Dallas, Texas (PRWEB) May 06, 2014
According to China Used Car Market Report, 2014-2017, sales volume of used cars in China is estimated to register a CAGR of 16.5% during 2014-2017, with transaction volume reaching 9.57 million in 2017.
With the increase of car ownership, China used car market has been on a fast track of development. In 2013, 5.20 million used cars were traded in China, up 8.6% YoY and 1.9 times as that in 2008, generating a turnover of RMB291.6 billion, a year-on-year increase of 10.6% and 2.5 times as much as that in 2008. Based on the calculation that consumers change their cars every 5-6 years, China will step into the car-replacement peak in 2014, and the used car market will usher in accelerated growth.
In view of segments, used sedans hold the lion’s share, with transaction volume and turnover achieving 3.0475 million (or 59% of total volume) and turnover of RMB174.89 billion (or 60% of total amount) in 2013, respectively. Driven by the fast-growing SUV ownership, the used SUV market is booming, with transaction volume and turnover growing at high AAGRs of 28% and 35% in 2008-2013 to 166,800 and RMB26.96 billion in 2013 separately. It is expected that the used SUV market will freeze the high-growth status (around 30%) in both transaction volume and turnover over the next four years, thus becoming the fastest-growing segment among used cars.
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With regard to regional distribution, China’s current second-hand car trading is mainly concentrated in East and South China, which, featuring developed economy, high car ownership, more mature automobile consumer awareness and higher acceptance of used cars, together account for over 50% of total transaction volume. It is expected that the development of China’s used car market over the next few years will still focus on the two regions; meanwhile, North, Northwest and Northeast China will also pick up the pace.
In terms of trading pattern, used car trading market, used car dealers, online used car trading platforms and 4S stores are speeding up their layouts in used car market. Used car trading market is committed to expanding scale and upgrading functions, used car dealers are stepping up sales network construction, online trading platforms are exploring a more mature operating mode, and 4S stores are concentrating on old car replacement and used vehicle identification.
This report contains 5 chapters and 65 charts, mainly covering the following:
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