Change in used car unit sales in China from 2010 to 2019
In 2019, sales of used cars in China grew by about eight percent compared to the previous year.
Chinese used car market
China is the largest automobile market worldwide, both in regard to production and sales. In 2018, the production volume of passenger cars in China had amounted to 23.53 million units, more than twice the number of Japan, the second largest automotive manufacturer in the world. Furthermore, approximately 28.08 million vehicles had been sold in China that year, nearly seven million more than the sales volume in the United States. Although the used vehicle market in China has been growing steadily according to the graph at hand, it accounts for merely a small share of the whole automobile market in China. In 2018, the number of used cars sold in China had reached around 14 million units. Chinese customers viewed used cars much less favorably than buyers in developed countries, as newly registered vehicles still outnumbered the used car sales in China.
Chinese used car market
Moreover, Chinese consumers preferred younger second-hand cars. Less than twelve percent of used cars traded in China had been ten years of age or older in 2019, while cheaper second car vehicles seemsed to be more favored. In the future, the trading volume of used vehicle e-commerce market stood around 1.5 million units and was forecasted to triple in the span of next five years.
Chinese used car market
China is the largest automobile market worldwide, both in regard to production and sales. In 2018, the production volume of passenger cars in China had amounted to 23.53 million units, more than twice the number of Japan, the second largest automotive manufacturer in the world. Furthermore, approximately 28.08 million vehicles had been sold in China that year, nearly seven million more than the sales volume in the United States. Although the used vehicle market in China has been growing steadily according to the graph at hand, it accounts for merely a small share of the whole automobile market in China. In 2018, the number of used cars sold in China had reached around 14 million units. Chinese customers viewed used cars much less favorably than buyers in developed countries, as newly registered vehicles still outnumbered the used car sales in China.
Chinese used car market
Moreover, Chinese consumers preferred younger second-hand cars. Less than twelve percent of used cars traded in China had been ten years of age or older in 2019, while cheaper second car vehicles seemsed to be more favored. In the future, the trading volume of used vehicle e-commerce market stood around 1.5 million units and was forecasted to triple in the span of next five years.
