Russia Used Car Market Size (2024 - 2029)

Russia Used Car Market Size Summary

The Russia used car market is experiencing a significant transformation, driven by various economic and geopolitical factors. The initial impact of the Covid-19 pandemic led to a temporary decline in demand due to lockdowns and travel restrictions. However, as these measures were lifted, demand for used cars began to rise, a trend expected to continue. The ongoing Russia-Ukraine conflict has further influenced the market by disrupting OEM production and increasing the prices of new vehicles, making used cars a more attractive option for consumers. The rising costs of new vehicles are pushing more consumers towards the used car market, particularly for hatchbacks and sedans, which hold a substantial market share. The presence of major car dealers like Volkswagen AG, BMW AG, and Mercedes-Benz, who are expanding their dealerships, is also contributing to the market's growth.

The market is characterized by a growing preference for personal mobility and the availability of flexible payment options through online platforms, which have made used cars more accessible. The increasing internet penetration in Russia has encouraged used car companies to enhance their online presence, providing consumers with better research opportunities before purchasing. The demand for used luxury cars is also on the rise, supported by easy financing options and lower entry prices. Despite the challenges posed by international sanctions and the exit of some automakers from the Russian market, the used car market remains moderately consolidated with key players like Genser Auto, Inchcape, and ROLF focusing on capturing market share. The market dynamics indicate a continued shift towards used cars, driven by economic factors and changing consumer preferences.