Market Size of Australia Used Car Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 69.90 Billion |
| Market Size (2029) | USD 113.19 Billion |
| CAGR (2024 - 2029) | 10.12 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australia Used Car Market Analysis
The Australia Used Car Market size is estimated at USD 69.90 billion in 2024, and is expected to reach USD 113.19 billion by 2029, growing at a CAGR of 10.12% during the forecast period (2024-2029).
The used car market in Australia has been growing steadily over the years and has become a key part of the automotive industry. According to industry reports, sales of used cars in Australia surpassed sales of new cars in recent years. Factors driving the growth of the used car market include affordability, availability, and consumer preferences.
The used car market in Australia is expected to continue to grow, driven by factors such as affordability, availability, and changing consumer preferences. However, the exact scope of future growth will depend on a variety of factors, including the health of the economy, consumer preferences, and government policies affecting the automotive industry.
Due to the increasing digitization and the ability of companies to provide immersive purchase experiences remotely, the Australian used car market is expected to witness significant growth. Furthermore, the rise in the value-added service offering and the variety of finance providers offering credit for used cars will also contribute to the growth of the used car market in the region. However, the higher interest rates might turn around some potential customers, restricting the market’s growth.
Australia Used Car Industry Segmentation
A pre-owned vehicle or a secondhand car is a vehicle that has previously had one or more retail owners. A certified pre-owned (CPO) vehicle is a pre-owned vehicle that has been extensively inspected (pre-purchase inspection) and expertly reconditioned.
The Australian used car market has been segmented by vendor type, fuel type, body type, and sales channel. By vendor type, the market is segmented into organized and unorganized. By fuel type, the market is segmented into gasoline/petrol, diesel, electric, and others. By body type, the market is segmented into hatchback, sedan, and sport utility vehicle and multi-purpose vehicle. By sales channel, the market is segmented into online and offline.
The report covers the market size and forecasts the value (USD) for all the above segments.
| Vendor Type | |
| Organized | |
| Unorganized |
| Fuel Type | |
| Petrol | |
| Diesel | |
| Electric | |
| Others |
| Body Type | |
| Hatchback | |
| Sedan | |
| Sport Utility Vehicle and Multi-Purpose Vehicle |
| Sales Channel | |
| Online | |
| Offline |
Australia Used Car Market Size Summary
The used car market in Australia has established itself as a significant segment within the automotive industry, with sales of used vehicles surpassing those of new cars in recent years. This growth is fueled by factors such as affordability, availability, and shifting consumer preferences. The market is poised for continued expansion, supported by the increasing digitization of the sales process and the availability of immersive online purchasing experiences. The rise in value-added services and diverse financing options further bolsters market growth, although higher interest rates may pose challenges by deterring some potential buyers. The high penetration of internet and mobile usage in Australia facilitates improved advertising and information sharing among used car owners, enhancing the sales process and enabling more efficient transactions.
The Australian used car market is characterized by a fragmented landscape with several key players competing vigorously for market share. Companies like Cars24, Carsguide Autotrader Media Solutions, and Gumtree AU are actively engaging in strategies to attract customers and expand their presence. The market is also witnessing a shift towards eco-friendly vehicles, with initiatives aimed at reducing emissions and promoting electric vehicles, which could impact the demand for gasoline-powered cars in the long term. However, in the short term, the demand for petrol-based vehicles remains strong, particularly in the sedan and SUV segments. The market's growth trajectory is influenced by economic conditions, consumer preferences, and government policies, with ongoing developments in digital platforms and strategic partnerships shaping the competitive landscape.
Australia Used Car Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Quality Assurance is Driving Market Growth in the Country
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1.2 Market Restraints
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1.2.1 Trust and Transparency in Used Car Remained a Key Challenge for Consumers
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Vendor Type
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2.1.1 Organized
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2.1.2 Unorganized
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2.2 Fuel Type
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2.2.1 Petrol
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2.2.2 Diesel
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2.2.3 Electric
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2.2.4 Others
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2.3 Body Type
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2.3.1 Hatchback
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2.3.2 Sedan
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2.3.3 Sport Utility Vehicle and Multi-Purpose Vehicle
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2.4 Sales Channel
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2.4.1 Online
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2.4.2 Offline
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Australia Used Car Market Size FAQs
How big is the Australia Used Car Market?
The Australia Used Car Market size is expected to reach USD 69.90 billion in 2024 and grow at a CAGR of 10.12% to reach USD 113.19 billion by 2029.
What is the current Australia Used Car Market size?
In 2024, the Australia Used Car Market size is expected to reach USD 69.90 billion.
