Used Car Market Size, Industry Trends, Growth, Opportunity and Forecast 2022-2027

November 02 15:57 2022
Used Car Market Size, Industry Trends, Growth, Opportunity and Forecast 2022-2027
The global used car market growth can be attributed to the growing consumer preference toward refurbished vehicles over expensive cars due to their cost-effectiveness and the inability to purchase new premium vehicles.

The latest report published by IMARC Group, titled “Used Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global used car market is expected to exhibit a CAGR of 9.4% during 2022-2027. Used cars are pre-owned, registered, and licensed second-hand automobiles that have been repaired, revamped, and renovated for reselling purposes. These vehicles are extensively inspected by dealers to detect significant issues and determine the performance and overall functioning of automobiles. Currently, used cars are marketed through several channels, including franchises, independent automotive dealers, auctions, private party sales, leasing agencies, and internet platforms. They provide variation upgrades, affordable insurance premiums, repair warranties, and reduced customization fees. Additionally, some car dealers also offer extended service plans, certified pre-owned vehicles, and no-haggle discounts on sports utility vehicles (SUVs), sedans, hatchbacks, and other used commercial vehicles.

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Market Trends and Drivers:

The global used car market growth can be attributed to the growing consumer preference toward refurbished vehicles over expensive cars due to their cost-effectiveness and the inability to purchase new premium vehicles. This is further positively influenced by the rising need for improved mobility and convenience, particularly among consumers in urban and metropolitan regions. Furthermore, the growing proliferation of artificial intelligence (AI)-integrated online purchase platforms is propelling the market growth. Such platforms allow customers to interact and trade with automobile dealers while maintaining maximum transparency. Additionally, the rising acquisition of used electric and hybrid electric vehicles (EV/HEVs) due to the implementation of car scrapping policies by governments to minimize pollution is impelling the market growth. Other growth-inducing factors, including the escalating number of organized franchised auto dealerships and the rising demand for used luxury cars, are supporting the market growth.

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:

  • Alibaba Group Holding Limited
  • Arnold Clark Automobiles Limited
  • Asbury Automotive Group Inc.
  • AutoNation Inc.
  • CarMax Business Services LLC
  • Cox Automotive Inc. (Cox Enterprises Inc)
  • eBay Inc.
  • Group1 Automotive Inc.
  • Lithia Motors Inc.
  • Pendragon PLC
  • TrueCar Inc.


Key Market Segmentation:

The report has segmented the global used car market based on vehicle type, vendor type, fuel type, sales channel and region.

Breakup by Vehicle Type:

  • Hatchbacks
  • Sedan
  • Sports Utility Vehicle
  • Others


Breakup by Vendor Type:

  • Organized
  • Unorganized


Breakup by Fuel Type:

  • Gasoline
  • Diesel
  • Others


Breakup by Sales Channel:

  • Online
  • Offline


Breakup by Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa


Explore Full Report With TOC & List of Figures: 
https://www.imarcgroup.com/request?type=report&id=3555&flag=C


Key Highlights of the Report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.


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