Stay ahead of the curve and future-proof your business with Mintel’s UK Car Purchasing Market Report 2024. Our full report is packed with consumer-led market intelligence, the latest car market research, trends, and consumer behaviours affecting your business. Get a 360° view of the car buying market, market size, market share and forecasted growth to help you align your business strategy with the needs of your audience.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
Topics Analysed in this Report
- The impact and effects of the recent cost of living crisis on the car buying market.
- Trends in new/used sales, by vehicle category and by fuel type.
- Key drivers impacting on the UK car purchasing process and the main channels used for purchasing.
- Company and brand shares within the car buying market.
- Ownership and access to cars and preferences towards fuel type.
Car Buying Market Overview
Demand for both new and used cars is set to strengthen with notable growth in the new car buying market as the impact of recent pressures facing buyers recede. Alternative Fuel Vehicles (AFVs) will continue to advance in both new and used markets while diesel will continue its decline in the new car sector. In-car innovations will broaden.
- UK car market size: Mintel forecasts that the combined new and used car sales will reach 9 million units in 2024.
UK Car Market Trends and Opportunities for Retailers
Retail channels are evolving
Although most car owners bought their last vehicle from either a franchised or an independent dealer, the way that cars are sold is evolving, such as purchasing online. While traditional retail channels are not expected to disappear overnight, online is likely to be the direction of travel for sellers and buyers.
- UK car market trends: Car supermarkets account for 8% of purchases with sales via online dealers at 4% of purchases in 2023.
Happy to embrace new brands
UK buyers have been open to new entrants as noted by the success of Japanese manufacturers, and more recently those from South Korea. Given the success of brands such as MG in recent years, this openness continues and is likely to present those within the car buying market with both challenges and opportunities going forward.
- UK car purchasing process: Hyundai has 4.6% brand share in the new car market.
Purchase our UK Car Purchasing Market Report to receive a five-year forecast, consumer behaviour analysis, and recommendations for market opportunities. Readers of this report may also be interested in our UK Car Review Market Report 2024, or our range of Finance Market Research.
Brands Featured in the Full Report
Ford, Volkswagen, Audi, BMW, Toyota, Kia, Vauxhall, Nissan, Mercedes-Benz and many more.
Expert Insights from a Retail Analyst
This report, written by Neil Mason, a leading research analyst, delivers in-depth commentary and analysis to highlight trends in the car buying market and add expert context to the numbers.
Car sales are showing signs of recovery as consumer confidence returns. Yet, in the future, sellers need to be aware that demands from buyers will continue to evolve.
Neil Mason
Head of Retail Research
Collapse All
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- Issues covered in this report
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Executive summary
- Opportunities associated with the purchasing of cars
- Market dynamics and outlook
- What consumers want and why
- Advertising and marketing
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Market dynamics
- Market size
- Market forecast
- Market segmentation
- Graph 1: new car sales, by private and fleet/business, units, 2018-23
- Graph 2: new car sales, by powertrain, units, 2018-23
- Graph 3: hybrid and electric new car registrations, by type, percentage share, 2018-23
- Market share
- Graph 4: brand share, new cars, 2019 and 2023
- Graph 5: model share, new cars, 2023
- Graph 6: model share, used cars, 2023
- Distribution channels
- Graph 7: percentage sales by cars by channel, 2018-23
- Graph 8: sales of new cars, percentage volume by channel, 2019 and 2023
- Graph 9: sales of used cars, percentage volume by channel, 2019 and 2023
- Graph 10: change in number of sales points, 2021-23
- Graph 11: where car was last purchased, online options, 2020-23
- Macroeconomic factors
- Graph 12: weekly price of unleaded petrol and diesel, 2020-24
- Graph 13: Mintel consumer confidence index, 2020-23
- Sector-specific factors
- Graph 14: average premium for comprehensive car insurance policies, 2018-23
- Graph 15: value of advances (£m) on sales of all cars bought on finance by consumers at point of sales, 2018-23
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What consumers want and why
- Car ownership, age of car owned and alternative access to a car
- Graph 16: car ownership, 2023
- Graph 17: age of car owned, 2023
- Graph 18: age of car owned, 2021, 2022 and 2023
- Graph 19: other access to cars, 2023
- Where last car was purchased
- Graph 20: where last car was purchased, 2023
- Graph 21: where last car was purchased, adults aged 17-24 vs total market, 2023
- Graph 22: where last car was purchased, by location, 2023
- Graph 23: [no title]
- Intention to purchase a car in the next three years
- Graph 24: intention to purchase a car in the next three years, yes, 2021, 2022 and 2023
- Graph 25: intention to purchase a car in the next three years, definitely/probably, by sex and age, 2023
- Timescale for purchasing a car in the next three years
- Graph 26: timescale for purchasing a car in the next three years, 2023
- Graph 27: timescale for purchasing a car in the next three years, within the next 12 months, 2021, 2022 and 2023
- Graph 28: timescale for purchasing a car in the next three years, yes definitely and yes probably, 2023
- Graph 29: timescale for purchasing a car in the next three years, by age, 2023
- Intention of purchasing new or used
- Graph 30: intention of purchasing new or used in the next three years, 2023
- Graph 31: intention of purchasing new or used in the next three years, new and used car owners, 2023
- Graph 32: intention of purchasing new or used in the next three years, 2021, 2022 and 2023
- Graph 33: intention of purchasing new or used in the next three years, by sex and age, 2023
- Graph 34: intention of purchasing new in the next three years, by age, 2023
- Fuel type preferences
- Graph 35: preference for fuel types, 2023
- Graph 36: preference for fuel types, any likely, 17-34 by sex, 2023
- Graph 37: preference for fuel types, any likely, children under 16 in household, 2023
- Impact of changes to phase out of new petrol and diesel cars
- Graph 38: impact of delayed ban on the sale of new petrol and diesel cars from 2035 onwards affected their decision to own an electric car in the future, 2023
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Competitive and marketing trends
- Advertising and marketing activity
- Graph 39: recorded above-the-line, online display and direct mail total advertising expenditure, by car retailer, 2019-23
- Graph 40: recorded above-the-line, online display and direct mail total advertising expenditure, by car retailer, 2023
- Graph 41: recorded above-the-line, online display and direct mail total advertising expenditure, by media type, percentage, 2023
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Appendix
- Supplementary data
- Market forecast data and methodology
- Report scope and definitions
- Methodology
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