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The Australia Used Car Market is projected to be valued at USD 69.90 billion in 2024 and is anticipated to grow to USD 113.19 billion by 2029, with a compound annual growth rate (CAGR) of 10.12% over the forecast period (2024-2029). Australia’s used car market is projected to see continued growth, fueled by factors like affordability, accessibility, and evolving consumer preferences.
Key Trends Driving The Australia Used Car Market
1. Digital Transformation and Online Sales Channels
This widespread connectivity has revolutionized the used car market, enabling owners and dealers to advertise vehicles online, thereby streamlining the sales process. Multi-brand and independent dealerships are enhancing their online presence through dedicated websites and social media platforms, facilitating end-to-end transactions without the need for physical showrooms. For instance, in May 2022, Australian online used car platform Carma raised AUD 52 million (USD 36.83 million) in Series A funding to expand its operations, reflecting the growing consumer confidence in online vehicle purchases.
2. Dominance of Petrol-Powered Vehicles Amidst Transition
Petrol-powered vehicles continue to hold a significant share of the Australian used car market, particularly in the sedan and SUV segments. However, the country’s commitment to reducing emissions is steering a gradual shift towards electric vehicles (EVs). Policies aimed at achieving net-zero emissions by 2050 include plans to ban the sale of new petrol and diesel cars by 2027, with a target of 100% passenger EV sales by that year.
While this transition may impact the demand for petrol vehicles in the long term, current consumer preferences and the existing infrastructure continue to support their dominance in the used car market.
Market Segmentation
1. Vendor Type
- Organized Sector: Comprises certified dealerships and authorized pre-owned vehicle programs offering quality assurance and after-sales services.
- Unorganized Sector: Includes independent sellers and smaller dealerships with varying degrees of quality assurance.
2. Fuel Type
- Petrol: Currently the most prevalent fuel type in the used car market.
- Diesel: Experiencing a decline in popularity due to higher upfront costs and fuel prices.
- Electric: A growing segment driven by environmental policies and consumer interest in sustainable options.
- Others: Includes hybrid and alternative fuel vehicles, gradually gaining traction.
3. Body Type
- Hatchback: Popular for affordability and compact size, appealing to urban consumers.
- Sedan: Preferred for comfort and space, maintaining a steady demand.
- Sports Utility Vehicle (SUV) and Multi-Purpose Vehicle (MPV): Gaining popularity for versatility and family-friendly features.
4. Sales Channel
- Online: Rapidly expanding due to convenience and comprehensive digital platforms.
- Offline: Traditional dealerships and physical showrooms continue to play a crucial role, especially for consumers preferring in-person inspections.
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Key Players
The Australian used car market is moderately fragmented, with key players engaging in competitive strategies to capture market share. Prominent companies include:
- Cars24
- CarsGuide Autotrader Media Solutions Pty Ltd.
- Gumtree AU Pty Limited
- Cartopia Pty Ltd
- Carsales.com Limited
These companies are leveraging digital technologies and strategic partnerships to enhance customer experience and expand their market presence. For example, in July 2023, carsforsale.com.au partnered with ReDriven to set new standards in transparency and customer satisfaction within the used car sector.
Conclusion
The Australian used car market is on a robust growth trajectory, propelled by digitalization, favorable consumer trends, and supportive economic factors. While the transition towards electric vehicles presents both challenges and opportunities, the market is poised to adapt, with key players innovating to meet evolving consumer demands. As the landscape continues to evolve, stakeholders are expected to focus on enhancing online platforms, expanding vehicle offerings, and aligning with environmental policies to sustain growth and competitiveness.
Industry Related Reports
Japan Used Car Market: The Japan Used Car Market is categorized by vehicle type (Hatchback, Sedan, Sport Utility Vehicle (SUV), and Multi-purpose Vehicle (MPV)), booking channel (Online, OEM Certified/Authorized Dealerships, and Multi-Brand Dealerships), and transaction type (Full Payment and Finance).
India Used Car Market: The Used Car Market in India is divided based on vehicle type (Hatchbacks, Sedans, and Sports Utility Vehicles), vendor type (Organized and Unorganized), and fuel type (Petrol and Diesel).
China Used Car Market: The China Second-Hand Car Market is classified by vehicle type (Hatchback, Sedan, Sport Utility Vehicle (SUV), and Multi-purpose Vehicle (MPV)), booking channel (Online, OEM Certified/Authorized Dealerships, and Multi-Brand Dealerships), and transaction type (Full Payment and Finance).
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