This statistic shows the Consumer Price Index (CPI) of second hand car purchases in the United Kingdom (UK) as an annual average from 2008 to 2023, where the year 2015 equals 100. In 2023 the annual average price index value of second hand car purchases was measured at *****.

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UK Used Car Market Size 2025-2029

The uk used car market size is forecast to increase by USD 39.5 billion, at a CAGR of 6.2% between 2024 and 2029.

The Used Car Market in the UK is driven by the excellent value for money proposition that pre-owned vehicles offer, making them an attractive alternative to new cars for many consumers. Another significant trend shaping the market is the increasing preference for car subscription services, which provide flexibility and convenience for customers. However, the market also faces challenges, including the growing importance of digital touchpoints in the car buying process and the need for dealers to adapt and improve their online presence. Additionally, the rise of car subscription services poses a threat to traditional dealership models, requiring dealers to explore new business models and revenue streams to remain competitive. Companies seeking to capitalize on market opportunities and navigate challenges effectively should focus on enhancing their digital presence, offering flexible and convenient purchasing options, and exploring partnerships with car subscription services.

What will be the size of the UK Used Car Market during the forecast period?

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The used car market in the UK is influenced by various factors, including the exterior and interior condition of the vehicles, financial history, economic trends, and consumer demand. Financially sound buyers prefer cars with well-maintained exteriors and interiors, ensuring lower car ownership costs in the long run. Economic trends, such as inflation and interest rates, impact car financing options and vehicle affordability. Maintaining a vehicle's fuel consumption within acceptable limits and adhering to the vehicle maintenance schedule is crucial for reliable performance and resale value. Financial institutions consider a vehicle's title, accident history, and service records when assessing car financing options. Emerging technologies, such as electric vehicles and autonomous driving, are transforming the industry, while insurance coverage, safety ratings, and vehicle age & mileage remain essential factors in consumer decision-making. Previous owners, engine size & type, transmission options, and vehicle features & equipment also influence consumer preferences. Car repair costs, loan terms, car financing options, and industry innovations contribute to market volatility. Registration documents, vehicle history records, and insurance coverage are essential for transparency and trust. Understanding the impact of these factors on car ownership costs is crucial for businesses operating in the UK used car market.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. ChannelOrganizedUnorganizedVehicle TypeCompact carSUVMid sizeSales ChannelDealershipsOnline PlatformsPrivate SalesFuel TypePetrolDieselHybridElectricGeographyEuropeUK

By Channel Insights

The organized segment is estimated to witness significant growth during the forecast period.

The used car market in the UK is characterized by various entities that influence its dynamics and trends. Depreciation and car insurance premiums are significant factors that impact the affordability of used cars. Safety features, a priority for consumers, are increasingly being incorporated into used vehicles through refinishing and upgrades. Car rental companies offer flexible mobility solutions, while automotive technology advances drive the adoption of vehicle diagnostics and digital car retailing. Used car dealerships and online marketplaces facilitate transactions with vehicle inspections, mileage verification, and consumer reviews. Sustainable transportation initiatives and online payment systems are shaping the market, as are car leasing agreements, price elasticity, and inflation rates. Fuel efficiency, car finance options, and driving assistance systems are key considerations for buyers. Government incentives and emissions standards influence consumer spending patterns, with a growing interest in alternative fuel vehicles and hybrid car technology. Fleet management services and car maintenance costs are essential services for businesses and individuals alike. Industry regulations and consumer protection laws ensure transparency and trust in the market. Used car warranty, customer satisfaction ratings, and brand reputation are crucial factors for buyers. The market share dynamics of organized companies, including dealership chains, online marketplaces, and OEM-affiliated dealerships, are shaped by their ability to p

In 2021, the used car market in the United Kingdom was worth around ****** billion U.S. dollars. This market size is expected to reach close to ***** billion U.S. dollars by 2027, with a compound annual growth rate of **** percent between 2022 and 2027. Used vehicles were the main passenger car segment in the country in 2021, representing some **** million sales.

This statistic records the difference in the average price of a used car in different cities across the United Kingdom (UK), expressed as a percentage of the average* used car price across the country. The chart shows that Plymouth is the most expensive of these British cities in which to buy a used car, costing about **** percent more than the national average.

