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Changing Patterns of European Car Ownership

  • August 2014
  • -
  • GlobalData
  • -
  • 41 pages

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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?

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