Finland Used Car Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 12.81 Billion |
| Market Size (2029) | USD 17.64 Billion |
| CAGR (2024 - 2029) | 6.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Finland Used Car Market Analysis
The Finland Used Car Market size is estimated at USD 12.81 billion in 2024, and is expected to reach USD 17.64 billion by 2029, growing at a CAGR of 6.60% during the forecast period (2024-2029).
Over the long term, Personal mobility has gained popularity across the country, and people across the country are avoiding public transportation, owing to which demand for personal vehicles is high.
The increase in the price of new cars is likely to witness significant demand for used cars. Online platforms have encouraged to choose the best options to buy a used car. The rise in the use of the internet and smartphone applications to check new offers and finance options across the country is also witnessing major growth in the market.
The decline in new vehicle sales has been witnessing major growth in the used car market. The country has witnessed a significant decline in new vehicle sales in 2022. For instance, In 2022, around 81,674 new passenger cars were registered, which is 17.1% less than in 2021. This is likely to witness major growth for the market during the forecast period.
The semiconductor shortage has been a major issue for original equipment manufacturers (OEMs) manufacturing both passenger cars and commercial vehicles. This has constricted several OEMs and posed problems for vehicle production over the past years, which in turn is anticipated to enhance the demand for used cars during the forecast period.
Finland Used Car Market Trends
Online sales channel for Used Cars is gaining Momentum
- With the growing trend in technology, used car vehicle purchase through online sales has become the most preferred choice for customers over the past few years. Moreover, it provides additional facilities to monitor all the required documents, performance, and service records of the vehicle. This has proven beneficial for consumers who can directly compare from a wide variety of choices and apply their desired filter to get the most relevant used car matching their choices.
- Furthermore, the trend of online purchasing of a used car through apps has improved over the period. App developers have been designing mobile applications with more advanced features that offer more vehicle availability and comparable vehicle costs on a single platform. However, many middle-class people will eventually reach the point where they will need to move from a motorbike to a vehicle.
- Original equipment manufacturers (OEMs) and online platforms have brought a new level of clarity to the highly unorganized activity of buying and selling used cars. Online sales are becoming popular among the young generation as they offer a smooth journey and offer the best price to buy. Online stores offer a wide range of product categories and allow customers to purchase goods.
- Facilities such as an enormous number of photos and videos on the online platform and easy online instant finance service are drawing more customers into buying used cars. Technological developments such as hassle-free payment systems make the process easier and simpler.
- Many multi-brand and independent dealerships are expected to develop their online presence in order to participate in the online used vehicle market. Some dealerships are investing in their own websites and Instagram pages in addition to advertising used car inventory on internet marketplaces.
- Used vehicle platforms are likely to focus on establishing a transactional marketplace to enable 100 percent online end-to-end transactions without having to visit showrooms from the comfort of their homes. This is likely to witness major growth for the market during the forecast period.
Sport Utility Vehicle witnessing Major Growth
- Sport utility vehicles (SUVs) have become increasingly popular among the country's used car buyers in recent years. Consumers are always interested in looking at the current SUV models on the market, while dealers compete to offer new SUVs for this growing market. The SUV trend in the youth may be the driving force for the SUV segment among domestic buyers.
- In this situation, the existence of SUVs with luxurious and sporty looks generally cater to the higher class while providing a reasonable level of comfort.
- SUVs offer greater deals to customers who have these concerns. Even for a low budget, there is a low-cost SUV that nonetheless gives the image of a robust and latest vehicle. This SUV sector is a good value for money in the middle-class economy.
- The emergence of the sub-compact SUVs also has offered many possibilities to dealers as these models come with both performance and budget. Some of the top-selling SUV models include the Honda BR-V, Suzuki SX4 S-Cross, Daihatsu Terios, Toyota Rush, Chevrolet Trax, DFSK Glory 580, and others.
- The rise in popularity of SUV vehicles as the vehicle offers extra space and provides better comfort as compared to hatchback and sedan vehicles. Most SUVs come in hybrid, and electric versions are gaining popularity as SUVs can also be a great choice for drivers who are trying to be more eco-friendly. Many of the latest models are offered in hybrid and all-electric options.
