Inflation, High price of new vehicles, Availability of used vehicles at lower prices are major factors contributing towards development of Global Used Vehicle Market.
1. Data reveals that COVID-19 has affected the demand for Used Vehicles in a highly positive manner all over the globe
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Due to the impact of COVID-19, there has been a substantial decrease in the denominator (new vehicle sales) while the numerator, i.e., the pre-owned vehicle market, has been relatively stable. In 2020, the market became much distorted that used vehicle prices became comparable with the cost of brand-new vehicles. Supply and stock problems coupled with high prices are pushing the customers towards the used vehicle market. After falling to $ 600 Bn in early 2020 it since pushed all-time highs of $ 1.25 Tn in 2022.
2. Popularity of used vehicles among mid aged consumers
According to the analysis, individuals in the age group 30-60 acquired more than 50% of the used vehicle sales volume. The demand is basically fueled by the consumers not wanting to buy new vehicles due to several factors, including the cost of licenses, and the decline in the vehicle’s value once they are licensed. It is to be noted that younger generation (18-30) accounted for the second most preferred used vehicle sales volume while the older generation (>60) accounted for only a small percent of the sales volume.
3. The future comprises much of digital dominance- “The role of social media on global used vehicle market”
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The global Used Vehicle Market is almost entirely dependent on social media. Vehicle dealers use blogs to generate traffic to their website from search engine results pages. They often put-up educational content related to vehicles maintenance, help guides, knowledge material in order to create a brand presence which helps them in the long run. Moreover, unlike online portals and market places, social media provides an opportunity to dealers to advertise their vehicles for free which in turn increases their profit. Social media platforms like Facebook (60% dominance), Twitter (20% dominance), YouTube (20% dominance), etc. are also used by individuals involved in C2C purchases. Also, major dealerships use this platform to announce promotional offers and local events which increases their popularity among the masses.
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Market Research Future published a research report on the Global Used Vehicle Market, which expected to progress with 5.3% CAGR from 2019 to 2025.Used vehicles are second-hand vehicles that are available for resale in economies dependent on two-wheelers and four-wheelers as a primary mode for transportation.
The global used vehicle market report by Market Research Future (MRFR) covers the historical performance of the market as well as trends and opportunities for the period of 2019 to 2025 (forecast period).
The COVID-19 outbreak and its impact on the industry are covered in the report.Market ScopeMajor driving factors are transparency of used car salesmen, penetration of the Internet, and demand for car subscription services.
Alternative to public transportation and lack of presence of economically priced cars can favor the used vehicle market demand.The COVID-19 pandemic has proven to be lucrative for the global used vehicle market owing to adherence to restriction of movement by consumers as well as the rising cost of new vehicles.
In addition, the large number of used vehicles on websites coupled with various renowned used car vehicle franchises planning to go public on the stock market with the help of partners.Competitive Outlook HERTZ CAR SALES, Vroom, Inc., Manheim, Autonation, eBay, TrueCar, Inc., PenskeCars, Autotrader, Inc., Alibaba Group, Sun Toyota, CarMax Business Services, LLC, and Cox Automotive, Inc. are key players of the global used vehicle market.Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/7616SegmentationOn the basis of vehicle age, the market has been segmented into 0-5, 6-10, 11-15, 15-20, and > 20 years old.
On the basis of sales channel, the segments are rental car companies, franchised, independent car dealers, and others.Regional AnalysisAsia Pacific is expected to hold the largest market share during the forecast period owing to the growing automotive industry in India, China, and Japan.