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Used Car Market Size 2025-2029

The used car market size is forecast to increase by USD 885.3 billion, at a CAGR of 7.4% between 2024 and 2029.

The market is experiencing dynamic shifts, driven by intensifying competition leading to an escalating launch of new car models and increasing consumer preferences for alternative mobility solutions. These trends are reshaping the market landscape, presenting both opportunities and challenges for stakeholders. Competition in the market is escalating, prompting automakers to introduce new models at a faster pace to maintain market share. This trend, in turn, is increasing the availability of pre-owned vehicles, providing consumers with a wider range of options. Meanwhile, consumer preferences are evolving, with a growing demand for car subscription services and car-sharing solutions.
These services cater to consumers seeking flexible, cost-effective mobility solutions, particularly in urban areas. However, this shift towards alternative mobility models poses a challenge for traditional used car dealers, requiring them to adapt and innovate to remain competitive. Digital marketing, including social media, mobile apps, and data analytics, helps sellers reach a wider audience. The market is undergoing significant transformation, fueled by increasing competition and evolving consumer preferences. Companies seeking to capitalize on opportunities and navigate challenges effectively must stay abreast of these trends and adapt their strategies accordingly. This may involve exploring new business models, such as car subscription services, or enhancing their offerings to cater to the changing needs of consumers.

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The market continues to evolve, with dynamic market activities unfolding across various sectors. Internal combustion engines power the majority of the market, but the emergence of electric vehicles is reshaping the landscape. Steering systems and suspension systems ensure optimal vehicle handling, while safety features such as backup cameras, parking sensors, and blind spot monitoring are becoming increasingly essential. Title transfer and engine displacement are crucial components of the sales process, with customer service and fuel efficiency key differentiators for dealers. Inventory management and pricing strategies are critical for wholesale auctions and online auto dealers, who must navigate the complex interplay of supply and demand. Vehicle registration and title transfer processes can be streamlined through digital means, and car refurbishment and connected car technology enhance safety and convenience.

Car loans and auto auctions offer financing options for buyers, while certified pre-owned vehicles and vehicle history reports provide transparency and value assurance. Adaptive cruise control and lane departure warning systems are among the advanced technologies enhancing the driving experience. Fuel efficiency and body panels are essential considerations for buyers, with infotainment systems and navigation systems adding convenience and value. The market's continuous evolution underscores the importance of staying informed and adaptable to changing consumer preferences and industry trends.

How is this Used Car Industry segmented?

The used car industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Vehicle Type

  Compact
  SUV
  Mid size


Channel

  Organized
  Unorganized


Fuel Type

  Diesel
  Petrol


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Vehicle Type Insights

The Compact segment is estimated to witness significant growth during the forecast period. The compact car segment in the used automobile market experiences significant growth due to increasing consumer preference for personal mobility and the availability of advanced features in compact vehicles. APAC and Europe lead the market, contributing a substantial share to the compact segment. Compact cars, which sit between subcompact and mid-size vehicles, offer easier handling in traffic congestion and lower emissions. Popular pre-owned compact models include the Fiat Panda and Volkswagen Golf in Europe. Inventory management plays a crucial role in the market, ensuring a steady supply of various models. Used car dealers source vehicles from private sellers, wholesale auctions, and trade-ins.

Vehicle history reports help assess the con

Except for Poland and Sweden, the online business-to-consumer used car retail price index in selected European countries had decreased or remained stable at the beginning of June 2023. In most countries surveyed, this retail index had increased compared to used car prices recorded in January 2022. France and Portugal recorded the steepest price inflation, at a price index of *** and *****, respectively. In contrast, used cars in Germany and the United Kingdom were cheaper in June 2023 than in January 2022.

The UK used car market: Boosted by national supply

Most European countries imported a large share of the used cars in circulation in each country. At a share of ***** percent for imported used cars, the United Kingdom was one of the few European countries to rely heavily on its national supply of used vehicles. Nearly *** million used cars were sold in the UK in 2022, though the cost of living crisis and used car price hike have dampened the success of this national market.

