1. New car sales boost used market; 2023 sees 49.2% growth.
The surge in new car sales has driven the steady growth of used car sales, which will increase by 49.2% year-on-year in 2023.
With the surge in new car sales and the increase in the size of the industry, the sales of new energy used cars have also grown steadily, especially in the second half of the year, with monthly sales continuing to set new highs. In 2023, the sales of new energy used cars reached 531,000 units, a year-on-year increase of 49.2%.
Compared with the new car market, the penetration rate of new energy in the used car market is significantly lower, only 3.18% in 2023, a year-on-year increase of less than 1%, and the new car ratio is less than 8%. The potential of new energy vehicles needs to be further explored.
2. BEVs lead used car market with low concentration.
BEV occupies the mainstream of the used car market, but the market concentration is relatively low
From the perspective of fuel distribution, BEV occupies the mainstream of the used car market, with a market share of over 80%, but the market concentration is relatively low. The share of the TOP10 brands is less than 6%, of which the champion BAIC New Energy accounts for 12.6%, a decline of 5.7%, while the shares of BYD, Tesla and Wuling all increase;
However, PHEV accounts for less than 20%, and the industry's head effect is significant. The share of the TOP10 brands reaches 88%, of which BYD occupies nearly 40% of the market, a decline of 2.3%, while Toyota's share increased by 3.4% year-on-year.
3. BEV prices align with industry, mainly at 150-200K.
The price distribution of BEV is similar to that of the same industry, concentrated in 150,000-200,000, while PHEV is distributed in 200,000-250,000
The price range of used cars is mainly distributed in 100,000-250,000, accounting for more than 70%, mainly in the home market, but the share has dropped by 10%, while the share of less than 100,000 and more than 250,000 has increased by 7.2% and 4.5% respectively.
The price structure of BEV is similar to that of the industry, with the price range concentrated at 150,000-200,000 yuan, and PHEV at 200,000-250,000 yuan. However, the main sales price range of both has declined, but the share of BEV in the high price range (250,000-350,000 yuan) has increased, while the share of PHEV in the low price range (100,000-150,000 yuan) has increased.
4. Sedans dominate with over 70% market share.
Sedan occupies the mainstream position, with a market share of over 70%
Different from the competition pattern of "sedans and SUVs divided into two parts" in the new car market, sedans occupy the mainstream position in the used car market, with a market share of over 70%, but the share has declined, while the share of SUVs has increased by 6.2% year-on-year.
Affected by the shrinking share of micro-small cars in the new car market, the share of micro-small cars in the used car market has decreased by 9.4% year-on-year, while the market share of compact and medium-sized cars has increased by 3.8% and 3.6% respectively.
5. New energy vehicles mostly under 6 years old.
The age of new energy vehicles is relatively low, and the age of vehicles within 6 years accounts for nearly 90%
The age of new energy vehicles is relatively low, mainly concentrated within 6 years, with a market share of nearly 90%. Among them, the sales of 2-year-old vehicles increased by 152.8% year-on-year, and the share increased by 10% year-on-year, with the largest increase; under the condition of upward sales in the industry, the sales of 3-4-year-old vehicles suffered varying degrees of decline year-on-year, and the share fell by 8.0% and 11.4% year-on-year.
Comparing the penetration rate of new energy vehicles of different ages, its penetration rate is negatively correlated with the age of the vehicle, among which the penetration rate of new energy vehicles with a one-year age is 33.3%, which is higher than other ages.
6. Larger vehicles age within 3 years; smaller ones vary.
The age of medium-sized and above vehicles is concentrated within 3 years, while the structure distribution of micro and compact vehicles is relatively loose
Comparing the age structure distribution of vehicles in 2022, the age distribution of micro and compact vehicles has changed relatively greatly. In 2022, the age of the two vehicles is mainly concentrated in 3-5 years, and the structure distribution in 2023 is more loose, among which the age range of micro vehicles spans 2-6 years, and the age range of compact vehicles is 2-5 years, and the proportion of each age is relatively balanced.
The age distribution of medium-sized and above vehicles is still within 3 years, accounting for nearly 70% in 2023, and this proportion is still rising.
7. Mini car sales top but fall by 7% year-on-year.
Although the sales of mini cars remain at the top of the industry, the share has dropped by 7.0% year-on-year, the largest decline
In 2023, the sales of mini cars remained at the top of the list, with a market share of over 30%, but the share fell by 7.0% year-on-year, the largest decline; the penetration rate of new energy vehicles increased by 7.7% year-on-year to 35.6%, higher than other market segments.
