The report provides a comprehensive analysis of the potential of Used Car Industry in UK. The report covers an overview and genesis of the industry, market size in terms of revenue.

Its market segmentations include by Vendor type (Organised & Unorganised), by type of Vehicle (Electric, conventional, Hybrid), by type of fuel (Petrol, Diesel), by sales channel (Online & Offline), by type of Car (SUV, Sedan, Hatchback, pickup trucks, luxury). The report also includes SWOT analysis, growth drivers, government regulations & trends in the market. The report concludes with future market projections of each market segmentation and analyst recommendations.

Market Overview

According to Report Ocean estimates, UK Used Car Industry will continue its growth phase till 2030; entry of large number of captive and classified players expected in the upcoming years owing to online presence of new emergent players, increasing smartphone & internet penetration & a growing middle class population.

The automotive industry contributes around 4 percent to the country's GDP making it one of the leading Automobiles Hub of Europe.

In UK Used Car Market, the preference for organized sector is more with share of 58% due to more convenient buying experience and value added services viz., warranty, certification and others.

Key Trends by Market Segment

By Type of Vendor: In 2021, organized sector outnumbered the unorganised sector capturing a total of 60% market share due to higher preference and trust on organized players in the market. A major presence the organized sector can be seen in urban & provincial regions. Moreover, value added services like, warranty, transfer of Ownership, financing Options, insurance, refurbishing road-side Assistance attract the customers.

By Type of Vehicle: In 2021, Conventional vehicles holds the largest share of ~97% followed by hybrid holding 2.5% and rest by Electric vehicles. However, recently in 2022, transactions for electric cars more than doubled compared with the same quarter last year, up from 6,625 transactions to 14,586 an increase of 120%.

By Type of Fuel: Petrol accounts for 65% of the UK Used Car market followed by 40% Diesel cars. Moreover, petrol variant cars are preferred for shorter distances whereas diesel variant cars are preferred for longer distance in the country. All in all, The market for Petrol based Used Car is dominating as of 2021 in UK followed by Diesel and then others.

Competitive Landscape

The UK Used Car Market is fairly consolidated with Auto trader, BCA & Auto1 being the major players. Moreover, Arnold Clark and Pendragon PLC are the market leader among offline dealers operating in Used Car market in UK due to their high sales volume of 224 thousand units and 200 thousand units respectively in 2021.

Future Outlook

The UK Used Car Market is expected to generate ? GBP 273 Billion by 2026F, with a CAGR of around $% during 2022- 2026F owing to government regulations, increased, online presence of new emergent players, increasing smartphone & internet penetration & a growing middle class population.