Trade volume of used cars in China from 2009-2020
In 2020, about 14.34 million used cars had been sold in China.
Used car market sales
There had been remarkable growth in the demand for used car in China. In 2019, the overall used car sales revenue amounted to approximately 953.7 billion yuan, which has been growing for the last ten years from 148.8 billion yuan. This six-fold increase displays the remarkable growth in demand for used vehicles in China. Over 59 percent of used vehicles traded had been passenger cars. Despite its steady growth, the second-hand car market in China accounts for only a proportion of the whole vehicle market. In 2020, around 14 million sold used cars stood against 22 million registered new cars in China.
Potential of used car market
Nonetheless, the second-hand vehicle market in China has vast potential. China has been the world’s largest market for passenger cars since 2008, reaching a sales volume of approximately 21 million units in 2020. Average price of second handed vehicles has increased to over 60,000 yuan since 2017, and the trading volume for the online market for second hand cars was forecasted to exceed 4.5 million units by 2021.
Used car market sales
There had been remarkable growth in the demand for used car in China. In 2019, the overall used car sales revenue amounted to approximately 953.7 billion yuan, which has been growing for the last ten years from 148.8 billion yuan. This six-fold increase displays the remarkable growth in demand for used vehicles in China. Over 59 percent of used vehicles traded had been passenger cars. Despite its steady growth, the second-hand car market in China accounts for only a proportion of the whole vehicle market. In 2020, around 14 million sold used cars stood against 22 million registered new cars in China.
Potential of used car market
Nonetheless, the second-hand vehicle market in China has vast potential. China has been the world’s largest market for passenger cars since 2008, reaching a sales volume of approximately 21 million units in 2020. Average price of second handed vehicles has increased to over 60,000 yuan since 2017, and the trading volume for the online market for second hand cars was forecasted to exceed 4.5 million units by 2021.
