Market Size of Finland Used Car Industry
| 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 |
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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 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 Size Summary
The Finland used car market is experiencing significant growth, driven by increasing personal mobility preferences and a shift away from public transportation. The rising cost of new vehicles has led to a surge in demand for used cars, with online platforms playing a crucial role in facilitating this trend. The market is further bolstered by the decline in new vehicle sales and ongoing semiconductor shortages, which have constrained production and enhanced the appeal of used cars. Technological advancements have made online purchasing more accessible and appealing, allowing consumers to compare options and secure financing with ease. This shift towards digital transactions is expected to continue, with dealerships and platforms focusing on creating seamless online experiences for buyers.
The popularity of sport utility vehicles (SUVs) is a notable trend within the used car market, as these vehicles offer a combination of space, comfort, and value for money. The availability of hybrid and electric SUV models is also attracting environmentally conscious consumers. Key players in the market, such as AutoCorner and Kamux Corporation, are expanding their presence and enhancing their offerings to meet the growing demand. Strategic developments and collaborations among used car dealers are expected to drive further growth, as evidenced by recent expansions and acquisitions in the sector. The market's trajectory suggests a continued preference for used vehicles, supported by technological innovations and changing consumer preferences.
Finland Used Car Market 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 Decline in New Car Sales
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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 (Market Size in Value - USD)
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2.1 Vehicle Type
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2.1.1 Hatchback
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2.1.2 Sedan
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2.1.3 Sport Utility Vehicles (SUVs)
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2.1.4 Multi-Purpose Vehicles (MUVs)
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2.2 Vendor Type
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2.2.1 Organized
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2.2.2 Unorganized
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2.3 Fuel Type
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2.3.1 Gasoline
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2.3.2 Diesel
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2.3.3 Electric
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2.3.4 Alternative Fuel Vehicles
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Finland Used Car Market Market Size 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.