Portugal: Inflation and the used car market

Even in markets more reliant on used car imports, inflation has impacted the market. Over ** percent of the light passenger vehicle market in Portugal was reliant on used vehicle imports from the European Union, but only ** percent of consumers intended to purchase a used car as of November 2022. However, while car demand has been influenced by rising prices, inflation has also contributed to the popularity of secondhand vehicles. In Portugal, ** percent of consumers preferred a used purchase over a new car due to the new car prices, a share which reached ** percent for the United Kingdom.

The UK used car market, valued at £126.78 million in 2025, is experiencing robust growth, projected to expand at a Compound Annual Growth Rate (CAGR) of 11.70% from 2025 to 2033. This surge is driven by several factors. Increasing vehicle affordability compared to new cars, particularly in the face of economic uncertainty and rising new car prices, fuels demand. The shift towards online car purchasing platforms offers convenience and transparency, broadening market reach and accelerating sales. Furthermore, the evolving preferences for specific body types – SUVs and MPVs currently demonstrating strong growth – influence market segmentation. Government initiatives promoting electric vehicles (EVs) are also gradually impacting the fuel type segment, albeit with a slower adoption rate than anticipated due to charging infrastructure limitations and higher initial costs. However, the market faces challenges. Fluctuations in used car prices due to supply chain issues and inflation remain a significant restraint, alongside concerns about the environmental impact of increased used car sales. The growth of the organized sector, represented by large dealerships and online platforms like Cazoo and Auto Trader, is gradually squeezing out smaller, unorganized players. The competitive landscape is dynamic, with both established players like Arnold Clark Automobiles and Constellation Automotive Group, and rapidly growing online marketplaces like Cinch Cars vying for market share. The diverse range of sales channels – online and offline – offers consumers choice, contributing to market expansion. Future market growth will likely depend on the pace of EV adoption, the continued improvement of online car buying experiences, and the overall economic health of the UK. The consistent growth trajectory suggests that the used car market remains a significant sector of the UK economy, offering numerous opportunities for both established players and new entrants, provided they can navigate the challenges effectively. Successful strategies will likely involve a blend of robust online presence, competitive pricing, and a focus on addressing customer concerns about vehicle history and reliability. This report provides a detailed analysis of the United Kingdom used car market, covering the period from 2019 to 2033. It examines market size, growth drivers, challenges, and emerging trends, offering invaluable insights for industry stakeholders. With a focus on key segments like online sales, electric vehicles, and the rise of organized vendors, this report is essential for businesses looking to navigate the dynamic UK used car landscape. The base year for this report is 2025, with estimations for 2025 and a forecast period extending to 2033. The historical period analyzed is 2019-2024. Millions of units are used throughout to represent market size. Recent developments include: August 2023: Cazoo, the British online auto marketplace, released positive financial results for the second quarter and first half of 2023. This comes after the strategic decision to exit European businesses, focusing exclusively on its home turf in the United Kingdom. The move appears to have yielded favorable outcomes, contributing to the upbeat financial performance reported by Cazoo during this period.. Key drivers for this market are: Increased Travel and Tourism to Fuel Market Demand. Potential restraints include: High Maintenance cost of RV Rental Fleets. Notable trends are: The Offline Segment is Expected to Hold Major Share in the Market.

The United Kingdom Car Market is Segmented by Vendor Type (Organized and Unorganized), Vehicle Age (0-2 Years, 3-5 Years, and More), Fuel Type (Petrol, Diesel, and More), Body Type (Hatchback, Sedan, and More), and Sales Channel (Online, and More), Ownership (First-Owner, and More), Price Band (Less Than USD 7, 000, and More) and Geography. The Market Sizes and Forecasts are Provided in Terms of Value (USD) and Volume (Units).

This statistic compares the market value for used and new cars in the United Kingdom (UK) between 2003 and 2014, in billion British pounds. The used car market has grown thanks to the recession as more people now are looking for ways to save money. However, when compared to the difference in volume of new and used cars, the lower prices of used cars diminish the relative importance of the market.

