1. Market Research
  2. > Automotive
  3. > Motor Vehicle Market Trends
  4. > Changing Patterns of European Car Ownership

Changing Patterns of European Car Ownership

  • August 2014
  • -
  • Verdict Retail
  • -
  • 41 pages

Summary
Economic pressures have shaped the European car market for the past six years: motorists are deferring replacement of their vehicles and purchasing habits are changing across the continent, with the turnover of new vehicles becoming more frequent. This report draws on Verdict's unique aftermarket and survey data to explore the factors shaping consumer trends in the European vehicle market.

Synopsis
During and immediately after the European financial crisis, sales of new cars fell significantly. Now, although new car sales are beginning to recover, with the UK recording 28 consecutive months of growth and Europe registering nine, it remains the older, and typically more wealthy population that is fuelling the rise in sales.

The average frequency of vehicle replacement varies between the different countries covered by Verdict's Motorist Survey, but also varies between new and used vehicle purchasing habits. In the majority of markets, used vehicles are replaced less frequently than new vehicles, reflecting the way in which they are purchased.

Although superminis and small cars dominate the European vehicle parc, there are considerable differences in purchasing habits when it comes to new and used vehicles. Data from Verdict's Motorist Survey, with over 9,000 respondents across nine European markets, show that Spanish and Italian motorists show a clear preference for new vehicles.

Reasons To Buy
- Understand how consumer trends influence how motorists buy their vehicles.

- Target which markets are most and least likely to purchase new or second hand vehicles.

- See how motorists are moving away from ownership of a car to use of a car - and understand the impact that this will have on the future market.



Your key questions answered

- How are changing attitudes to ownership shaping the future of the car market?

- Which countries demonstrate a preference for purchasing new vehicles and what opportunities does this present for retailers?

- What opportunities exist for manufacturers to maximise their potential share of a changed car market?

Table Of Contents

Changing Patterns of European Car Ownership
Table of Contents
1 Overview
2 Outlook
2.1 Rising new car sales
2.2 Flexible finance products support new and used vehicle sales
2.3 Enhanced financial solutions key
2.4 Whole life ownership of product
2.5 Conclusions
3 Summary
3.1 Short term
3.2 Longer term
4 Attractive Vehicle Finance Shapes the Market
4.1 Growing new vehicle sales across Europe
4.2 Healthy demand for new cars, but customer purchasing habits are evolving
4.3 Demand for motor finance remains strong
4.4 Key players in the finance and leasing market
4.5 Geographical variations influence how people buy cars
4.6 Traditional models of vehicle purchase are now being supplanted
4.7 Benefits of different car purchasing plans
5 Profile of Vehicle Ownership
5.1 Super-minis and small family cars dominate in densely populated Western markets
5.2 SUVs and estate cars are more common in Scandinavian markets
5.3 Motorists much more likely to purchase new vehicles in Spain and Italy
5.4 A strong new car market supports a vibrant used car market
5.5 Turnover of new vehicles becoming more frequent
5.6 Age and salary profiles
5.6.1 Average household income
6 Changing Patterns of Ownership
6.1 Opportunities and Challenges
6.2 New car use patterns require manufacturers to identify and exploit new revenue streams
6.2.1 Cheap finance supports new car sales now, but may falter over the longer term
6.2.2 Local demand poses local challenges
6.2.3 Market saturation remains a challenge
6.2.4 Car-sharing
6.2.5 Enhanced financial packages required
6.2.6 Multi-mode travel solutions will become more prominent
6.2.7 Whole life ownership of product
6.2.8 Providing additional and alternative services
7 Conclusions and Recommendations
7.1 Short-term recommendations
7.1.1 Respond to localised ownership patterns
7.1.2 Enhanced financial packages required
7.1.3 Whole life ownership of the vehicle is an opportunity for manufacturers
7.1.4 Capitalising on the shift from ownership to use
7.1.5 Respond to the changing attitudes of young people
7.1.6 Invest in building relationships with customers
8 Appendix
8.1 About Verdict Retail
8.2 Disclaimer

List of Tables
Table 1: Cars bought on finance by consumers through dealerships
Table 2: Automotive finance and leasing market players
Table 3: Benefits of motor finance

List of Figures
Figure 1: Models of vehicle purchase
Figure 2: Most popular vehicles in the European vehicle parc by category (%), 2013
Figure 3: Percentage of respondents who purchased a new car
Figure 4: Percentage of respondents who purchased a used car
Figure 5: Frequency of vehicle replacement
Figure 6: Frequency of vehicle replacement - new or used
Figure 7: Motorists' age profile ? Germany
Figure 8: Motorists' age profile - Poland
Figure 9: Motorists' income profile - France
Figure 10: Motorists' income profile - Poland
Figure 11: The shift from car ownership to car usage
Figure 12: An example of a car-sharing scheme vehicle
Figure 13: Potential revenue increases of repeat PCP

View This Report »

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 24 Million searchable statistics with tables, figures & datasets
  • More than 10,000 trusted sources
24/7 Customer Support

Talk to Ahmad

+1 718 618 4302

Purchase Reports From Reputable Market Research Publishers
Wheelchair Accessible Vehicle Converters Market - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024

Wheelchair Accessible Vehicle Converters Market - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024

  • $ 5795
  • Industry report
  • October 2016
  • by Transparency Market Research

North America Wheelchair Accessible Vehicle Converters Market: Scope and Methodology This report on the North America wheelchair accessible vehicle converters market. The report comprises an elaborate ...

The European EV market 2014 - 2019; How the European EV market is being supported and how it is expected to evolve

The European EV market 2014 - 2019; How the European EV market is being supported and how it is expected to evolve

  • $ 5590
  • Industry report
  • August 2016
  • by Verdict Retail

Summary - Europe's electric vehicle (EV) parc grew 17% between 2014 and 2015, with 70,912 EVs being added to the parc. The number of EVs registered in 2015 across Europe was 13% more than the number registered ...

Electric Vehicle Plastics Market by Material (PP, PE, ABS, PU, PVC, PA, PC, PVB & Other Engineering Resins), Application (Interior, Exterior, Lighting/Electric Wiring & Under the hood), & Region and ICE Passenger Cars by Material - Global Forecast to 2021

Electric Vehicle Plastics Market by Material (PP, PE, ABS, PU, PVC, PA, PC, PVB & Other Engineering Resins), Application (Interior, Exterior, Lighting/Electric Wiring & Under the hood), & Region and ICE Passenger Cars by Material - Global Forecast to 2021

  • $ 5650
  • Industry report
  • October 2016
  • by MarketsandMarkets

“Supporting government policies and taxation schemes are expected to fuel the demand for electric vehicles” The electric vehicle plastics market is projected to grow at a CAGR of 27.82%, to reach a ...


ref:plp2014

Reportlinker.com © Copyright 2016. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.