- Consumers are now aware of the vehicle's residual value, quality finance charges, availability, the price paid, and, in some cases, the seller's profit margin in a closing transaction. This is likely to witness major growth for the market during the forecast period.
Finland Used Car Industry Overview
Finland's Used Car Market is dominated by several key players such as AutoCorner, Kamux Corporation, Auto1.com, and others. Growing strategic development between the used car dealers across the country is likely to witness major growth for the market during the forecast period. For instance,
In 2023, AutoVex became one of the largest car dealerships in India by registering more than USD 238.78 million (Euro 220 million) of used cars across the country.
In February 2022, AUTO1.com collaborated with Allane Mobility Group for an additional supply of 10,000 high-quality lease returns and fleet vehicles per year.
Finland Used Car Market Leaders
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AutoCorner
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Kamux Corporation
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Hedin Automotive Oy
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Alltvex Oy
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AUTO1.com
*Disclaimer: Major Players sorted in no particular order
Finland Used Car Market News
- July 2023: Kamux Corporation announced the opening of a new flagship showroom in the Lakalaiva area in Tampere, Finland. Through this inauguration, the company expanded its facilities across the country.
- December 2022: Schibsted acquired 79% of consumer-to-business (C2B) used car auction marketplace AutoVex, Finland. Through this acquisition, the company expanded its facilities across the country.
Finland Used Car Market Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Decline in New Car Sales
4.2 Market Restraints
4.2.1 Trust And Transparency In Used Car Remained A Key Challenge For Consumers
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value - USD)
5.1 Vehicle Type
5.1.1 Hatchback
5.1.2 Sedan
5.1.3 Sport Utility Vehicles (SUVs)
5.1.4 Multi-Purpose Vehicles (MUVs)
5.2 Vendor Type
5.2.1 Organized
5.2.2 Unorganized
5.3 Fuel Type
5.3.1 Gasoline
5.3.2 Diesel
5.3.3 Electric
5.3.4 Alternative Fuel Vehicles
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 AutoCorner
6.2.2 Kamux Corporation
6.2.3 Hedin Automotive Oy
6.2.4 Alltvex Oy
6.2.5 AUTO1.com
6.2.6 K GROUP
6.2.7 Autosalpa
6.2.8 ALD Automotive
6.2.9 Jaakko Rinta-Jouppi
6.2.10 Veho Oy Ab
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Finland Used Car Industry Segmentation
A used Car is a pre-owned vehicle that has previously had one or more retail owners. These cars are sold through a variety of outlets through independent dealers, online sales channels, and others.
Finland used car market is segmented by vehicle type, vendor type, and fuel type. Based on the vehicle type, the market is segmented into hatchbacks, sedans, sports utility vehicles, and multi-purpose vehicles. Based on the vendor type, the market is segmented into organized and unorganized. Based on the fuel type, the market is segmented into gasoline, diesel, electric, and other fuel types.
For each segment, the market sizing and forecast have been done based on the value (USD).
| Vehicle Type | |
| Hatchback | |
| Sedan | |
| Sport Utility Vehicles (SUVs) | |
| Multi-Purpose Vehicles (MUVs) |
| Vendor Type | |
| Organized | |
| Unorganized |
| Fuel Type | |
| Gasoline | |
| Diesel | |
| Electric | |
| Alternative Fuel Vehicles |
Finland Used Car Market Market Research Faqs
How big is the Finland Used Car Market?
The Finland Used Car Market size is expected to reach USD 12.81 billion in 2024 and grow at a CAGR of 6.60% to reach USD 17.64 billion by 2029.
What is the current Finland Used Car Market size?
In 2024, the Finland Used Car Market size is expected to reach USD 12.81 billion.
Who are the key players in Finland Used Car Market?
AutoCorner, Kamux Corporation, Hedin Automotive Oy, Alltvex Oy and AUTO1.com are the major companies operating in the Finland Used Car Market.
What years does this Finland Used Car Market cover, and what was the market size in 2023?
In 2023, the Finland Used Car Market size was estimated at USD 11.96 billion. The report covers the Finland Used Car Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Finland Used Car Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Finland Used Car Market Industry Report
Statistics for the 2024 Finland Used Car market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Finland Used Car analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