The used car market is expanding as global supply chain disruptions and semiconductor shortages make new cars less available, driving up demand for second-hand vehicles. This has led to a sharp jump in second-hand vehicle prices, increasing by an average of £2,678 over the last three years, according to SMMT. Dealers are adjusting stock levels, especially for popular models like Ford Fiesta and Vauxhall Corsa. There's a growing appeal for used EVs due to heightened environmental awareness. Although diesel vehicles' value has dropped, they're attracting budget-conscious buyers. Competition is fierce, with online marketplaces challenging smaller dealerships. To stay competitive, dealers may need to offer strong warranties or after-sales support, as 59% of buyers prefer vehicles with dealer-backed warranties, according to a 2022 survey by What Car?. Revenue is expected to dip at a compound annual rate of 2% to £22.8 billion over the five years through 2024-25. This includes estimated revenue growth of 1.1% in 2024-25. According to SMMT, the 5.5% hike in UK used car sales in 2024 signals recovering car manufacturing levels, boosting the market's inventory. New model deliveries are finally replenishing stock, stabilising prices and giving consumers better deals. Buyer power rises when more vehicles hit the market, providing a broader selection. As new vehicles become more available, trade-ins and lease returns fuel the used car sector. Dealers should focus on offering diverse models, including small SUVs and hybrids, to attract varied buyers and maintain revenue growth. Revenue is expected to climb at a compound annual rate of 0.3% to £23.2 billion over the five years through 2029-30. Fuel prices are set to swell, boosting the trend towards fuel-efficient vehicles and encouraging used dealers to stock more of these vehicles. The market share of EVs will likely climb because of government and consumer incentives like the Plug-In Car Grant and the Electric Vehicle Homecare Scheme. An online presence will be an essential driving force for future sales. Dealers will continue to offer popular personal contract plans and click-and-collect services to stimulate car sales.

This graph represents the most important factors when buying a specific used car for motorists from the United Kingdom surveyed in late March 2015. Unsurprisingly, price was the most important factor among over ** percent of those asked. The fuel type of the car was an important factor for ** percent of respondents.

Demand for the Car Rental and Leasing industry is driven by consumer and business needs for flexibility and affordability, with leasing appealing due to its cost-effective advantages over purchasing. Strong international tourism has boosted demand for car rental services while businesses have driven demand for car and van leasing. Revenue is expected to climb at a compound annual rate of 3% over the five years through 2024-25 to £22.1 billion, including a 3.1% hike in 2024-25. Recovering demand as economic activity rebounded following the COVID-19 pandemic and higher fees, due to rising new car prices and global supply chain disruptions, have fuelled revenue growth over the two years through 2023-24. The sharp expansion in fuel prices amid the Russia-Ukraine and the Middle East conflicts encouraged companies to hike their prices, further aiding growth. On the other hand, growth has been challenged by rising fuel prices and increasing competition from public transport, especially in urban areas with high levels of infrastructure. Inflationary pressures and faltering business confidence have hindered revenue growth over the two years through 2024-25. Competitive pressures and a weakened economic environment have constrained profitability. Sharp depreciation costs faced by companies due to faltering used electric vehicle (EV) prices have also weighed on profit. The focus of the market is shifting to long, profitable leasing contracts, driving interest from cost-conscious customers. Car rental and leasing revenue is forecast to swell at a compound annual rate of 4.1% over the five years through 2029-30 to £26.9 billion. The continuous development of platforms that support accessibility and experience for customers will drive revenue growth. Continuing a trend seen in the past few years, companies will shift towards buying ultra-low emission and EVs due to rising environmental awareness and consumer preference for eco-friendly vehicles, as well as more concrete steps by the government to incentivise the use of these vehicles. Although fleet investment is likely to weigh on profit, companies offering greener vehicles are likely to remain competitive in the long term. However, challenges loom with the phasing out of EV tax benefits and rising costs from new automotive tariffs and depreciation in used EV values. These factors may drive up rental and leasing rates, potentially deterring demand from some consumers. The potential for the government to extend full expensing to assets bought for leasing or hiring could provide a substantial boost to the industry.

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Car Leasing Market Size 2025-2029

The car leasing market size is forecast to increase by USD 55.3 billion, at a CAGR of 8.7% between 2024 and 2029.

