South Africa Used Cars Market Size Accelerates at High Single Digit CAGR of 8.6% to Surpass USD 30.1 Billion and 3.9 Million Units by 2030

Published | 24 June 2024

South Africa Used Cars Market is growing in the wake of the pandemic as buyers turn to online tools to research, compare, and buy vehicles.

BlueWeave Consulting, a leading strategic consulting, and Market research firm, in its recent study, estimated the South Africa Used Cars Market size by value at USD 16.9 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the South Africa Used Cars Market size to expand at a CAGR of 8.6% reaching a value of USD 30.1 billion in 2030. The South Africa Used Cars Market is thriving amid economic change. New car prices increase the demand for used cars. The wide range and low prices of used cars are appealing to price-conscious buyers. Consumers are considering financial and value changes that influence their choices between new and used cars. Economic factors and increasing demand for used cars are expected to shape the market in 2024.

By volume, BlueWeave estimated the South Africa Used Cars Market size at 2.1 million units in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the South Africa Used Cars Market size to expand at a CAGR of 9.2% reaching a volume of 3.9 million units by 2030. Prominent factors driving the growth of the South Africa Used Cars Market include the growing middle class seeking affordability, urbanization, and reliable transport solutions. Notably, the growing need for affordable mobility and the increase in internet access enabling online sales continue to grow the market, making it a strong and competitive arena.

Opportunity – Growing demand for affordable vehicles

The South Africa Used Cars Market is growing at a significant rate due to the expanding availability of low cost vehicles. As new automobile prices rise, more consumers are turning to the used car market as a low-cost alternative. In addition, the widespread use of the internet has expanded market share by making it easier for consumers and sellers to interact. Improving access to finance and the availability of pre-approved programs supports the trend.

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Impact of Escalating Geopolitical Tensions on South Africa Used Cars Market  

Escalating geopolitical tensions may have a significant impact on the South Africa Used Cars Market. Further uncertainty can lead to currency devaluation, affecting imports. Trade restrictions may limit consumer choice by limiting the availability of certain vehicles. In addition, the increase in global oil prices due to geopolitical instability may deter consumers by increasing operating costs. Additionally, geopolitical conflicts can disrupt the supply chain, cause delays in vehicle introductions, and impact market availability. For example, tensions with key trading partners such as China or Europe could disrupt the South African automobile supply chain. Together, these factors may reduce consumer confidence,  purchasing power, and overall growth of the South Africa Used Cars Market.

South Africa Used Cars Market  

Segmental Coverage

South Africa Used Cars Market – By Vehicle Type

Based on vehicle type, South Africa Used Cars Market is divided into Hatchbacks, Sedans, Sports Utility Vehicles (SUVs), and Multi-Purpose Vehicles (MPVs) segments. The SUV vehicle type is emerging as an important segment in the South Africa Used Cars Market. The SUVs segment’s dominance is due to the proliferation of vehicles offering more features, higher ground clearance, and better safety features. Consumers are attracted to SUVs for their versatility and spacious interiors that can accommodate large family members and provide ample cargo space. The popularity of the SUV vehicle type is growing further with the model range offered at competitive prices in the Used Car Market.

South Africa Used Cars Market – By Fuel Type

Based on fuel type, South Africa Used Cars Market is divided into Gasoline and Diesel segments. Diesel engines' improve fuel economy, longer lifespan, and reduce carbon dioxide emissions over gasoline engines. For long-distance driving and business use, diesel vehicles are especially preferred because they offer higher mileage and long-term cost benefits. Also, the diesel fuel type dominance in the South Africa Used Car Market can be attributed to the easy availability of diesel fuel and the preference for robust performance in a variety of terrains.

Competitive Landscape

South Africa Used Cars Market is fiercely competitive. Major companies in the Market include Carmag, Autotrader, Toyota, Volkswagen, Ford, BMW, Mercedes-Benz, We Buy Cars, Automart, and Carshop. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the South Africa Used Cars Market.

Don’t miss the business opportunity South Africa Used Cars Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the South Africa Used Cars Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in South Africa Used Cars Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the Market.

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