Market Size of Norway Used Car Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3 Billion |
| Market Size (2029) | USD 4.14 Billion |
| CAGR (2024 - 2029) | > 5.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Norway Used Car Market Analysis
The Norway Used Car Market size is estimated at USD 3 billion in 2024, and is expected to reach USD 4.14 billion by 2029, growing at a CAGR of greater than 5.5% during the forecast period (2024-2029).
Over the medium term, rising demand for affordable used cars owing to their low price and better conditions across the country is likely to witness major growth in the market. The rapid expansion of online used car companies, rising used car dealerships, and availability of used car financing and insurance options resulted in major growth for the market.
The rapid development of internet-based ride-hailing services has contributed to transportation in cities and, at the same time, has significantly impacted existing travel modes in cities. Ride-hailing services significantly use used cars for their services, which in turn is anticipated to witness major growth in the market.
The inability of customers to purchase new cars has become one of the reasons for the increasing volume of used car sales, which is complemented by investments made by industry participants to establish their dealership network in the market. These dealership networks aided market participants in brand development and the viability of used car options.
Norway 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.
The Norway used car market is segmented into 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 forecasts 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 | |
| Other Fuel Types |
Norway Used Car Market Size Summary
The Norway used car market is experiencing significant growth, driven by increasing demand for affordable vehicles and the expansion of online platforms. The market is benefiting from the rise of internet-based ride-hailing services, which heavily rely on used cars, and the inability of consumers to purchase new vehicles, prompting a shift towards second-hand sales. The development of dealership networks and the availability of financing and insurance options have further bolstered market expansion. The adoption of digital retailing and smartphone applications has made online sales more prevalent, offering consumers the ability to compare vehicles and access detailed information easily. This trend is expected to continue as the government plans to implement vehicle age restrictions, encouraging earlier sales of used cars.
The market is also seeing the emergence of new business models and marketplaces, such as B2B and B2C platforms, which facilitate direct transactions between buyers and sellers. Traditional car dealers are adapting to these changes by incorporating digital features like home delivery and digital test drives to meet consumer expectations. Key players in the market, including Trucar Inc., Lee Auto Malls, RSA BIL, and Bilia, are expanding their presence through strategic acquisitions and partnerships. These developments, along with the superior value-added services offered by online trading platforms, are attracting more consumers to the used car market, enhancing its appeal over new vehicles.
Norway 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 Rise in Price of New Cars
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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 Other Fuel Types
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Norway Used Car Market Size FAQs
How big is the Norway Used Car Market?
The Norway Used Car Market size is expected to reach USD 3 billion in 2024 and grow at a CAGR of greater than 5.5% to reach USD 4.14 billion by 2029.
What is the current Norway Used Car Market size?
In 2024, the Norway Used Car Market size is expected to reach USD 3 billion.