The market is driven by the rapid technological advancements leading to the obsolescence of older cars. Leased vehicles, once returned, often flood the used car market, offering affordable alternatives with the latest features. However, this trend poses a challenge as it may deter potential lessees from investing in new leases due to the availability of reasonably priced used cars. Another challenge facing the market is the limited customer awareness and acceptance in semi-urban and rural areas. These regions often lack the infrastructure and financial resources to support leasing as an attractive alternative to traditional car ownership. Despite these obstacles, opportunities exist for market players to expand their reach by addressing these challenges through targeted marketing strategies, partnerships, and tailored financing options. By capitalizing on the technological evolution and the growing popularity of used leased cars, companies can effectively navigate the market's dynamics and position themselves for long-term success.

What will be the Size of the Car Leasing Market during the forecast period?

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Request Free SampleThe market continues to evolve, with dynamic market trends shaping the industry's landscape. Lease origination fees and financial incentives are key factors influencing the decision-making process for businesses and individuals considering fleet leasing. Customer service and online platforms have become essential tools for streamlining the leasing experience, allowing for greater flexibility and convenience. Contract length and portfolio management are critical components of lease administration, with lease accounting standards ensuring transparency and accuracy. Risk assessment plays a pivotal role in the leasing process, with risk management strategies addressing factors such as credit scoring, excess mileage charges, and early termination fees. Short-term leases and finance options cater to various sectors, including luxury car leasing and electric vehicle leasing. CO2 emissions and vehicle depreciation are essential considerations for environmentally conscious consumers and lessors. Hybrid vehicle leasing and interest rates are also significant factors in the leasing market. Lease accounting, long-term leases, and down payments are integral aspects of the leasing process, with balloon payments and vehicle registration offering tax benefits. Fuel efficiency, brokerage services, and guaranteed future value are essential elements for lessees seeking cost savings and optimal vehicle selection. Fraud detection, predictive modeling, and data analytics are increasingly important tools for lessors in managing risk and optimizing portfolio diversification. Monthly payments, lease terms, residual value, wear and tear, repair costs, and vehicle condition are essential factors for lessees in evaluating lease options.

How is this Car Leasing Industry segmented?

The car leasing industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userCommercialNon-commercialTypeOpen-endedClose endedVehicle TypeHatchbackSedanSUVCrossoverPropulsionICEElectricDistribution ChannelLeasing CompaniesDealershipsOnline PlatformsOthersGeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKMiddle East and AfricaEgyptKSAOmanUAEAPACChinaIndiaJapanSouth AmericaArgentinaBrazilRest of World (ROW)

By End-user Insights

The commercial segment is estimated to witness significant growth during the forecast period.Car leasing has become a popular choice for small and medium-sized enterprises (SMEs) seeking cost-effective transportation solutions for their employees. Through lease agreements with car leasing companies, SMEs provide their employees with access to vehicles while avoiding the upfront costs and depreciation associated with car ownership. Lease terms offer flexibility, including the option to purchase the vehicle at its residual value at the lease's end. Tax benefits are another advantage, as monthly payments are used to calculate taxes instead of the vehicle's total cost. Some leasing companies include fuel charges and maintenance costs within the monthly payments, making budgeting more manageable. Electric, hybrid, and luxury vehicles are also available for leasing, with various finance options and contract lengths catering to diverse business needs. Companies employ risk management strategies, such as credit scoring and residual value estimation, to mitigate risks and ensure a profitabl

