Boost in the multi-brand dealers in Spain and shift towards the Omni-channel sales by the used car dealerships has driven the growth of used car market in Spain.
Analysts at Ken Research in their latest publication “Spain Used Car Market Outlook to 2023 – Growth within Car Rental Companies Coupled with the Shared Vehicle Mobility Segment to drive Used Car Sales Volume in Spain” believe that the used car industry in Spain will augment owing to the rising penetration in the online used car portal, increase in organized dealership chains and stringent inspection process. This rise is expected to boost the demand for used cars in the country owing to the increased availability of financing options across the nation. The market is expected to register positive CAGR of approximately 11.7% in terms of Gross Transaction Value and around 6.8% in terms of used cars sales volume during the forecast period 2018-2023.
Acceptance of Electric and Hybrid Used Cars in Spain: In accordance with the WardsAuto Industry news, demand for hybrid vehicles expanded by close to 40% in 2018 and will grow further during 2019. It is also anticipated that electric vehicles (EV) will grow by the year ending 2019. In the next two years, there will be a large number of electric vehicles coming to the market, supporting high demand growth. The acceptance of electric and hybrid cars will promote the used car market of Spain over long term.
Surge in Imports and Government Initiatives: Approximately 20.0% used cars are coming from imports with dealers being forced to source cars from abroad just to satisfy demand. This leads to increase in the total used car sales in the country. In addition, there are few schemes by government such as Plan PIVE 'scrap-for-cash' new and used car scheme launched in 2014 in Spain.
Accessibility of Financing options: Second Hand Car Companies operating through organized channel have tie ups with banks and related financial institutions, thereby providing their customers with added financial assistance. In Spain, around 33% of the people have purchased a car directly, 32% opted for point-of-sale financing, 16% took a personal loan from main bank, 12% financed through specialized institutional lenders, rest financed through their credit cards and many other financing ways. As a result, leading to increased used car sales in Spain during 2017-2018. This clearly signifies that financing services are adopted more for used cars as compared to the new cars in Spain.
Higher Penetration on Online Sales due to Digitalization in Spain: In Spain, there are approximately 30.7 million users of the internet during the year 2018. The digital connection will allow dealers to interact effortlessly with customers after purchase. Dealers can also boost efficiency as well as the profitability by digitalizing core retail processes, both in the front office (for instance, consultations) and in the back office (for instance, data management).
Key Segments Covered
Market Structure
Organized Sector
By Sales Channel (Multi-Brand Dealers and OEM-certified Dealers)
By Lead Generation (Dealerships Walk-ins and Online Car Portals)
Unorganized Sector
By Sales Channel (C2C, Online Portal and Local Dealerships)
By Lead Generation (Dealerships Walk-ins and Online Car Portals)
Type of Used Cars
Any Saloon/ Hatchback
Saloon (Sedan) - 4 doors
Hatchback- 5 doors
People Carrier
SUVs
Estate
Van
Hatchback- 3 doors
Coupe
Saloon (Sedan) - 2 doors
Kilometers Driven
Less than 5,000 km
5,000-20,000 km
20,000-50,000 km
50,000-80,000 km
80,000-120,000 km
Above 120,000 km Ownership Period
< 1 Year
1 to 3 Years
3 to 5 Years
6 to 10 Years
> 10 Years
Key Target Audience
Offline Dealers
Online Portal
Organized Multi Brands Dealers
OEM Certified Dealerships
Online Portal
Private Equity and Venture Capitalist
Industry Associations
OEM Manufacturers
Automotive Manufacturers
Car Auction Companies
Time Period Captured in the Report:
Historical Period - 2013-2018
Forecast Period - 2018-2023
Online Companies Covered:
Webycar
Clicars.com
Yamovil
AutoScout24
OcasionPlus
Autofesa
Autos Costa Mar
Ollmax
Mia Cars
Offline Companies Covered:
Quadis
Berge
Salvador Caetano
Global Car Centre
OcasionPlus
Viva Autos
Key Topics Covered in the Report
Introduction to the Spain Used Car Market
Spain Used Car Market Size, 2013-2018
Spain Used Car Market Segmentation, 2018
Trends and Developments in Spain Used Car Market
Issues and Challenges in Spain Used Car Market
Used Car Market Supply Chain
Spain Used Car Auction Market
Online Comparative Landscape in Spain Used Car Market
Offline Comparative Landscape in Spain Used Car Market
Government Regulations in Spain Used Car Market
Business Model in Online Used Car /Market
Working Model in the Spain Used Car Market
Success Case Studies- OLX and Dutch Renault Dealer
Spain Used Car Market Future Outlook and Projections, 2018-2023
Analyst Recommendation for Spain Used Car Market
For information click on the below mentioned link:
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/spain-used-car-market-outlook/295242-100.html
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https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/italy-used-car-market-outlook-to-2023/274061-100.html
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Ken Research
Ankur Gupta, Head Marketing & Communications
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