What is the Size of France Used Cars Industry?
France Used Cars market is growing at a CAGR of ~% in 2017-2022 and is expected to reach EUR ~ Bn by 2027F. The France Used Cars Market is largely driven by factors such as rising income levels, increased demand for luxury vehicles, shorter car ownership periods, brisk import-export activity, and a growing consumer preference for small and compact vehicles.
Some of the other reason for this rapid growth is the entry of organized players into the market, which has addressed the trust deficit that has plagued the used car market for many years. France used car market is at a late growth stage along with single-digit CAGR in terms of sales volume during the year 2018.
Amid the COVID-19 pandemic-associated lockdown, the demand for used cars witnessed a halt in sales for the first half of the year 2020. However, since the second half of the year 2020, the demand for used vehicles started to pick the pace and continued until 2021. In 2021, more than six million cars have changed hands in a single year. The prolonged waiting period for new vehicles encouraging a large number of customers across the country to opt for used vehicles, which is likely to drive the market growth during the forecast period.
France Used Cars Market by Type of Used Car
The France Used Cars market is segmented by Type of Used Car into Sedan, Hatchback, SUV, Van, Crossover and Others. Sedans have the highest market share followed by SUV and Hatchback in the year 2018. This is due to Sedans offer better space, practicality and in some cars, a better resale value.
France Used Cars Market by Market Structure
The France Used Cars market is segmented by Market Structure into Organized and Unorganized Market. The unorganized used car market is leading in France owing to the ease of buying and selling processes involved in the used car market. It has been observed that the major transactions happen between private sellers or individuals in the country.
France Used Cars Market By Age Of Vehicle
The France Used Cars market is segmented by age of vehicle into 0 years of age to more than 10 years of aged vehicles. A 5-year-old car is still better than a 10-year-old car of the same model. However, parts, like engines and suspensions, are not designed to last forever. Eventually, they will wear out at some time. The age of the best-used cars to buy is a debatable factor. Some people argue that the age of the car does not matter. If the vehicle is maintained correctly, age is not a problem. But that is not true in some cases.
France Used Cars Market by Kms Driven and Type of Fuel Engine
The France Used Cars market is segmented by Kms Driven and Type of Fuel Engine into ranging from less than 5000km to above 120,000 km. Used car KM check is another important feature. It decides the health of the engine.
The most important component that any consumer must inspect while purchasing a secondhand automobile seems to be the engine. It is crucial to a vehicle’s operation and efficient operation. The health of the engine affects overall performance, speed, and fuel economy. Furthermore, being able to afford a used automobile might help you get fantastic offers.
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Competition Scenario in France Used Cars Market
France used car market was observed to be highly fragmented along with the presence of multiple outlets of the dealerships in the used car space. Gueudet, BYmyCAR, Bernard Automobiles, Car Avenue and many others are few major companies in the online and offline used car market. These market players compete on the basis of a number of networks, marketing initiatives, certification, margins, price, after-sales, lead generation, warranty types, brand partnerships and a number of dealers associated with the dealer group.
What is the Expected Future Outlook for the Overall France Used Cars Market Across the globe?
The France Used Cars market was valued at EUR ~billion in 2022 and is anticipated to reach EUR ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
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The France Used Car market is forecasted to continue exponential growth after the outbreak of COVID-19 pandemic worldwide. One of the main trends driving market expansion is the need for a personal automobile by people, particularly in the aftermath of the covid-19 pandemic’s spread across countries. Though the market is fragmented competitive with a few niche players control the dominant share.
The prolonged waiting period for new vehicles encouraging a large number of customers across the country to opt for used vehicles, which is likely to drive the market growth during the forecast period.
The surge in the adoption of car financing and insurance options at the used car dealerships in France will lead to significant growth in the used car market. The used car industry is anticipated to grow in the next few years owing to the fall in the new car sales due to the ban on diesel and petrol cars. The French people will take time to shift from fuel cars to electric cars, which will contribute to the growth of the used car market. The country would be witnessing a growth in the used car dealerships, leading to the increased availability of used cars for the customers.
The implementation of government policies for low emission zones and other regulations may have a slight negative impact on the used car market. However, the simplification of the procedure for purchasing a used car would also contribute to the growth of the used car market in the next few years.
Amid the COVID-19 pandemic-associated lockdown, the demand for used cars witnessed a halt in sales for the first half of the year 2020. However, since the second half of the year 2020, the demand for used vehicles started to pick the pace and continued until 2021.
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