The Right-Hand Drive (RHD) Electric Vehicle (EV) market is experiencing robust growth, driven by increasing environmental concerns, supportive government policies promoting EV adoption, and technological advancements leading to improved battery range and charging infrastructure. The market, estimated at $XX million in 2025, is projected to achieve a Compound Annual Growth Rate (CAGR) exceeding 27% from 2025 to 2033. This significant expansion is fueled by several key factors. Firstly, rising fuel prices and stricter emission regulations are compelling consumers and businesses in RHD markets (predominantly in Asia-Pacific, parts of Africa, and the UK) to transition to EVs. Secondly, automakers are aggressively investing in RHD EV models tailored to specific regional preferences and infrastructure limitations. Thirdly, the development of charging networks, particularly in densely populated urban areas, is easing range anxiety – a major barrier to EV adoption. While initial investment costs for EVs remain a restraint, the long-term cost savings associated with lower running and maintenance expenses are incentivizing purchases. The market segmentation reveals a strong focus on passenger vehicles, although commercial vehicle electrification is gaining momentum. Battery electric vehicles currently dominate the propulsion type segment, but plug-in hybrid electric vehicles are also expected to witness considerable growth, offering a transitional pathway for consumers. Competition among major manufacturers like Volvo, Tata Motors, Hyundai, Nissan, Mahindra & Mahindra, BMW, MG Motor, Audi, Toyota, Honda, and BYD is further stimulating innovation and driving down prices. The regional distribution of the RHD EV market is notably concentrated in the Asia-Pacific region, with countries like Japan, Australia, and those in Southeast Asia contributing significantly. The UK and other RHD European countries also form a substantial market segment. Growth in the Middle East and Africa is projected to be slower, due to challenges related to infrastructure development and economic factors. However, government initiatives aimed at promoting sustainable transportation are expected to gradually unlock this market's potential. The North American and South American regions, while having smaller shares initially, might experience growth as more RHD-specific EV models are launched in these markets. The forecast period will likely witness increased competition, leading to greater product diversification, improved battery technologies, and a wider range of price points to accommodate different consumer segments, thereby accelerating the overall market expansion. This comprehensive report provides an in-depth analysis of the burgeoning Right Hand Drive Electric Vehicle (RHD EV) industry, projecting robust growth from 2025 to 2033. Focusing on key markets and significant players, this study offers invaluable insights for businesses navigating the complexities of this rapidly evolving sector. We analyze the market across key segments including passenger vehicles, commercial vehicles, Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Fuel Cell Electric Vehicles (FCEVs), using 2025 as the base year and examining the historical period (2019-2024) to inform future projections. The report anticipates a significant increase in RHD EV sales reaching [Insert Projected Sales Figure in Million Units] by 2033. Recent developments include: In January 2022, Toyota announced to launch of its new electric SUV BZX4 in various ASEAN countries such as Thailand and Singapore. The vehicle is expected to launch before the end of 2022., In January 2022, Tata Motor Company announced its plans to mainstream EVs and targets 50,000 annual sales in FY 2023. Further in the next two years company is striving to scale up its production capacity to 125,000 - 150,000 Units annually., In December 2021, BMW Group Asia launched the first-ever BMW iX and new BMW iX3 electric cars in Singapore., In April 2021, Mahindra & Mahindra announced its plans to launch 16 electric vehicles (EVs) by 2027 across SUV and light commercial vehicle categories to strengthen its leadership position in India's electric mobility segment.. Key drivers for this market are: Used Car Financing To Continue Solving Consumer Challenges In Indonesia. Potential restraints include: Trust And Transparency In Used Car Remained A Key Challenge For Consumers. Notable trends are: Growing Demand for Passenger Cars.

Revenue for the Motor Vehicle Maintenance and Repair industry is forecast to rise at a compound annual rate of 0.3% over the five years through 2024-25 to £34.9 billion. The number of registered cars on UK roads is rising, pushed by a boom in used car sales, which is strengthening the need for repairs. Membership schemes have been a game changer for the industry employed by large companies like Halfords and Kwik Fit, with the main purpose of ensuring customers do not put off car repairs because of high costs. The schemes provide a steady stream of revenue. However, technological advances have lengthened the life and safety of vehicles, reducing collisions. Modern cars are more durable, prolonging their replacement cycles and reducing the volume of work for garages. Soaring fuel prices have also dented demand; higher running costs have put people off from driving as often, reducing wear and tear and limiting sales for garages. A fall in fuel prices in 2024-25 is getting more people back on the road, leading to more wear and tear – elevating the frequency of repairs. Revenue is forecast to rise by 2.2% in 2024-25. Revenue is forecast to expand at a compound annual rate of 2.7% over the five years through 2029-30 to £39.8 billion. The total number of vehicles on UK roads is expected to climb in the coming years, and most will need annual servicing, repairs and MOT tests, creating a stream of work for garages. Surging used vehicle sales have raised the average age of UK cars, boosting the need for future repairs. Fuel prices are anticipated to remain high, meaning fewer miles will be driven in the coming years as motorists try to cut running costs. Government policies to boost the uptake of electric cars will mean mechanics need to update their knowledge and equipment to make sure they know how to carry out repairs properly. Work on electric vehicles brings with it higher repair prices, enhancing profitability.