Compact SUVs, mid-sized cars, and mid-sized SUVs performed well, with their shares rising by 3.5%, 1.6%, and 2.0% year-on-year, higher than other market segments.
8. Hongguang MINI EV sales soar, overtaking BAIC EC.
Hongguang MINI EV sales have increased significantly, surpassing BAIC New Energy EC
Micro-small market: With the growth of the new car market, Hongguang MINIEV sales in the used car market have also increased significantly, and sales in 2023 will surpass BAIC New Energy EC;
Compact market: Although Qin ranks first, its share has dropped sharply, while ID4.CROZZ sales have increased significantly, with its share rising from 0.2% to 3.4%;
Medium-sized market: Similar to the new car market, Tesla has performed strongly in the used car market, with two domestically produced cars accounting for more than 35%;
Medium-large and above: Although Ideal ONE has stopped selling, its sales have exceeded the BMW 5 Series and topped the list.
9. Domestic brands occupy the mainstream of the industry, with a market share of 75%
In the used car market, domestic brands occupy the mainstream of the industry, with a market share of 75%, and the share of joint venture brands is less than 20%, but it will increase by 6.3% year-on-year in 2023;
The industry's head effect is significant, and the TOP10 brands occupy more than 60% of the industry market, but the ranking changes greatly, and the market competition pattern has not yet been formed;
Affected by the shrinking micro-small market, the shares of BAIC New Energy, Chery New Energy, and JAC Motors fell by 4.5%, 1.7%, and 2.4% year-on-year, which is higher than other mainstream manufacturers.
10. The flow of used cars from 1-3 tier cities to 4-5 tier cities has exceeded the flow of local cars
The sales of new energy used cars are mainly concentrated in 1-2 tier cities, accounting for 63.9%, while 4-5 tier cities have risen slightly by 2%. Outflow: used cars are mainly circulated in cities of the same level, and the proportion of outflow to other places is about 30%, among which the proportion of outflow from 1-2 tier cities to 3 tier cities is 16.3%, the proportion of outflow from 3 tier cities to 1-2 tier cities is 16.3%, and the proportion of outflow from 4-5 tier cities to 1-2 tier cities is 16.1%.
Inflow: the source of cars in 1-2 tier cities mainly comes from internal sources, accounting for 88.8%; in 3 tier cities, nearly 40% of the sources flow in from 1-2 cities; in 4-5 tier cities, the inflow of cars from 1-3 tier cities has exceeded the local sources.
11. East China is the main sales area for used cars, accounting for more than 40%, and the outflow ratio is relatively low
The sales of new energy used cars are mainly concentrated in East China, which accounts for more than 40%, but the share has dropped by 1.0% year-on-year, and the outflow ratio of used cars is the lowest;
The sales in South China increased by 70.4% year-on-year, and the share increased by 2.5% year-on-year, with the highest increase; the sales growth rate in North China lagged behind the national level, and the share fell by 2.3% year-on-year, with the largest decline;
Compared with other regions, the outflow ratio in the western region is relatively high, among which the outflow ratio in the northwest is as high as 30%.
12. Guangdong Province ranks first, with a year-on-year increase of 73.3% and a second-hand car outflow ratio of 30%
In 2023, Guangdong's sales of new energy used cars were 75,000 units, ranking first, with a year-on-year increase of 73.3% and a second-hand car outflow ratio of 30%; Zhejiang and Shandong followed closely, but the year-on-year sales growth rate was lower than that of Guangdong, and the second-hand car outflow ratio was less than 20%.
In the case of rising sales of new energy used cars nationwide, Jiangxi's sales fell by 7.3% year-on-year, the only province with negative growth.
13. The outflow rate of used cars in Beijing is nearly 70%, higher than other cities
In 2023, the sales volume of used new energy cars in Shanghai will be nearly 40,000 units, ranking first, with a year-on-year sales growth of 65.6%. The outflow rate of used cars will exceed 40%, and the top three cities are Suzhou, Zaozhuang and Hangzhou.
The outflow of used new energy cars to other places in Beijing, Hangzhou, Guangzhou, Shenzhen and Qingdao has surpassed that of local cities, among which the outflow rate in Beijing is nearly 70%, and the top three cities are Tangshan, Langfang and Tianjin.
Liuzhou is the only third-tier city in the TOP10 list, with a new energy penetration rate of 19.5% and a new car ratio of 29.8%, which is significantly higher than other cities.
