United Kingdom Used Car Market Size (2024 - 2029)

United Kingdom Used Car Market Analysis

The United Kingdom Used Car Market size is estimated at USD 58.12 billion in 2024, and is expected to reach USD 89.32 billion by 2029, growing at a CAGR of 11.70% during the forecast period (2024-2029).

The UK used car market exhibits consolidation, with a limited number of major players, both organized and unorganized. Most used cars are sourced from the organized sector, claiming more than half the market share. Arnold Clark is a dominant player in the offline used car market in the United Kingdom.

• Consumer behavior in the used car market is evolving, with more buyers making decisions after online research. This emphasizes the need for a seamless integration of online and showroom experiences, facilitating the sharing of product information, providing sales support, and enabling online servicing. Online platforms could introduce additional services, allowing users to explore upcoming or ongoing used car auctions nearby.
• The growth in the UK used car market is attributed to re-energized supply chains, stabilized prices, and a record year for electric vehicle (EV) sales. Despite the rising living costs, consumers turned to more affordable second-hand options, contributing to the overall positive performance of the used car market.
• In 2023, the used car market in the United Kingdom experienced substantial growth of 5.1% and reached 7,242,692 transactions, according to the Society of Motor Manufacturers and Traders (SMMT). This growth trend persisted for all four consecutive quarters, resulting in 351,915 more individuals opting for second-hand cars compared to 2022.
• The increased availability of used vehicles, stemming from the alleviation of supply constraints observed in the previous year, provided buyers with a broader range of choices.

Overall, the used car market in the United Kingdom is expected to continue growing steadily during the forecast period.

United Kingdom Used Car Industry Segmentataion

A used car is one that had one or more owners before. Used cars are sold in various locations, including rental car companies, franchise and independent car dealers, auctions, and private party sales.

The UK used car market is segmented by fuel type, body type, vendor type, and sales channel. By fuel type, the market is segmented into petrol, diesel, electric, and other fuel types. By body type, the market is segmented into hatchbacks, sedans, SUVs, and MPVs. By vendor type, the market is segmented into organized and unorganized. By sales channel, the market is segmented into online and offline. The report covers the market size and forecasts in terms of value (USD) for all the above segments.