H. Yoo
Research expert covering South Korea
Used Vehicles in the United Kingdom - Statistics & Facts
Over 11 million vehicles were removed from global automotive production due to the semiconductor shortage in 2021, thus contributing to the growing consumer interest in the used vehicle market. This market is expected to be around 1.5 trillion U.S. dollars worldwide by 2027. It includes the United Kingdom's used car market, which is forecast to reach 226.2 billion U.S. dollars that same year, up from 117.69 billion U.S. dollars in 2021 (95.86 billion British Pounds, at an exchange rate of one U.S. dollar equals 0.81 British Pound on December 12, 2022). Used vehicles were the most popular vehicle type in the UK in 2021, representing over 82 percent of passenger car sales in the country that year. However, this popularity has been deeply impacted by current automotive supply chain shortages and price inflation, which has rattled the UK automotive industry.