In 2023, demand for UK-built cars grew by 16.8 percent year-on-year to some 905,100 units. The United Kingdom exports nearly eight out of 10 cars assembled in UK plants. Vulnerability to trade disruptions Sales and exports of UK-manufactured vehicles began to fall in 2016. Slumping investments amid Brexit fears, as well as higher costs of production, are likely to have contributed to a slowdown in demand. Since the UK’s referendum on membership of the European Union, the British pound has fallen in value. This may have been expected to be good news for exporters, who garner more interest with relatively cheaper products. However, the weak pound is unfavorable for vehicle manufacturers due to their international supply chains. The European Union is the UK auto industry's leading trade partner, accounting for most of its car imports. EU markets also account for around six in 10 UK car exports. Inflation impacts new and used car sales The price inflation recorded in the United Kingdom impacted all product types, passenger cars included. New car purchases were the most affected by the soaring prices: Their consumer price index was at its highest in the past fifteen years in 2023. In contrast, the consumer price index for used car purchases decreased in 2023, down from its record-breaking 2022 value.

The UK Car Loan Market is Segmented by Product Type (Used Cars and New Cars) and Provider Type (Banks, Non-Banking Financial Services, Original Equipment Manufacturers, and Other Provider Types). The Report Offers the Value (USD) for the Above Segments.

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Automotive Subscription Services Market Size 2024-2028

The automotive subscription services market size is forecast to increase by USD 3.2 billion at a CAGR of 16.6% between 2023 and 2028.

The market is experiencing significant growth due to several key factors. The increasing use of smartphones and the internet is driving the demand for mobility services, enabling customers to access vehicles on-demand. Additionally, the development of new mobility concepts, such as electric vehicles (EVs) and multi-brand subscription models, is expanding the market. However, high maintenance costs for service providers pose a challenge. OEMs are responding by offering single-brand subscription services to mitigate these costs and provide a more streamlined customer experience. The automotive industry's electrification trend is also influencing the market, with subscription services for electric vehicles gaining popularity. Overall, the market for automotive subscription services is poised for continued growth as consumers seek flexible, convenient, and cost-effective mobility solutions.

What will be the Size of the Market During the Forecast Period?

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The market is witnessing significant growth as consumers seek flexible mobility solutions for their transportation needs. Unlike traditional car leasing, buying, or renting, vehicle subscriptions offer a recurring monthly fee that includes insurance, maintenance, and other costs. This market caters to various vehicle types, including internal combustion engine (ic engine) vehicles and electric vehicles (EVs), such as SUVs, luxury cars, hybrids, and more. The subscription charges vary depending on the vehicle option, subscription period, and digital platforms used for managing the service. Insurance is an essential component of automotive subscription services, ensuring comprehensive coverage for the subscribed vehicle.
In addition, fuel prices and eco-friendly transportation are also crucial factors driving the growth of this market. Subscription management is streamlined through digital platforms and mobile apps, allowing users to easily manage their vehicle options, subscription period, and KYC process. Multi-brand subscription services offer customers the flexibility to switch between various vehicle types, providing a more diverse range of choices. The market in the US is not limited to cars alone but also includes mobility-as-a-service (MAAS) offerings, such as ride-hailing services. This shift from traditional vehicle possession to flexible mobility solutions is transforming the way people view and use cars in their daily lives.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Distribution Channel

  OEMs
  Dealership or third party


Geography

  North America

    US


  Europe

    Germany
    UK
    France


  APAC

    Japan


  South America



  Middle East and Africa

By Distribution Channel Insights

The OEMs segment is estimated to witness significant growth during the forecast period.

