INDICATA Market Watch: Online B2C used BEV stock sees 53.2% increase in market share
Online B2C used BEV stock sees 53.2% increase in market share
Despite being one of the stronger BEV markets even the Netherlands is reaching a crunch point for used BEVs. Used BEVs going into February 2023 represent 7.03% of the total market of online B2C used stock which is a 53.2% increase in just four months. But it is not the only powertrain seeing stock levels rising with hybrids increasing market share by 28.7% over the same period.
The hybrid situation is at least being met with an increase in sales which were 18.6% higher in January 2023 four months earlier but BEV sales increased by just 12.7% over that same period. But it should be noted that BEV sales in January were 21.3% lower than the peak BEV selling month in 2022 with sales growth all but non-existent since April 2022.
The increase in stock levels combined with the lack of growth in sales has seen BEVs go from being the fastest-selling powertrain by the beginning of September last year to being the slowest just one month later and a general worsening of the situation through to January 2023. BEVs are now selling almost 32% slower than the other powertrains putting additional funding costs on dealers and traders as they try to find buyers.
Our online B2C used car retail price index is based on a consistent pool of vehicles indexed against January 2022 and would normally see a lifecycle driven downward curve in average prices. As we have seen across Europe prices are starting to come down, albeit slowly, with average online B2C used car prices in the Dutch market going into February 0.1 percentage point lower than at the start of January but they are still 6.2pp above where they were at the end of 2021.
There is clear evidence of retailers attempting to reinvigorate the BEV market by reversing a lot of the huge price rises we saw in 2022 until October, but prices are still 6.7pp above where they were in January 2022 compared to a total market average of being just 3.4pp higher over the same period.
Where The Netherlands differs to almost all markets is its pricing of used diesel cars. Since September 2022 we have seen average online B2C used diesel car prices dropping month-on-month with the only break being a 0.6pp increase in prices going into February.
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Background
On the 24th of March INDICATA published its first White Paper “COVID-19 To what extent will the used car market be affected (and how to survive)?”. This document explored:
Early market trends - Initial impact of the virus and the social distancing measures implemented.
Market scenarios – A range of impacts based on infection rate development and historical market data.
Mitigation – Risk assessment by sector coupled with potential corrective actions.
We committed to keeping the market updated with live data, volume, and price, to keep abreast of the fast-moving environment.
As such we are pleased to announce “Indicata Market Watch”.
How do we produce our data?
Indicata analyses 9m Used Vehicle adverts across Europe every day. To ensure data integrity, our system goes through extensive data cleansing processes.
The Sales (deinstall data) in this report are based on advertisements of recognised automotive retailers of true used vehicles. As such, it does not include data related to private (P2P) advertisements.
Where an advert is removed from the internet, it is classified as a “Sale”.
Appendix
INDICATA Market Watch February 2023 (The Netherlands)
INDICATA Market Watch February 2023 (Europe)
