South Africa’s Used Car Market: Growth Trends and Challenges
- The Trade Adviser
- Nov 29, 2024
- 12 min read
The used car market in South Africa is experiencing notable growth and transformation. With a mix of economic recovery, changing consumer preferences, and the rise of online platforms, this market is evolving rapidly. However, it also faces various challenges that could impact its future development. Understanding these trends and challenges is essential for anyone involved in the automotive industry in South Africa.
Key Takeaways
The South African used car market is projected to grow from USD 17.87 billion in 2024 to USD 29.41 billion by 2029, with a CAGR of 10.5%.
Online platforms are becoming increasingly popular for buying used cars, providing convenience and competitive pricing for consumers.
SUVs and luxury vehicles are seeing a rise in demand, reflecting changing consumer preferences towards more spacious and comfortable options.
The unorganized segment of the market poses challenges related to transparency, trust, and vehicle safety.
Economic factors such as inflation and government regulations play a significant role in shaping the dynamics of the used car market in South Africa.
Want to read more?
Subscribe to thetradeadviser.com to keep reading this exclusive post.