction among first-time buyers and younger demographics. The focus on affordability and functionality makes compact and fuel-efficient cars a key trend driving demand in Europe’s used car market.

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Europe Used Car Market Segmentation:

Analysis by Vehicle Type

• Hatchbacks
• Sedan
• Sports Utility Vehicle
• Others

Analysis by Vendor Type

• Organized
• Unorganized

Analysis by Fuel Type

• Gasoline
• Diesel
• Others

Analysis by Sales Channel

• Online
• Offline

Country Analysis

• Germany
• France
• United Kingdom
• Italy
• Spain
• Others

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Europe Used Car Market News:

• In April 2024, Monaco-Occasions, a Monaco-based secondhand car website, unveiled its first Special Days event at the Grimaldi Forum. High-end pre-owned cars from brands like Ferrari, Bentley, and Rolls-Royce were displayed, providing customers with an opportunity to explore premium vehicles, access tailored deals, and experience exceptional service in a prestigious setting.
• In August 2024, AutoScout24, a prominent European online automotive marketplace, announced its acquisition of TRADER Canada. This strategic move extends AutoScout24’s reach beyond Europe, incorporates dealer software and financing solutions, and bolsters its status as a leading global player in online automotive marketplaces, driving further innovation and expansion.
• In October 2024, AUTO1 Group SE, a prominent digital automotive platform in Europe, introduced its AUTO1 financing solution to Belgium and the Netherlands. This initiative enables partner dealers to acquire vehicles from AUTO1.com without upfront equity, providing rapid financing approval and integrated features.

Key highlights of the Report:

• Market Performance (2019-2024)
• Market Outlook (2025-2033)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as part of the customization.

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