According to IMARC Group’s latest report, titled “Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global used car market is expected to exhibit a CAGR of 9.4% during 2022-2027. Used cars are second-hand vehicles that are made available for resale. Selling a used vehicle consists of identifying and repairing the flaws and refurbishing the automobile. Independent car dealers and franchises, auctions, leasing offices, rental car companies, and private party sales are some of the outlets that sell used cars. Consumers are gradually inclining towards purchasing used vehicles due to the availability of finance options and the mobility offered by second-hand vehicles. The commonly preferred used cars include sports utility vehicles, hatchbacks, and sedans.
COVID-19 Impact Analysis:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Used Car Market Trends:
The shifting consumer preference for private cars to maintain social distancing amidst the COVID-19 pandemic is a prime factor driving the market growth. In line with this, the rising awareness about the financial benefits of possessing a used car, including minimized depreciation costs, full warranty and assurance, and improved savings for the buyer, are supporting the market growth. Moreover, the growing ownership of used cars among millennials due to concerns regarding affordability is acting as another growth-inducing factor. Besides this, the online availability of used vehicles and the significantly high maintenance and ownership costs of new cars are bolstering market growth. Additionally, the increasing number of organized and semi-organized sales across emerging countries and the surging demand for car-sharing services are accelerating the market growth. Apart from this, the extensive incorporation of blockchain technologies to preserve and store the maintenance history record and the carbon footprint of the cars, along with growing environmental consciousness, are creating a positive outlook for the market.
Used Car Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the used car market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the global used car market on the basis of vehicle type, vendor type, fuel type, sales channel and region.
Breakup by Vehicle Type:
Breakup by Vendor Type:
Breakup by Fuel Type:
Breakup by Sales Channel:
Breakup by Region:
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