The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival in 2024

Blog Article

The British pre-owned vehicle market is projected to experience considerable growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. After a tough 2023, where new vehicle shortages due to semiconductor shortages and post-COVID interruptions influenced the market, 2024 is expected to be a period of revival and normalization​ (Grant Thornton UK LLP)​​ (EY US)​.

With producers increasing output to fulfill need and maintain plant utilization levels, the wave of new vehicles is anticipated to increase the secondhand car market as well. Selling used cars are projected to reach 7.3 million units in 2024, increasing from an expected 7.05 million units in 2023. This increase, nonetheless, still falls short of before the pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to watch is the price fluctuations of BEVs (BEVs) in the secondhand automobile industry market. As technology improvements persist and government policies change, the market for pre-owned BEVs may see considerable variability. The overall outlook remains cautiously optimistic, with the market steadily acclimating to emerging financial realities and customer demands​ (Grant Thornton)​.
This