Over the past few years, Australia's used automobile market has expanded steadily, helped by the nation's growing population as well as growing patterns of updating cars every one to two years. People's knowledge of cars and their cutting-edge features has grown as a result of easier access to the internet and a wider selection of websites and apps. The use of technology, urbanization, and a variety of media and advertising have simplified and eased the process of buying and selling cars. In addition, a trend for expensive luxury car amenities has emerged. Some people like to acquire used cars with those luxuries but cannot afford to buy new cars. In the next years, there will likely be a strong market demand for used automobiles due to increased urbanization and the growing middle-class population.
According to SPER Market Research, Australia Used Car Market Size- By Vendor Type, By Fuel Type, By Body Type, By Sales Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Australia Used Car Market is estimated to reach USD 77.94 billion by 2033 with a CAGR of 6.35%.
Driven by large part to the availability of high-speed internet at reasonable prices, Australia has one of the highest rates of internet use in the world and a reasonably high internet penetration rate. Owners of used cars are gradually using these features to publish information about their cars online and to advertise their automobiles. More parties are now able to acquire and sell cars thanks to this enhanced sales procedure. It is anticipated that a large number of independent and multi-brand dealerships would expand their web presence in order to engage in the online used car market. In addition to advertising their used car inventory on online markets, several dealerships are making investments in their websites and Instagram profiles.
Unorganized companies impede the used automobile industry's growth. Apart from online market places for used cars the other part of car market is dominated by shady companies. Additionally, the disorganized players don't offer any form of warranty for pre-owned vehicles. Additionally, some vendors mislead purchasers by concealing the damage caused by accidents and boosting the value of their vehicles by dubious techniques like repainting and dent removal. This puts off potential purchasers from purchasing used autos. Thus, the increasing fraud rate and the larger market share maintained by unorganized dealers pose a threat to the used car market's growth.
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Impact of COVID-19 on Australia Used Car Market
During the COVID-19 Pandemic, due to constraints on travel and commuting, the pandemic strike caused market disruption. Concerns about safety and security also made people choose private vehicles over shared ones. In the future years, there may be a market for secondhand cars due to the increasing popularity of hybrid and electric vehicles.
Australia Used Car Market Key Players:
New South Wales has the highest number of dealers followed by Victoria, Queensland and Western Australia. The major market players in this field are BMW Premium Certified, Brighton Suzuki Brighton, Cars24, Carsales.com Limited, Carsguide Autotrader Media Solutions Pty Ltd., Cartopia Pty Ltd, Drive (Nine Entertainment Co. Pty Limited), Gumtree AU Pty Limited, HELLOCARS SUBSCRIPTION PTY LTD., Toyota Certified Pre-Owned Vehicle, Others.
Australia Used Car Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Vendor Type: Based on the Vendor Type, Australia Used Car Market is segmented as; Organized, Un-organized.
By Fuel Type: Based on the Fuel Type, Australia Used Car Market is segmented as; Diesel, Electric, Petrol, Others.
By Body Type: Based on the Body Type, Australia Used Car Market is segmented as; Hatchback, Multi-Purpose Vehicle, Sedan, Sport Utility Vehicle.
By Sales Channel: Based on the Sales Channel, Australia Used Car Market is segmented as; Offline, Online.
By Region: This research also includes data for Eastern Region, Northern Region, Southern Region, Western Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Australia Used Car Market Revenue
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