Russia Used Car Market by type of car sale (Sedans, Crossovers and SUVs, Hatchbacks and Others include Micro Vans and MPVs) by Car Age (Less Than Five Years, Five to Ten Years and More Than Ten Years) by Distribution Channels (Dealers and Online) by Region (Moscow Region, Moscow, Krasnodar Region, St. Petersburg, Rostov Region and Others) by Origin of Cars (Foreign Cars and Domestic Cars) including competition parameters of Auto.RU, Avito.RU, CarPrice.RU for online companies and Rolf Group, TransTehService and Major Group for Dealerships.
Ken Research in its latest study, “Russia Used Car Market Outlook to 2022 – by Type of Car (Sedans, Crossovers and SUVs, Hatchbacks and Others include Micro Vans and MPVs) by Car Age, by Distribution Channels (Dealers and Online)” suggests that the demand for used cars in Russia would continue to grow owing to expansion in online used car companies service portfolios, expansion in the number of dealers for sale used cars, increase in the number of used cars in Russia with increase in average replacement age of cars, rise in sale of used cars through online distribution channel, increase in car loan finance services.
- Increase in Average Replacement Age of Cars lead to decline in sale of used car market in Russia as people tends to purchase more of used cars which are in the bracket of 5-10years.
- Used car loan finance services in Russia has increased and it is expected that it would increase further in future as major used car dealers such as Rolf Group, TTS and Major Group are focusing to expand their used car loan financing services in future.
- Sale of used cars is expected to increase majorly through the online distribution channel as people in Russia mainly prefers to purchase used cars through C2C sites which eliminates the commission margin of middle men.
Growth in Russia used car market will be facilitated by the increase in the number of online used car companies, increase in average age of cars, increase in car loan finance services; rise in value added services offered through both online and dealers of used car companies and increase in number of quality checks and car inspection with adequate number of tests. Major online used car company’s capturing the major market share of online used car sale is Auto.RU, Avito.RU and CarPrice.RU. Functioning of used car online companies is majorly dependent on funding through large investors such as Almaz capital, Baring vostok capital partners and many others. It is expected that the funding received to online companies will increase in future as online used car market has the highest potential to grow in future.
Russia used car market is expected to grow in future as there has been increase in amount of loan sanctions for used cars and major online and offline dealers are focusing towards expanding their services in providing loans to used car which will automatically leads to increase in sale of used car market in Russia. The economic slowdown would attract more number of people to purchase used cars in Russia as they can easily afford an aged used car due to its low price.
Russia Used Car Market is expected to increase in future as there is increase in rate of private ownership of cars among people in Russia and due to high average price of new cars people would be purchasing more number of used cars in future as they would get top brand cars which is less driven, having good quality and are well maintained at much lower price than that of new car.
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For more information on the research report, refer to below link:
Related Reports by Ken Research:
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/indonesia-used-car-report/79410-100.html
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