China Used Car Market To See 16% CAGR Driven By Automotive Industry To 2017 : Radiant Insights,Inc
More than 5.0 million cars had been bought and sold in China in 2013, that is 1.9 folds more than that in 2008 and over 8.6% YoY creating revenue of more than RMB 1.5 billion.
San Francisco, United States – April 1, 2016 /MarketersMedia/ —
The China used car market is expected to record a CAGR of more than 16% over the forecast period from 2014 to 2017 with expected transaction reaching a volume of more than 9.50 million in the year 2017 as per Sino Market Insight. Car ownership has increased with which the China used car market is developing very fast. More than 5.0 million cars had been bought and sold in China in 2013, that is 1.9 folds more than that in 2008 and over 8.6% YoY creating revenue of more than RMB 1.5 billion. This shows an increase year on year of over 10.5% and 2.5 folds equals to that in 2008. On the basis of the fact that users alter their cars in almost every five to six years, China reached into the peak of car replacement in 2014 and the growth of the used car market will lead in accelerating the raise.
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The second hand sedans had the biggest share in segments’ terms. It had achieved transaction volume of more than 3.03 million or over 58% of the overall volume and a turnover of more than RMB 174.88 billion or over 59% of the overall amount in 2013, correspondingly.
Obsessed by the speedily increasing ownership of SUVs, the market for second hand SUV is prospering. This segment had achieved a transaction volume increasing at AAGRs of more than 27.9% and 35% in 2008 to 2013 to over 166,799 and a turnover of more than RMB 26.95 billion in 2013, individually. The anticipation is that the used market for SUV is going to solidify the status of high growth, i.e. approximately 30% in both, turnover and volume over the forecast period. Hence it is going to be the fastest rising sector amid used cars market.
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Region wise the China used car market is chiefly centralized in South and East China. Due to the developed economic conditions, ownership of high-end cars, consumer awareness with advanced automobile and greater approval of used cars, all together witness for more than 50% of total transaction by volume. The China used car market in these two regions is anticipated to be at the top over the forecast period. Northwest, Northeast, and North China is going to rise gradually.
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