In the market, the subscription model for vehicle access has gained significant traction among consumers. This arrangement allows customers to pay a monthly fee to Original Equipment Manufacturers (OEMs) for usage of multiple vehicles from their brand lineup. The subscription fee covers insurance, maintenance, and roadside assistance. The popularity of this model in the US has led other major OEMs, including BMW, Volkswagen, and Daimler, to introduce similar services. These launches by established players are expected to boost the expansion of The market. However, the entry of numerous dealers and third-party service providers into the market poses a challenge for OEMs, potentially slowing down their growth in this segment.

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The OEMs segment was valued at USD 1.37 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 47% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The North American market is experiencing significant growth due to the increasing popularity of car subscriptions and rising automotive prices and regulations in the region. This trend is attracting numerous companies to enter the market and expand their operations to meet the increasing demand. Some global players in the automotive subscription services

A dataset of vehicle MPG ratings and fuel cost calculations based on manufacturer, model, and fuel type.

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Used Trucks Market Size 2024-2028

The used trucks market size is forecast to increase by USD 13.37 billion, at a CAGR of 5.38% between 2023 and 2028.

The market is driven by the increasing adoption of touchpoint management systems integrated with artificial intelligence. This technology enhances the buying and selling experience for both dealers and customers, streamlining processes and improving operational efficiency. Furthermore, the e-commerce industry's growth is fueling demand for used trucks to transport goods, leading to increased sales. However, the market faces a significant challenge: the lowering resale value of used trucks. This trend is attributed to the increasing availability of newer, more technologically advanced models, which may render older trucks less desirable. To capitalize on market opportunities, used truck dealers must focus on providing exceptional customer service and competitive pricing to differentiate themselves. Additionally, exploring alternative revenue streams, such as offering maintenance and repair services, can help mitigate the impact of declining resale values.
In navigating this landscape, strategic partnerships and collaborations with technology providers can enable dealers to stay competitive and offer value-added services to customers. Overall, the market presents both challenges and opportunities for growth, requiring dealers to adapt and innovate to meet evolving customer demands and market trends.

What will be the Size of the Used Trucks Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.
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The market continues to evolve, driven by the dynamic interplay of various factors. Auction pricing data serves as a crucial indicator of market trends, providing insights into shifting demand patterns and price fluctuations. For instance, data from a major auction house reveals a 10% increase in the average sale price of medium-duty trucks over the past year. Effective parts inventory management is another key aspect of the market, with cargo capacity calculations and vehicle history reports playing essential roles. Transmission repair costs and engine performance metrics are critical factors in determining a truck's resale value. Fuel consumption tracking and predictive maintenance models help fleet operators optimize their operational costs, while fuel efficiency ratings and drivetrain component analysis inform purchasing decisions.

Telematics device integration, GPS tracking systems, and tire condition assessment enable real-time monitoring and fleet management. GVWR compliance checks, truck diagnostic tools, and body damage assessment ensure safety and regulatory compliance. Pre-purchase truck inspections, maintenance records review, dealer certifications, and electrical system testing contribute to the overall value assessment. Heavy-duty truck parts, remote diagnostics capabilities, transport logistics optimization, emission control systems, and mileage verification systems are some of the industry's growth drivers, with expectations of a 5% annual expansion in the coming years. The market's continuous dynamism underlines the importance of staying informed and adaptive.

How is this Used Trucks Industry segmented?

The used trucks industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Pickup trucks
  Other trucks


Fuel Type

  Diesel
  Gasoline
  Electric


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  Rest of World (ROW)

By Type Insights

The pickup trucks segment is estimated to witness significant growth during the forecast period.

Used pickup trucks continue to gain popularity in the US market due to their superior engine performance and cargo capacity, making them a preferred choice for buyers looking to upgrade from sedans without committing to the high cost of a new pickup. According to recent data, the average price for a new pickup truck hovers around USD 45,000. Manufacturers' focus on maintaining stringent quality standards has resulted in an increase in the reliability of used pickup trucks, which is a significant factor in their popularity in the passenger car segment. Key entities shaping this market include parts inventory management, cargo capacity calculations, vehicle history reports, transmission repair costs, engine performance metrics, fuel consumption tracking, predictive maintenance models, fuel efficiency ratings, drivetrain component analysis, suspension system inspection, fleet management software, telematics device integration, GVWR compliance checks, truck diagnostic tools, body damag