Italy Used Car Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Italy Used Car Market Analysis
Italy Used Car Market was valued at USD 60 Billion in 2021 and is projected to grow at USD 100.63 Billion by 2027, registering a CAGR of 9% in terms of revenue during the forecast period (2022-2027).
The outbreak of COVID-19 affected the automotive industry significantly. With supply chain disruption and transportation halt, new additions to the used car inventory were not coming into the market. This reduced the number of models available for purchase, influencing the overall purchases. However, during the later stages of 2021, the market started reverting to the pre-pandemic situation, increasing opportunities for the used car market across the country with a major push from low and mid-income consumers.
The growing demand for luxury cars, shorter car ownership periods, booming import-export, and a growing preference for two-wheeler owners to upgrade to small and compact cars are expected to drive demand in the market.
Further, growing trend of digitization across the country is likely to influence positively the sales of used cars during forecast period. Moreover, factors such as surge in the demand for younger used cars, easy availability of financing options, acceptance of electric and hybrid used cars and others expected to offer new opportunities for players operating in Italian market over coming years.
Italy Used Car Market Trends
This section covers the major market trends shaping the Italy Used Car Market according to our research experts:
Strengthening of online Infrastructure Likely to Have Positive Impact on the Market
With growing smartphone and internet penetration across the country, the used car market is getting more organized, and with the growing proliferation of the internet and smartphones used car retailers are focusing on using digitalization to make their market offerings attractive. For instance, In 2021, the number of internet users is around 54% of the country's population. It will go more than 70% of the Italian population will use a smartphone by 2025.
Facilities such as an enormous number of photos and videos on the online platform and easy online instant finance service are expected to attract more customers to buying used cars. Further, the presence of online used car platforms in the country and their active engagement strategies to drive demand in the market. Some of the major companies in Italy's online used car market include True Car, Autoscout24, Bakeca.it, Alvolante.it, Autorola Marketplace, Cargurus, and others.
Several players across the country are offering end-to-end transactions, doorstep delivery, digitalized recommendations on the basis of driving behavior and lifestyle of the customer, and digitalized test drives are attracting consumers toward the used car. For instance, In January 2022, Cazoo announced its plans of expansion into Europe by snapping up Italian digital car retailer and subscription platform Brumbrum.The online used car retailer said it would be paying EUR 80 million for it using cash and Cazoo shares, as part of deal.
Such developments and active instances with respect to used car dealers and operators, especially online players, coupled with growing digitalization are anticipated to poise notable demand in the market.
Rising Trend of Digitalization to Enhance the Growth of Market
Rapid digitization across the used car industry is expected to have a profound impact on sales of used cars across the country. Rising integration of advanced digital technologies in the buying process coupled with growing investments in a variety of consumer-focused digital technologies such as virtual reality, technologies focused on increasing user engagement on the shop floor, etc. expected to enhance demand in the market during the forecast period.
Several Startups are introducing digital used car business models such as Online car retailers, Aggregators, Big boy arena, and many other platforms which allow the user to buy a used car from a comprehensive product portfolio across these platforms. Major aggregators use online platforms to facilitate wholesalers, and dealers to list their offerings in one place. Notable used car platforms such as Auto1 group are entering partnerships, etc. to gain a competitive edge in the market. For instance,
- In June 2021, Auto1 has entered the Italian market through its consumer-focused Auto Hero product. Auto Hero is a marketplace that offers a wide selection of used cars, which can be ordered online. The purchase process begins with a virtual visit to the online showroom, where consumers can choose their used car.
Further, with the introduction of automated systems that include LCD touch screens, bar codes, and RFID in customer data, auto dealerships expected to improve their business efficiency by enhancing their customer relationship and retention levels across the country.
Italy Used Car Industry Overview
Italy Used Car Market is a moderately consolidated one owing to the presence of several key players such as Penske Car, Carvago, Auto1.com, CAVAUTO Group, Italy Blue Auto Sales LLC, and many others. Further expansion of car dealers and key players strategies like partnerships, fleet expansions, etc. to support demand in the market. For instance,
- In January 2022, Cazoo, one of Europe's leading online car retailers, acquired an Italian online used car retailer and subscription platform Brum Brum for 80 million euros. Through this acquisition, Cazoo will launch its service across Italy.
- In November 2021, Carvago expanded its facility across Italy. The company offers 700 used cars to customers across the country.
- In July 2021, RCI Bank and Services, the Renault Group's automotive captive, acquired Bipi, a multi-brand platform that is a reference in car subscription offers for used vehicles. Bipi is present in Spain, France, and Italy.
Italy Used Car Market Leaders
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Penske Automotive Italy
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Italy Blue Auto Sales LLC
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CAVAUTO Group
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Auto1.Com
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Carvago
*Disclaimer: Major Players sorted in no particular order
Italy Used Car Market News
- In January 2022, General Motors launched Carvago to capitalize the inflated used car. CarBravo will draw from General Motors' own pool of available used cars along with those of its franchised dealerships.
- In May 2021, Clickar, the leading online website in Italy for the sale of used and off-lease vehicles, launched a new e-commerce feature in Italy. These features help consumers to purchase cars online, in an even easier.
Italy Used Car 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
4.2 Market Restraints
4.3 Industry Attractiveness - 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 by Value (USD Billion)
5.1 By Car Type
5.1.1 Hatchback
5.1.2 Sedan
5.1.3 SUV
5.2 By Propulsion
5.2.1 Internal Combustion Engine
5.2.2 Electric
5.3 By vendor Type
5.3.1 Organized
5.3.2 Unorganized
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Penske Automotive Italy
6.2.2 Italy Blue Auto Sales LLC
6.2.3 CAVAUTO Group
6.2.4 Auto1.Com
6.2.5 Carvago
6.2.6 Denicar FCA
6.2.7 GoodBuyAuto
6.2.8 TrueCar Inc.
6.2.9 Autoquattro Srl.
6.2.10 Schiatti Group
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Italy 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.
Italy Used Car Market is segmented by car type, by propulsion, and by vendor type. Based on the car type, the market is segmented into Hatchback, Sedan, and SUV. Based on the Propulsion, the market is segmented into Internal Combustion engines and Electric.
Based on the Vendor type, the market is segmented into Organized and Unorganized. For each segment, the market sizing and forecast have been done on the basis of value (USD Billion).
| By Car Type | |
| Hatchback | |
| Sedan | |
| SUV |
| By Propulsion | |
| Internal Combustion Engine | |
| Electric |
| By vendor Type | |
| Organized | |
| Unorganized |
Italy Used Car Market Research FAQs
What is the current Italy Used Car Market size?
The Italy Used Car Market is projected to register a CAGR of 9% during the forecast period (2024-2029)
Who are the key players in Italy Used Car Market?
Penske Automotive Italy, Italy Blue Auto Sales LLC, CAVAUTO Group, Auto1.Com and Carvago are the major companies operating in the Italy Used Car Market.
What years does this Italy Used Car Market cover?
The report covers the Italy Used Car Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Italy Used Car Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Italy Used Car Industry Report
Statistics for the 2024 Italy Used Car market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Italy Used Car analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
